The Ultimate Guide to protected trust deeds

The basic idea behind getting you the trust deeds was to ensure that you could pay off your debts in a protected environment. The Scottish Trust deeds are protected as they are a legal binding agreement between the debtor and the creditor to ensure that by the end of the term, the debtor will be completely debt-free and will not owe anything whatsoever to the creditor anymore. Getting such kind of legal protection may affect your credit rating, but if you are really in a difficult situation and you cannot handle so many creditors any longer, you must consider availing the trust deeds as soon as possible.

Here the few steps which you should consider while on the road to availing protected Scottish trust deeds:

  • Consult with the Insolvency Practitioner. Have a proper discussion with them regarding your current financial circumstance. Ultimately they will be the medium between you and your debtors. Also, be honest with them so that they can chalk out a realistic budget for you. This way your debt payments will be affordable and less strenuous. Since the one single monthly payment will be paid off to all the creditors, it will form the basis of your trust deed. If you have any further queries, discuss it with your insolvency practitioner.
  • Once agreed, you will be asked to sign the trust deed, once you do that, your creditors will be notified. Don’t worry; your insolvency practitioner or trustee will take care of this part. This part will be the proposal, whereby your creditors will be notified of the amounts that you wish to pay and how much each creditor can expect to get within the stipulated time. The creditors can then accept or reject your proposal within five weeks from the delivered time. If one third of your creditors have accepted the proposal, then your deed receives a protected status. However, if they do not respond at all, then it is considered accepted by default.
  • Once your deed gets the protected status, you will be fully protected under the terms of the deed and your creditors will be prohibited from taking any legal actions against you. The level of equities you possess, are discussed with you during step 1. If your house has a lot of equities, all or at least some part of it will have to be released to your trustee to pay to the creditors. However, how you wish to release those equities is up to you. Your trustee or the insolvency practitioner will discuss with you on the ways you want to release your equities. Of course, each situation is different, but it is highly unlikely that your insolvency practitioner will force you to give them your equity.
  • All the payments can be made within 3 years, but mostly it takes somewhere between 3 to 4 years to pay off the debts completely. Even if they are not paid off completely after 4 years, your remaining debt is written off by a discharge letter that confirms this. After this takes place, your creditors can never approach you for the balance amounts which were due.

Car Logbook and V5 loan companies

Concept of logbook or V5 loan

First of all you should know what a logbook is. A logbook is a V5 Registration document, and this is the most important piece of paper for the ownership of a car. A car logbook is a document issued by the Driver and Vehicle Licensing Agency (DVLA). This document is used as a proof of ownership of the car. Even though it can be considered that the document is there to track the owner of the car. At the time of sale or purchase of the vehicle, the document is sent to the DVLA and then sent to the new owner. If you do not have a V5 logbook, then you must apply to the DVLA for replacement. A car purchased without a logbook can be considered as a stolen car.

A logbook loan is that loan which you get when you use your car as the security. You have to hand then over the logbook to the moneylender until you repay the loan amount with the interest. Now the borrower becomes liable to repay the loan on time, and if he doesn’t, then the car is sold off. The following are the reasons for which logbook loan is good:

    A better alternative: Logbook loans are better alternatives to overnight loans. Overnight loans will charge you a huge amount of interest rate. Logbook loans, on the other hand, come with very low-interest rate and are much more reliable.

    Even bad credit history is also accepted: Logbook loans do not consider your history because, you have your car to act as a security. When people have a bad credit history no one is ready to lend them, but, in this case, there is an ease of access to the quick loan.

    No early repayment fee: If you have the money to clear the loan amount much more quickly, then you can simply clear your loan. Logbook loans do not charge you extra money for earlier repayment of the loan.

    Your car is still yours: When you take a logbook loan, your car acts as a security but even then you do not need to submit your car with the lenders. You still have the right to use your car.

There are many logbook loan companies. You can visit their website their website anytime to know more about them. You can log on to logbookcalculator.com, Logbook Calculator is not loan company itself, it rather compares all loan providers and refers customers to companies which are registered with the Office of Fair Trading. They also hold a Consumer Credit License.

How does Logbook Calculator help?

LogbookCalculator.com/ refers to customers to lenders for logbook loans. They take your logbook loan application and present it to an appropriate lender. They have the best lenders who lend you at a competitive rate. Their website is completely free to use. They do not oblige you by any means to take loans from the recommended lenders. They simply bridge a path between the borrower and the lender.