Debts could cripple your financial dreams and throw you into endless troubles. Since getting debts could be the only way to save yourself from financial problems, knowing how to manage them is very important. Unfortunately, you find yourself in really bad financial shape, and you can no longer service your debts. Everything comes down crumbling on you, and you have no hope of getting out the financial mess. Your credit score takes a nosedive, and no one is willing to lend you some money. That would qualify to be financial suicide.
Hold it there; Trust Deep Advice could be your way to financial freedom. But how do you qualify for it? Get to know all about the eligibility to trust deeds to manage your unsecured debts finally.
You should be living in Scotland
Unfortunately, it is not everyone who will qualify for the trust deed to easily manage his or her unsecured debts. It is only those who live in Scotland get the free pass to settle their debts. You should have lived here for at least 12 months or have business in England for the same period.
You must be insolvent
It is only those who cannot pay their debts on the due date that qualify for these deeds. If your source of income can longer keep up with the size of the debts, then you are entitled to this financial help. In other cases, if your collective assets cannot pay up all the debts you currently have, you deserve this help.
Have an unsecured debt of £5,000 or more
It is not just any amount of debt that will qualify you into the trust deeds; there is a limit for that. It is only those who have unsecured debts of £5,000 or more who do qualify. Anything below this figure is considered a small debt and you can find a way to fully settle it.
You should have some income or assets that can pay up to 10% of the debts
If you have no income at all, help will not be coming your way. To qualify for this financial plan for debt settling, you should have some regular income or a few assets that could take care of at least 10% of all the debts. It is easier to set an affordable monthly installment for someone with a regular income, however small it may be.
It is only after meeting all the above pre qualification conditions that you can get a trust deed to deal with your debts. Make sure before you consider going this way that you have met all the conditions or otherwise you will get turned back.
If unsecured debts are finally catching up with you, trust deed advice is what you need. For those living in Scotland or having a business there for at least 12 months, help is just around the corner. Bring financial stability to your yawing boat. Make your choice today and walk free from your all your unsecured debts. But before that, you have to meet all the qualification criteria.