Paperwork Needed For A Protected Trust Deed
If you have decided to go ahead with a protected trust deed to deal with your debts you may be wondering what paperwork you’ll need to supply to your trust deed firm. If you are looking to go ahead with a protected trust deed quickly it will be useful to start gathering paperwork as soon as possible. In this article we’ll review the paperwork that you may be asked to supply and explain the reasons why it is needed. Please note however that all firms will have slightly different requirements, so it may be worthwhile confirming precisely what you’ll need with the firm that you have chosen.
The contribution that is made to your Scottish trust deed is based upon your income and expenditure. You’ll therefore be asked to supply paperwork verifying details of your income and expenditure.
To confirm your income for your protected trust deed you are likely to be asked to provide copies of payslips, perhaps verifying your income over the past three months for example. You may have other types of income which could include benefits, tax credits, or child support. If you have award or confirmation letter covering these types of income it would be sensible to dig this paperwork out. Don’t panic if something is missing and you cannot get a copy. You may be able to confirm the income in another way, perhaps from evidence on your bank statements.
If you are self-employed verification of your income may be slightly more complicated. Your recent tax returns, a letter from your accountant confirming your recent income, and a projection of future earnings may all be useful. It will be best to check with your trust deed firm what they will require.
The confirmation of major areas of expenditure may well also be required. You may wish to gather together paperwork related to your mortgage or rent payment, utility bills, council tax and so on. Once again you may be able to confirm some areas of expenditure for your protected trust deed via the evidence on your bank statements. If you have a car on hire purchase (or lease) your protected trust deed provider may well want to see the original agreement.
As mentioned already, bank statements are likely to be required as they help to confirm your identity and record evidence of your income and expenditure. We’d suggest gathering statements covering the last three months in case they are required.
Your protected trust deed firm will need to communicate with your creditors, so it would be wise to collect together paperwork for each of your credit accounts. Credit or store card statements, loan agreements and loan statements, and any debt collection correspondence that you have received will all be useful paperwork to have ready. Actual or approximate balances and the relevant account numbers are the minimum that your Scottish trust deed firm will need. If you have paperwork missing for an account you may wish to telephone the creditor to confirm the details you need.
If you are a homeowner your protected trust deed (and you) will need to take account of any equity in your home. It would therefore be very useful if you could find your most recent mortgage statement and/or request that a redemption statement by sent to you by your mortgage lender.
Finally it’s worth pointing out that the insolvency practitioners that handle protected trust deeds are subject to money laundering regulations. This means that they’ll need to confirm your identity. Typically this will involve providing one piece of photographic confirmation (usually a passport or drivers licence) and an original document from a bank or utility provider confirming your address (which you are likely to have collected already for other purposes which we have already covered).
Don’t panic or delay if all of this paperwork isn’t immediately available. Collect together what you can in order to get the protected trust deed process underway. If there are certain types of paperwork that remain required for your protected trust deed to get started you will be able to provide them separately later on.
We hope that this article is a useful guide to the types of paperwork you may need to provide in order to get a Scottish trust deed up and running. For further protected trust deed information you may wish to visit our protected trust deed forum. Trust deed Scotland experts from a panel of different providers are available to answer any questions that you might have about debt or protected trust deeds in Scotland.
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