Myvesta UK FAQs

Category » Trust Deeds - Scotland

There were 139 questions found in this category:

1. Trust deed making me bankrupt
   Question: I entered a trust deed in aug 2007. I have been unemployed for 18 months and have just started back 1 month ago. My trust Deed is now going to make me bancrupt as I wasnt able to pay into it. I have a mortgage for £91,000, but my house is now valued at £88,000. Will I lose ...
2. Trust Deed
   Question: I maybe comin in to a compensation payment from my employer.im a year into my trust deed would i be able to clear my trust deed.the compensation payment could be a lot more than i owe Answer: It maybe possible to buyout the Trust Deed, but you would need to discuss this with the super ...
3. Trust Deed Payments
   Question: I entered into a trust deed at the end of 2007. My circumstances changed mid-2008, and I have only been able to make half payments since then. Does this mean my trust deed will carry on until the full amount is paid? Answer: You will need to discuss this with the supervisor of the Tru ...
4. Protected Trust Deed
   Question: My last payment to my trust deed is on 01/11/09 and I read somehere that you can request your credit rating to be amended to read 'all debts satisfied'. If this is true, how do I do this? Answer: You would need to inquire with the credit bureaus as to how to update your credit history ...
5. Trust Deed
   Question: Can you include loans from freinds and family in your debt when applying for protected trust deed? Thank You Answer: To our knowledge yes you can, however you may want to consult with a local expert as we usually advise on England/Welsh debt issues. These links may help: Citizens Adv ...
6. Trust Deed
   Question: I am away to sell my home and the amount won't cover the mortgage and 2 secured loans that i have. I was wondering if it possible to enter a trust deed for the remaining amounts outstanding. also the 2 secured loans are in my husbands and my name would it be possible for the trust deed ...
7. Losing a Car when entering a Trust Deed
   Question: Hi, I was discharged from bankruptcy in Sept 08. I have a 2 year old car and the finance was taken out for the vehicle by my Father. I make payments to him every month to cover the monthly repayments to the car. My Father is about to enter a Trust Deed and I would like to know if there ...
8. Term of Trust Deed
   Question: I have quite a number of payments during my trust deed, it is now coming up to the end of my three years, will my trust deed be extended? Answer: You can review your original documents regarding the Trust Deed and also speak with the supervisor of the Trust Deed, but in most instances ...
9. Trust Deed
   Question: Hi i have a protected trust deed and have been made redundant, i am expecting a small amount of redundency money will they take it from me and put towards my trust deed Answer: You will need to discuss this with who is handling your Trust Deed. They may view it as a windfall and expe ...
10. Trust Deed
    Question: If my salary increases can i re-negotiate the terms of my trust deed to finish it earlier? Answer: You will need to discuss this with the supervisor of your Trust Deed as in some instances it may be possible to do this.
11. is it normal practise to charge a set up cost for a trust deed?
    Question: I am being asked to pay a set up fee on a trust deed. is this usual? Answer: There may be some firms that do charge a fee for a Trust Deed, but to my knowledge many do not. It may just come down to the firm's policy on these matters and what is involved in setting up the Trust Deed.
12. How does a trust deed become a protected trust deed?
    To become protected your trustee will need to advertise your trust deed in the Edinburgh Gazette and write to all of your creditors advising that you wish a protected trust deed. Your creditors then have 5 weeks from the date of publication of the notice to object. Your trust deed will automat ...
13. Trust Deed
    Question: If i sign a trust deed just now, will it affect getting a mortgage next year? If so how much will it affect it? Answer: If you are struggling with your unsecured debts and live in Scotland, a Trust Deed is a good way to sort out the issue. It is going to impact your credit which will ...
14. trust deed
    Question: we have 8months left of our protected td. a relative has offered to pay the remainder of our td as a gift. can you tell me if this is permitted and the implications of this. Answer: Since you are in a Trust Deed I would refer you back to the supervisor of this as it may be a possibili ...
15. In a Trust Deed, what is a Settlement?
    A settlement is a trust created during a person’s lifetime by a trust deed.
16. What's So Great About a Trust Deed?
    To sum up: Your Trustee deals with your creditors. You no longer have to. You make just one payment per month from your disposable (surplus) income With a Protected Trust Deed, your creditors cannot take further action against you, arrest your earnings or continue to charge interest. Unles ...
17. What Costs are Involved in a Trust Deed?
    There are no additional costs on top of your monthly contributions for a Trust Deed. All administration charges come from the affordable monthly payment that you arrange with your Trustee, and creditors accept a lower payment because of this. There is also absolutely no set up fee in a trust ...
18. How do I make my Trust Deed Protected?
    To start the process of protecting your Trust Deed, the Trustee must place an advert in the Edinburgh Gazette. This is a Government publication, usually read by solicitors and banks, not often read by members of the public. The Trustee must then write to your creditors, explaining your situat ...
19. What Do I Have to Do In a Trust Deed?
    There are a couple of things you must agree to do, to fulfill the contract of a Trust Deed. These include; Paying the agreed monthly amount Taking out no further credit Informing your Trustee of any unexpected windfalls of over £250 Providing your Trustee with up-to-date informatio ...
20. Am I eligable for a Trust Deed?
    Trust Deeds are only available to those who have lived in Scotland for more than 6 months prior to your application. While there is no minimum level of debt to enter into a Trust Deed, with it being a formal arrangement, if you have a low level of debt, a debt management plan might be a better ...