Some of the unique features of Creditfix Trust Deed advice include the probability of exploring the best options to repay your debts according to the terms specified in the agreement. Before you enter into the agreement with your creditors, the insolvency practitioner (IP) whom you approach is your consultant. He will offer you all the possible help and advice about efficient debt management and clearance without any hassles. For this he might suggest other ways than the trust deed also. You need to consider them and weigh their benefits and limitations as compared to the trust deed. The option for trust deed is chosen only when all the other options are nonexistent or they are not feasible.
Consultations with Creditfix Trust Deed Advice
- The IP will make an impartial analysis of your income sources, expenses, debt condition and your existing financial position. Based on this analysis he will be able to offer the best Creditfix Trust Deed Advice for managing your debts without getting into the risk of insolvency.
- He will consult your creditors and persuade them to agree to the terms and conditions specified in the trust deed. If you have two creditors and one of them agrees to the terms, it could be converted into a protected deed. If there are more than two creditors at least 50% of them should agree for the terms and conditions in the deed. Then it could be converted into a protected deed. The trustee will submit a form in this regard to all the involved creditors. The need to sign the agreement. Once this is done the trustee will send a copy of the agreement to the Accountant in Bankruptcy (AIB). Then the trust deed gets sealed.
- The trustee will take all the measures under the Creditfix Trust Deed Advice to keep you updated about the latest changes in the rules governing bankruptcy. He will offer his valuable suggestions which you need to implement in practice. The advice may be regarding the way you manage your income and expenses, repayment of debts and asset management. Make sure that you have asked him about all possible options about streamlining the debt management without putting your assets into risk.
- One possible Creditfix Trust Deed Advice may include steps to avoid taking further credits, while you are bound by the deed. This is an important aspect since the new loans will not be covered by the existing trust deed.
- If your residential property is included in the trust deed, you might face the risk of having to mortgage /remortgage/ sell it for settling the outstanding debts. Remember that unless the deed is converted into protected mode, the creditors will have the right to claim the interest amount and additional overheads associated with your debt principal amount. If there is a possibility of creating equity on your residential property you need to explore that option before opting for mortgage /remortgage/ sales. For this you can feel free to take the Creditfix Trust Deed advice.