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Protected Trust Deed
Protected Trust Deeds are legally binding contracts between both you and your creditors. As long as you keep up with the agreed payments, you will become debt free at the end of the arrangement, which is usually no more than 48 months. It will also prevent any further action being taken against you.
- All interest and charges are frozen at the point the Trust Deed is signed.
- Once approved, creditors are unable to take further action against you.
- At the end of your agreement, any debts not repaid will be written off.
- If you are a homeowner you may be able to retain your property if there is no or little equity available.
- The trust deed usually only lasts 48 months but ultimately this is down to the discretion of the Trustee.
- You are allowed to keep your car as long as it is worth less than £3,000 and is essential.
- The rights to your assets are transferred to the Trustee, including your property.
- You may be required to release equity from your property if it is available.
- The creditors can object to the trust deed becoming protected.
- The trust deed will adversely affect your credit rating for 6 years.
- You cannot take out any credit whilst on the trust deed without consulting your Trustee first.
- If you fail to abide by the terms of the trust deed it is likely you will be forced into a sequestration.
- The trust deed may be extended for 12 months if you are a homeowner.
- Your details will be added to the Register of Insolvencies.
JT Maxwell Limited, Unit 1, Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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Don’t hesitate to reach out to us anytime
How long does negative information remain on a credit report?
Most negative information (like late payments) remains on your credit report for six years. Some information remains longer.
A lawsuit or unpaid judgment against you stays on your report until the statute of limitations runs out or for seven years, whichever period is longer.
A bankruptcy filing stays on the report for 6 years, and a criminal conviction may stay there permanently.
Why would my creditors accept an IVA?
In accepting an IVA, your creditors will expect to get a better return than they would from any other reasonable alternative, and your payment proposals will demonstrate this to be the case. Your creditors will also benefit from knowing your IVA will be managed, monitored and supported by your Supervisor during the term of your IVA.
What to do if you’ve been made redundant and in debt
No matter your situation, if you are struggling to make repayments or find yourself in problem debt and are at risk of redundancy then it can be very scary.
When you contact us, one of our specialists will go through the money that you have coming in and going out (household budget) and then prioritise what you need to pay for. Based on how much money you have leftover each month, and whether you think your circumstances are likely to change, there will be a number of options available to you. Our Specialist will talk to you about each of the available debt options in detail, and how each option will affect your own personal circumstances which will help you decide which is right option for you.
Can I protect my house?
An IVA will protect your home and prevents creditors from taking any legal action against you and your property. You do not have to sell your home in an IVA.
Our aim here at JT Maxwell is to help change the perception of our industry. And the reason for this is simple: we passionately believe that the service which we provide is incredibly valuable, not just for businesses, but also in a personal context.
JT Maxwell Limited, Unit 1 Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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