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Important announcement regarding Varden Nuttall

Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.

The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.

Debt Solutions | Protected Trust Deed

Advantages and Disadvantages of a Protected Trust Deed

A PTD is a legally binding agreement between you and your creditors, arranged and supervised by a Trustee, who must be a Licensed Insolvency Practitioner (IP). As a general rule, creditors will not agree to a Trust Deed unless they think the offer made to repay debt is reasonable. Debt Release Direct will discuss your circumstances and options with you and if a PTD is the most suitable solution, prepare the documentation to present to the IP.  As long as the majority of your creditors or those representing at least one third of your debts agree to the Trust Deed, you and your creditors are legally bound by the arrangement and you will make regular affordable monthly payments usually for a term of 3 years after which the remaining balance of debt is written off. A PTD is only available to residents of Scotland.

A PTD is a legally binding agreement between you and your creditors, arranged and supervised by a Trustee, normally a Licensed Insolvency Practitioner (IP). As a general rule, creditors will not agree to a Trust Deed unless they think any offer made or presented by the IP. As long as the majority of your creditors or those representing at least one third of your debts agree to the Trust Deed, you and your creditors are legally bound by the arrangement and you will make regular affordable monthly payments usually for a term of 4 years after which the remaining balance of debt is written off. A PTD is only available to residents of Scotland.

If you think a PTD is your preferred option, contact Varden Nuttall to discuss and prepare the documentation.

Advantages

Disadvantage

A large proportion of your unsecured debts are written off after 4 years

 

You may be required to release any equity in your share of your home

 

No minimum or maximum amounts of debt required to sign a Trust Deed

 

Secured creditors can still take possession of your home if you fall behind with mortgage payments

 

Once accepted all interest is frozen on all debts within the PTD

 

Failure to comply with the terms of a PTD can lead to bankruptcy

 

Lower monthly payments based on sustainability and affordability

 

Listed on the Insolvency Register of Scotland

 

A Trust Deed can stop pending legal actions, if Protected

 

Can impact of career prospects or current position, e.g. Policemen, Financial Advisors

 

A legal binding contract between you and your unsecured creditors

 

It is likely that credit reference agencies will record details of your trust deed on your credit file

 

Any change in your circumstances can be catered for in an amendment or variation if acceptable to creditors

 

May limit future credit arrangements or have an impact on their costs

 

As long as you keep to what you have agreed, your creditors are not allowed to take further action against you.

 

Details published in the Register of Insolvencies

 

 

Some debts are not discharged at the end of a Trust Deed

 

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