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The initial Protected Trust Deed Advisory Service will be provided by Baines & Ernst but we cannot guarantee that your Protected Trust Deed proposal – as drafted by an Insolvency Practitioner – will be accepted by your lenders.
For a Protected Trust Deed to become protected and interest and charges to be frozen, one third or more of your lenders (by value) must agree to the proposal.
A record of the Protected Trust Deed will be held on your credit file for up to six years following completion.
Once a Protected Trust Deed is approved it is listed publicly on the Register of Insolvencies. Homeowners may be required to re-mortgage in the 3rd year and release available equity to pay off some or all of the debt.
A financial review will be carried out to create a realistic repayment plan once other expenditures including rent / mortgage, household bills and living expenses have been taken into consideration.
Only unsecured debts can be included in a Protected Trust Deed, this means debts not secured against your property. Household bills, child maintenance repayments and secured loans are also excluded.
Typical unsecured debts that can be included are credit cards, store cards, personal loans, payday loans, catalogue accounts, bank overdrafts.
You will have a cooling off period of 14 calendar days from the date the Protected Trust Deed Service commences, in which you can cancel the Protected Trust Deed in writing and the administration fee will be refunded.
After the cooling off period, you will not be able to cancel the Protected Trust Deed as it is legally binding once approved.
A copy of our Protected Trust Deed Service Terms of Business can be viewed here.
You can also view a free publication from The Insolvency Service ‘In Debt? Dealing With Your Creditors’ which provides an overview of some of the debt solutions that may be available.
Residents of Scotland can also look at the Scottish Governments ‘Debt Advice and Information Package’ guide here. There is also a free publication from the Accountants in Bankruptcy for Scotland called ‘Debt and the Consequences’.
