To read more details, click on the [Show +] for each question.
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Who organises a Trust Deed? [Show +]
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A Trust Deed is a legal agreement and as such needs to be arranged by a qualified insolvency practitioner.
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Are all creditors bound by the terms of the trust deed? [Show +]
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No, unless the Trust Deed is protected.
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What happens to the creditors who do not agree to the trust deed? [Show +]
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If the Trust Deed is not protected then creditors not included can still claim for the debt that is owed to them.
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Will you apply to make my Trust Deed Protected? [Show +]
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In all cases Ashley Park will look to protect your Trust Deed.
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How much debt do I need to have before I can apply for a Trust Deed? [Show +]
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You need to be at least £10,000 in debt and have at least five creditors.
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What are the exact terms of the trust deed, do I have to transfer all my assets to the trustee? [Show +]
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Trust deeds can contain any terms as long as the creditors agree to them and so you may not have to transfer all of your assets to the trustee.
If you wish to make your Trust Deed protected however then everything the debtor owns must be transferred to it, with the exception of household goods and current income.
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What happens if I don't make the repayments of the Trust Deed? [Show +]
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If you fail to keep up with the repayments of a Trust Deed then your creditors may file legal proceedings against you.
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If I have no assets can I still apply for a Trust Deed? [Show +]
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Yes - even a person without assets can still apply for a Trust Deed. However that person must be willing to pay
a percentage of their income to their creditors. Most Creditors will only accept a Trust Deed if there is some benefit to them.
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When will I have deemed to have settled my debts? [Show +]
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On completion of a Protected Trust Deed (usually 3 years) your debts will have deemed to be settled so long as you have kept up your monthly repayments.
If your Trust Deed was unprotected then your debts will only have been settled with the creditors who had accepted the terms of the agreement. Any creditors who had not accepted the terms would still be able to claim against the amount owed to them.
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Will a trust deed affect my credit rating? [Show +]
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Credit agencies will be made aware of your trust deed. However if you are already considering a trust deed it is likely that you are finding it hard to repay your debts and so your credit may already be affected.
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Do I need further credit? [Show +]
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No. A Trust Deed requires no further credit.
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What if I have existing CCJ's? [Show +]
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ou can still apply for a Trust Deed even if you have existing CCJ's against you
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Does a trust deed cover all of my debts? [Show +]
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No. A Trust Deed only covers your unsecured debts.
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What if my circumstances change? [Show +]
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If your circumstances change, you can request a variation on the trustee to reflect your new circumstances
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Can I cancel the Trust Deed? [Show +]
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Once a Trust deed has been set up, it cannot be cancelled.
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How long does it take to set up? [Show +]
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Trust Deeds - Costs? [Show +]
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There are no up-front costs for Trust Deeds. A small percentage of the contributions made to your creditors will be used to reflect the costs of setting up and managing the Trust Deed process.
In order to find out more about our pricing policy for Trust Deeds please contact one of our sales advisors on 0800 043 3535 or email enquiries@ashleypark.co.uk
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