I had never considered myself irresponsible with money until I became involved with a business venture that was based more upon speculation and optimism than fact. After taking out a small business loan and exhausting my savings, what once appeared a dream quickly descended into a nightmare. As the bills mounted, the creditors began to call. Soon thereafter, collection agencies also began making their dubious rounds. Not only was I financially exhausted, but my budding business was foundering before it had even begun. I was at my wit’s end until a friend informed me of a debt solution known as a Trust Deed. After performing a bit of research and consulting a firm of debt advisors, it was clear that this was the proverbial ‘light at the end of the tunnel’ that I had been searching for all along. So, how did a Protected Trust Deed help me emerge from my financial doldrums?
Less confusion, more resolution
I found it impossible to keep up with numerous creditors and countless monthly payments. Taking on a trust deed quickly conglomerated my outstanding debt into one low payment that was easily manageable each month. What was an even greater surprise was that I learned that after entering into the agreement with my insolvency company, the lump sum that was owed had been drastically reduced. All interest and charges were frozen. Of greater importance, my home was no longer at risk of being seized.
I cannot overstate how my stress was reduced after that. Gone were the threatening phone calls and letters. Instead, my appointed trustee subsequently dealt with all such correspondences. Knowing that the creditors could take no further action against me, I knew that I was able to get back on my feet quicker than if I were to face such troubles on my own.
Years of debt? Not anymore
I was surprised to learn that not only was the total amount owed reduced, but I would not be laden by additional debt. In fact, the remainder of the debt was able to be negated after only thirty-six months of making the agreed payments. Of course, I was well aware that my credit rating would still not be perfect, but my position was more improved than I would have ever thought possible.
Of course, I knew that there were some potential pitfalls to this plan; perhaps the most profound emerging if I failed to make the timely payments as was agreed. However, the lower overall amount that needed to be paid combined with a freeze on all interest and fees enabled me to come to an agreement that suited me perfectly. With the help of my trustee, this risk was made quite clear to me from the beginning. Nonetheless, this situation was a far cry from the financial precipice that I had previously faced.
Did a protected trust deed save my life? I believe it did. I could easily have continued with my head in the sand and let the problem just get worse with the inevitable effect it can have on your health and mental state. Five years later, I have a business that is allowing me to make a living and my credit is steadily improving. Had it not been for this arrangement, I really don’t know where I would have been.