The Scenario
James had 3 credit cards and a car loan. He struggled to meet the monlthy payments on the credit cards and they were at their limit. He was stressed with the constant phone calls chasing payments. He could no longer borrow money from friends and family. He dreaded his card being declined when trying to pay or his car being taken away. He didn’t want to look at his household bills as this added to his worry.
He lives in rented accommodation and he was worried he couldn’t keep up his rent and this could make his family homeless if he didn’t pay. The debt was getting worse and it was all getting on top of him. He constantly worried.
What we did
We helped James put a household budget together which showed he could pay £95 per month and still be able to pay his household costs, his rent and his car and leave enough money to live.
The Solution – Protected Trust Deed
To obtain this solution James entered into a Trust Deed which with creditor approval became Protected (Protected Trust Deed). This meant that those he owed money to were all bound by the terms set out and could not take action against James. He was able to pay his rent and didn’t have the worry of losing his home.
Now 2 years into his 4 year plan James has never felt better and life is good.
Protected Trust Deed
If you owe | £7,980 |
|---|---|
You might be paying | £290 per month |
You could be paying | £95 per month |
This could save you | £195 per month |
This example shows a monthly payment saving of £195 per month!
Pro’s
- No longer being chased by creditors due to non payment
- Can see an end to having debtv
- Only pays what is affordable
- Will be completed in 4 years even though debt not paid in full
- No one can raise any other action against him provided he complies with the terms of his Trust Deed
- He has no worries about losing his home
Other considerations
- The PTD is noted on his credit file
- He may have difficulty in obtaining additional credit during and after the Protected Trust Deed is completed
- This could impact on any mortgage application he may make in the future
Let’s have a chat
01592 630085
1.
Get in touch
Get in touch for confidential advice. One of our friendly Scottish advisors will be there to help
2.
We’ll ask you a few questions
We’ll ask you a few questions and work out a way to help and protect you
3.
Relax
With your finances under control, you can now get on with living!