If you are struggling with keeping up repayments on credit or store cards, or on any other unsecured credit agreements, you are not alone. Worrying about not being able to repay outstanding debt is one of the most common causes of stress and anxiety, and can lead to further illness as a result. It’s very easy to let debt of this kind get out of control, especially as our individual circumstances change and we find there are new demands on our finances – a family, for example, where you were once single! The problem is that when things do get out of control, it can be hard to see the light at the end of the tunnel.
With unpaid bills building up and demands arriving daily, life can become very hard, and it is also difficult to know who to turn to for help. Well, if you live in Scotland, you could read the Creditfix Trust Deed help pages on their website, as they are experts in the field with many satisfied clients. A Trust Deed is an agreement between you and a licensed Insolvency Practitioner (IP) which we shall explain in more detail in a moment, and is only available in Scotland. In England and Wales, you could take advantage of a similar agreement called an Individual Voluntary Agreement, which Creditfix can also help you with.
Trust Deed Explained
Not everyone will be eligible for a Trust Deed, so it is important you get all the information you can before you try and apply. You need to have more than £5000 in unsecured debt, and there are other criteria to meet too, but if you are eligible, it could be the best way forward for you.
A Trust Deed can only be set up and administered by a licensed IP such as Creditfix. They will agree a monthly fee for you to pay to them – the IP becomes your trustee when the agreement is signed and takes on responsibility for managing the debt – based on your income and expenditure, and that will be used to pay your creditors. The agreement lasts for four years normally, but longer agreements are not uncommon. During the term of the agreement, you and your creditors deal only with the IP, so you have no more worrying demands to concern you, and all interest will be frozen.
At the end of the agreement, any outstanding debt on the accounts concerned will be written off, so you begin again with no unsecured debts.
Arranging a Trust Deed
If you believe that you could qualify for a Trust Deed, we recommend you talk to an IP such as Creditfix right away, as it is not wise to leave out of control debt problems untouched – they will only get worse!
Talking to the experts, you will find that there are sympathetic people who will do all they can to help you find the best solution to your debt problems, so have a chat with the team now, and they will answer any questions you may have.