Apply online and become debt free - Ashley Park: Trust Deeds
Trust Deeds - The Process
When you decide to take out a Trust Deed, your first action should be to contact Ashley Park and
provide us with details of your existing debts and your current level of income and expenditure.
We will also need to know what assets you own.
Ashley Park will then work with a chosen Insolvency Practitioner who will become the Trustee for your Trust Deed.
Based on your information, a new monthly repayment figure will be calculated. Your Trust Deed
Application will then be passed to your creditors.
If two thirds of your creditors by debt accept your application then your Trust Deed will become valid amongst those who have accepted it.
At this stage creditors who do not accept the terms of the Trust Deed are under no obligation to meet its requirements.
This means they can still request that you pay the full amount of debt. This is the case until a Trust Deed becomes protected.
In order to protect your Trust Deed notice needs to be given to all your creditors and a notice will be put in the
Edinburgh Gazette. If no objections are made within 5 weeks then your Trust Deed will become protected.
With a Protected Trust Deed all your creditors are bound by the terms of the agreement and
therefore cannot take any further action against the debts you owe.
At the end of the Trust Deed (usually 3 years) all creditors will wipe clear the remaining
balance of your debts and you will have been deemed to have settled what you owe.
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