Trust Deeds - FAQ's
I am a homeowner. Why do I need to contact you?
The information provided within our calculators is accurate but generic. In order to safeguard your property, we need further information relating to your mortgage, mortgage type, balance and ownership. Standard property valuations are NOT used in Trust Deeds so you may not be required to release any equity.
Why would my creditors accept a Trust Deed?
Where a Trust Deed is the most appropriate solution it will be because you are technically insolvent. This means that if a creditor took legal action against you, they would end up getting less money back than they would by accepting the Trust Deed.
What happens if my circumstances change once I am in the Trust Deed?
An Insolvency Practitioner will be responsible for looking after your Trust Deed on behalf of both you and your creditors. This position is known as the Trustee. The Trustee can vary the Deed or extend it to take into consideration things like a change in employment or unanticipated expenses.
Will my creditors still contact me?
No. Once you are in a Trust Deed, your creditors must direct any queries to the Trustee looking after your affairs.
What happens once the Trust Deed is finished?
Once you have satisfied the terms of your Trust Deed, any remaining debt is written off. You will once again be free of debt.
Will a Trust Deed affect my credit rating?
If a Trust Deed is the right solution for you, this is an irrelevant question! If you hold unsecured debts, the only way your credit rating will remain unaffected is by paying your contractual repayments. If you can afford your contractual repayments, you do not need a Trust Deed! Regardless, the fact that you used a Trust Deed will appear on your credit file for six years. This usually meant that it stays on your file for three years after you complete payments into the Deed.
What are your fees?
Nothing. The Trustee will pay us so you don’t have to.