Apply online and become debt free - Ashley Park: Trust FAQ
To read more details, click on the 'Show/Hide' link next to each question.
 Who organises a Trust Deed?
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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?
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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?
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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?
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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?
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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?
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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.
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What happens if I don't make the repayments of the Trust Deed?
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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?
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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?
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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.
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Will a trust deed affect my credit rating?
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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?
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No. A Trust Deed requires no further credit. |
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What if I have existing CCJ's?
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You 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?
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No. A Trust Deed only covers your unsecured debts. |
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What if my circumstances change?
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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?
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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?
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Approximately 6 weeks. |
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Trust Deeds - Costs
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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.
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