While there are different criteria used to review qualification for trust deed protection there are some basic terms which should assist you in your situation.
Are you in solvent?
One of the basic terms for any trust deed centres around the fact that you are technically insolvent which means that you do not have sufficient disposable income to repay your unsecured debts after taking into account that living expenses.
Is there a minimum level for a trust deed application?
While the criteria for trust deed applications will vary from person to person it is common practice that people with debts of over £10,000 stand a better chance of agreeing a trust deed with their creditors. However, even if you are under this level it is vital that you obtain up-to-date balances from your creditors as it is highly likely that you will owe more than you think!
Do you need to be employed?
In order to increase your chances of agreeing a trust deed with your creditors it is vital that you are able to at least afford at least a nominal repayment plan. The whole point of a trust deed is the fact that you will be paying back a percentage of your debts via an agreed payment plan. If you are unable to contribute any money towards your outstanding debts then bankruptcy may be a real consideration.
There are no hard and fast rules about trust deed applications and they are considered on a case-by-case basis in many circumstances. If you are unsure as to whether you would qualify for such an arrangement you can always forward your details using the form on the website and we will arrange for a representative to contact you in due course.
