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Frequently asked questions
Once your Trust Deed becomes protected, your Trustee will liaise with your creditors on your behalf, which should cease any calls and letters from them. This alleviates the burden of managing these interactions by yourself.
Should any creditors continue to reach out to you, you can direct them to your Trustee, who will address the matter on your behalf.
All the guidance we provide is complimentary, and no charges will be incurred if your Trust Deed proposal is declined by creditors.
Although a Trust Deed entails certain fees, they are extracted from your monthly remittances or, when suitable, from the proceeds of an asset sale. There are no initial fees required.
Trust Deeds are apt for individuals with a substantial amount of unsecured debts, which are obligations not tied to an asset, like credit/store cards, bank/payday loans, or overdrafts.
Debts like mortgages, secured loans, or hire purchases are not eligible for inclusion in a Trust Deed since they are anchored to an asset.
If you own a home, the amount of equity (the discrepancy between your home’s value and what you owe to your mortgage provider) is ascertained initially. Should you have significant equity, it needs to be released to your Trustee for payment to your creditors.
An advisor will explore various equity release methods with you, ensuring you are well-informed before making any commitment. Every case is unique, but it’s highly improbable that the Trustee will compel you to sell your home.