Get Your Debt Under Control
If you are struggling to keep up with the monthly payments on credit cards and other forms of loan, you are not on your own. Rest assured, there are people who can help, and we will come to that in more detail a little later on. A change in personal circumstances – redundancy, illness, a job change or even starting a family – can lead to a reduction in the amount of disposable income you have available, and let’s face it, there is little certainty about jobs these days. The upshot of this is that, quite often, people suddenly find it difficult to afford repayments they once found easy, and so fall into the trap of getting behind on repayments.
Worrying about debt is one of the biggest causes of stress and anxiety, and this can also lead to further illness. It’s too easy to brush things under the carpet and try and forget about it, but that means the problem simply remains there with nothing happening to alleviate it. It will get worse if that is your approach, but we have a possible answer to your problem. It’s called a protected Trust Deed, and if you live in Scotland, it is a way of managing debts that has very real results.
Arranging a Trust Deed
Before we continue, you can only take advantage of a Trust Deed if you reside in Scotland; for those in England and Wales, a similar solution known as an Individual Voluntary Agreement is available. Also, you have to meet certain criteria – for example, you need to owe more than £5000 in unsecured credit – to qualify, so what is it all about?
A Trust Deed is a legal agreement between you and a licensed Insolvency Practitioner (IP) designed to help you pay off – and write off – your unsecured debts in a timely and affordable fashion. You will pay a monthly fee, one that has been proven you can afford, to your IP, and they will then administer it and pay your creditors.
After the agreement has run its course – which is usually four years – any remaining outstanding balances will be written off. It’s all above board and legal, and during the agreement you and your creditors will deal directly with the IP, who becomes your legal trustee for the duration. It’s a method that takes a great deal of the stress and worry out of managing your debts, and one that you can find out more about if you check the Creditfix Protected Trust Deed web pages.
Is It for You?
Creditfix – a leading name in the field with many satisfied clients and a range of solutions – will be able to tell you if you are eligible for a Trust Deed, so we strongly recommend you talk to them about your individual situation right away. It makes sense to deal with your debt problem as quickly as possible, so don’t sit on it any longer, get in touch with the experts and get things underway as soon as you can.