While more and more people in the UK are happy to put their head in the sand and hope that their financial situation improves in due course, this is just not going to happen in the current economic environment. As a consequence, more and more people are receiving bailiff letters requesting immediate payment of outstanding debts, advising them that their accounts have been transferred and basically cranking up the pressure for payment. So what do you do when the bailiff letters start to arrive?
The beauty of a trust deed, assuming that your situation is serious enough to warrant one, is the fact that once your creditors have agreed a repayment program you should then send all bailiff letters and debt correspondence to your trustees. The trustees will take charge of your trust deed and ensure that not only do you make your payments on time but that’s creditors, who may or may not know about your trust deed, are made aware of the situation.
Do not worry if you continue to receive a number of bailiff letters and debt agency letters well after your trust deed has been agreed because it does take some time for this to filter through the system. As you will probably find out, it is highly likely that your bank has sold on your debt to a debt collection agency or bailiffs who will then look for payment immediately. The best you can do is call them up and explain the situation and then advise them that your trustees are now looking after your finances and they should contact them direct.
