If You Are Ill And Facing Insolvency A Trust Deed Scotland May Be A Better Choice
Given today's economic conditions, it is not difficult to understand why so many Scottish residents are facing financial problems. This kind of thing is compounded if you are suffering with illness, and unable to make ends meet each month. However, you may not have to consider an insolvency or bankruptcy to solve your current financial issues. A trust deed Scotland may be what you need. Combating debt when ill with a Trust Deed in Scotland might solve your problems.
Given today’s economic conditions, it is not difficult to understand why so many Scottish residents are facing financial problems. This kind of thing is compounded if you are suffering with illness, and unable to make ends meet each month. However, you may not have to consider an insolvency or bankruptcy to solve your current financial issues. A trust deed Scotland may be what you need. Combating debt when ill with a Trust Deed in Scotland might solve your problems.
Qualifying – In order to qualify for your TD or trust deed in Scotland, you must meet criteria. Also, your TD will not remove all debts. You can file for a TD if your debts are greater than your total assets. However, you should be considering drastic measures like bankruptcy. There are no financial minimum requirements. People with no income may qualify if someone else pays on their behalf.
What To Do – The first step is to talk to a qualified financial adviser. You may find certain charities or a financial advice company. A financial advice company will assist you in all of the necessary matters and helps obtaining a qualified IP or insolvency practitioner. The IP is necessary, as only an IP can act as legal trustee to administer your monthly payments to creditors.
The Trust Deed Process – After you make the decision to file, the trustee records your trust deed Scotland with the Registrar of Insolvencies. Creditors cannot petition for sequestration if you adhere to all of the TD terms. Once you file, creditors have five weeks to register objections. As long as the majority are not objecting the TD will be legal. However, if you have creditors that hold more than one third of your total debts, they must also agree.
Repayment – Your finances are turned over to your trustee and this person deals with your creditors. A repayment plan is established based on your income and ability to repay. You will have one affordable monthly payment for a period of three years. After that you are essentially debt free.
Your Home – If you own a home, in most cases you can keep it. However, it is important to know that only unsecured debt is handled by a Scottish TD agreement. Your vehicle and your car are still your financial responsibility. Equity in your home will need to surrendered, and this can often be done by remortgaging the property.
Financial Alternatives – If you are in financial difficulty it is possible to file for bankruptcy, but it takes five years and losing your home is a possibility. Creditor negotiations work for some people, but it is not easy. Some people choose debt management plans, but they often take many years, and still include interest and charges.
Summary – If you are ill and unable to meet your financial obligations, a trust deed Scotland may be the answer. You will need an experienced insolvency practitioner for the process. A professional debt advice company can provide all of the information that you need.
When you’re sick, combating debt with a Trust Deed Scotland isn’t hard. Let us tell you more about trust deeds and illness.