What is Trust Deed ?
In Scotland, a trust deed is a legally binding agreement between a debtor and their creditors. It is a form of insolvency, similar to an individual voluntary arrangement (IVA) in England, Wales, and Northern Ireland.
A trust deed is a way for a debtor to enter into an agreement with their creditors to pay off their debts over a period of time, usually three to four years. The debtor transfers their assets to a trustee, who manages the assets and distributes them to the creditors. In return, the creditors agree to write off any remaining debts at the end of the trust deed period.
To set up a trust deed, the debtor must contact a licensed insolvency practitioner who will act as the trustee. The trustee will assess the debtor’s finances and determine how much they can afford to pay each month. The trustee will also contact the creditors and propose the trust deed to them.
To be eligible for a trust deed, the debtor must have unsecured debts of at least £5,000, be a resident of Scotland, and have a regular income. The debtor must also be able to demonstrate that they cannot repay their debts in full.
Once the trust deed is in place, the debtor must make regular payments to the trustee, who will distribute the money to the creditors. The debtor’s credit rating will be affected, and they will not be able to obtain credit while the trust deed is in place.
At the end of the trust deed period, any remaining debts will be written off, and the debtor will be discharged from their debts. However, the trustee may sell any assets that were transferred to them to pay off the creditors.
It is important to note that a trust deed is a serious financial commitment and should only be considered after seeking professional advice.
What is the difference between a Protected and Unprotected Trust Deed?
The main difference between a protected and an unprotected trust deed is that a protected trust deed offers the debtor legal protection against their creditors, whereas an unprotected trust deed does not.
In order for a trust deed to be protected, it must meet certain criteria and be registered with the Accountant in Bankruptcy, the government agency responsible for administering bankruptcy and insolvency in Scotland. The criteria for a protected trust deed include:
- The debtor must owe at least £5,000 in unsecured debt.
- The trust deed must be proposed and managed by a licensed insolvency practitioner.
- At least half of the creditors by value must agree to the trust deed.
- The debtor must have a regular income and be able to make regular payments towards their debts.
If these criteria are met, the trust deed will be protected, and the debtor will be legally protected from their creditors taking any further action against them. This means that the creditors cannot take legal action, such as petitioning for bankruptcy, to recover their debts. The debtor’s assets will also be protected, although they may be required to sell any assets that are not essential for everyday living to pay off their debts.
An unprotected trust deed, on the other hand, is not registered with the Accountant in Bankruptcy and does not offer the debtor legal protection from their creditors. This means that the creditors can still take legal action against the debtor to recover their debts, and the debtor’s assets are not protected. However, an unprotected trust deed may still be a useful option for some debtors who do not meet the criteria for a protected trust deed, but who still want to enter into a formal arrangement with their creditors to repay their debts over a period of time.
Am I eligible for a Trust Deed?
To be eligible for a Trust Deed in Scotland, you must meet certain criteria. These include:
- You must owe at least £5,000 in unsecured debts, such as credit card debts, personal loans, or overdrafts.
- You must be a resident of Scotland, or have lived in Scotland for the majority of the last 12 months.
- You must be insolvent, meaning you are unable to pay your debts as they become due.
- You must have a regular income or be able to contribute to the Trust Deed from assets or other sources of income.
- You must not have been declared bankrupt in the past five years.
- You must not have a current Debt Arrangement Scheme (DAS) in place.
- Your creditors must agree to the Trust Deed proposal.
If you meet these criteria, you may be eligible for a Trust Deed. However, it is important to seek professional advice from a licensed insolvency practitioner before deciding whether a Trust Deed is the right option for you. The insolvency practitioner will be able to assess your individual circumstances and advise you on the most appropriate course of action to take.
How much does a Trust Deed cost?
The cost of a Trust Deed in Scotland can vary depending on your individual circumstances and the insolvency practitioner you choose to work with. Generally, the costs associated with a Trust Deed include:
- A set-up fee: This fee covers the cost of setting up the Trust Deed and can vary between £1,000 and £2,500.
- A handling fee: This fee covers the ongoing administration of the Trust Deed and is usually a percentage of the monthly payments made by the debtor. This fee can be up to 15% of the payments.
- Legal fees: The insolvency practitioner may need to engage a solicitor to complete the legal documentation for the Trust Deed. The cost of this will depend on the solicitor’s fees.
- Disbursements: These are costs associated with registering the Trust Deed with the Accountant in Bankruptcy and may include fees for obtaining copies of your credit report, obtaining valuations of your assets, and other related costs.
It is important to note that the fees for a Trust Deed can be significant, and it is important to discuss all costs with your insolvency practitioner before proceeding with the Trust Deed. In some cases, the fees may be included in the monthly payments made by the debtor, while in other cases, the fees may need to be paid upfront. Your insolvency practitioner will be able to advise you on the best payment options for your circumstances.
What is the role of the Nominee in a Trust Deed?
In a Scottish Trust Deed, the Nominee is a licensed insolvency practitioner who is appointed by the debtor to manage the Trust Deed on their behalf. The role of the Nominee is to:
- Assess the debtor’s financial situation: The Nominee will review the debtor’s income, assets, and debts to determine if a Trust Deed is a suitable option.
- Prepare the Trust Deed proposal: The Nominee will work with the debtor to prepare a proposal to present to their creditors. The proposal will outline how much the debtor can afford to repay and how long the Trust Deed will last.
- Submit the proposal to creditors: The Nominee will send the proposal to the debtor’s creditors and negotiate with them on behalf of the debtor.
- Manage the Trust Deed: If the Trust Deed is approved, the Nominee will manage it on behalf of the debtor. This includes collecting payments from the debtor, distributing payments to the creditors, and dealing with any issues that may arise during the Trust Deed.
- Report to the Accountant in Bankruptcy: The Nominee is required to report to the Accountant in Bankruptcy on the progress of the Trust Deed and ensure that the debtor is complying with the terms of the Trust Deed.
Overall, the role of the Nominee is to act as a mediator between the debtor and their creditors and to ensure that the Trust Deed is managed in accordance with the terms agreed upon by all parties.
What is the role of the Trustee in a Trust Deed?
In a Scottish Trust Deed, the Trustee is a licensed insolvency practitioner who is appointed by the Accountant in Bankruptcy to oversee the administration of the Trust Deed. The role of the Trustee is to:
- Verify the debtor’s assets and liabilities: The Trustee will review the debtor’s financial situation and verify their assets and liabilities.
- Distribute funds to creditors: The Trustee will receive payments from the debtor and distribute them to the creditors according to the terms of the Trust Deed.
- Investigate the debtor’s financial affairs: The Trustee may investigate the debtor’s financial affairs to ensure that they have been truthful and transparent about their assets and liabilities.
- Act as a point of contact for creditors: The Trustee will act as a point of contact for the creditors and provide them with regular updates on the progress of the Trust Deed.
- Handle any disputes that arise: The Trustee will handle any disputes that arise between the debtor and their creditors and ensure that the Trust Deed is managed in accordance with the terms agreed upon by all parties.
- Ensure compliance with the Trust Deed: The Trustee will ensure that the debtor is complying with the terms of the Trust Deed and take action if they are not.
Overall, the role of the Trustee is to act as an independent third party to oversee the administration of the Trust Deed and ensure that it is managed in the best interests of all parties involved.
What is the role of the Trustee in a Trust Deed?
In a Scottish Trust Deed, the Trustee is a licensed insolvency practitioner who is appointed by the Accountant in Bankruptcy to oversee the administration of the Trust Deed. The role of the Trustee is to:
- Verify the debtor’s assets and liabilities: The Trustee will review the debtor’s financial situation and verify their assets and liabilities.
- Distribute funds to creditors: The Trustee will receive payments from the debtor and distribute them to the creditors according to the terms of the Trust Deed.
- Investigate the debtor’s financial affairs: The Trustee may investigate the debtor’s financial affairs to ensure that they have been truthful and transparent about their assets and liabilities.
- Act as a point of contact for creditors: The Trustee will act as a point of contact for the creditors and provide them with regular updates on the progress of the Trust Deed.
- Handle any disputes that arise: The Trustee will handle any disputes that arise between the debtor and their creditors and ensure that the Trust Deed is managed in accordance with the terms agreed upon by all parties.
- Ensure compliance with the Trust Deed: The Trustee will ensure that the debtor is complying with the terms of the Trust Deed and take action if they are not.
Overall, the role of the Trustee is to act as an independent third party to oversee the administration of the Trust Deed and ensure that it is managed in the best interests of all parties involved.
What debts are included in the Trust Deed?
In a Scottish Trust Deed, most unsecured debts can be included. This includes debts such as:
- Credit card debts
- Personal loans
- Overdrafts
- Store cards
- Payday loans
- Council tax arrears
- Gas, electricity, and water arrears
- HMRC debts, including income tax, national insurance, and VAT arrears
Secured debts, such as mortgages and car finance agreements, cannot be included in a Trust Deed as they are secured against an asset. Additionally, debts that are considered ‘priority debts’, such as child maintenance payments and court fines, cannot be included in a Trust Deed.
It is important to note that all debts must be declared to the Trustee, even if they are not included in the Trust Deed. This includes any debts that the debtor has guaranteed or co-signed for, as they may be liable for these debts if the other party cannot pay.
What debts are not included in a Trust Deed?
In a Scottish Trust Deed, there are some types of debts that cannot be included. These include:
- Secured debts: Debts that are secured against an asset, such as a mortgage or car finance agreement, cannot be included in a Trust Deed. This is because the creditor has a legal right to repossess the asset if the debtor does not keep up with repayments.
- Court fines: Fines imposed by a court, such as parking fines and speeding tickets, cannot be included in a Trust Deed.
- Student loans: Student loans cannot be included in a Trust Deed, as they are a form of government debt.
- Child maintenance payments: Child maintenance payments cannot be included in a Trust Deed, as they are considered a priority debt.
- Debts incurred after the Trust Deed is signed: Any debts that are incurred by the debtor after the Trust Deed is signed cannot be included. The debtor will be responsible for paying these debts.
It is important to note that the debtor must declare all of their debts to the Trustee, even if they are not included in the Trust Deed. The Trustee will use this information to assess the debtor’s financial situation and determine the best course of action.
Can joint debts be included in my Trust Deed?
If you have joint debts with another person, these debts can be included in your Trust Deed, but the other person will still be responsible for the full amount of the debt. This means that even if the Trust Deed is accepted and the creditors agree to write off your share of the joint debt, your co-debtor will still be responsible for paying the full amount.
It’s important to note that including a joint debt in your Trust Deed may affect your co-debtor’s credit rating, even if they are not formally included in the Trust Deed. This is because the creditor may report that the debt is in default or has been written off.
If you have joint debts, it’s important to speak with your co-debtor and seek professional advice before entering into a Trust Deed. You may also wish to consider other debt management options, such as a debt management plan or debt consolidation loan, which may be more suitable for joint debts.
What is the application process for a Trust Deed?
The application process for a Scottish Trust Deed typically involves the following steps:
- Seek professional advice: The first step is to seek professional advice from a debt advisor or a licensed insolvency practitioner. They will assess your financial situation and determine if a Trust Deed is the right option for you.
- Complete a Trust Deed proposal: If a Trust Deed is deemed suitable, the next step is to complete a Trust Deed proposal. This proposal will outline your financial situation, including details of your debts, income, and assets, and propose a repayment plan to your creditors.
- Sign the Trust Deed proposal: Once the Trust Deed proposal is complete, you will need to sign it and send it to your chosen licensed insolvency practitioner. They will then review the proposal and send it to your creditors for approval.
- Waiting period: There is a 5-week waiting period during which your creditors can decide whether or not to accept the Trust Deed proposal. During this time, interest and charges on your debts will be frozen.
- Creditor decision: If the majority of your creditors agree to the Trust Deed proposal, it will be ‘protected’, meaning that all creditors are bound by its terms, even those who did not vote in favour.
- Trust Deed commencement: If the Trust Deed is accepted, it will come into effect, and you will make regular payments to your Trustee for the agreed-upon period, typically between 4-5 years.
It is important to note that the Trust Deed application process can be cons.
complex and that professional advice should be sought before proceeding. A licensed insolvency practitioner can guide you through the process and help you understand your option
How are Trust Deed monthly payments calculated?
Trust deed monthly payments are calculated based on your income, expenses, and the amount of debt you owe. The process typically involves working with a licensed insolvency practitioner who will help you determine an affordable monthly payment that you can make towards your debts.
Here are the general steps involved in calculating trust deed monthly payments:
- Review Your Income and Expenses: The first step is to review your income and expenses to determine how much disposable income you have available each month. Disposable income is the amount of money you have left after paying for your essential living expenses, such as housing, food, and transportation.
- Calculate Your Monthly Payment: Once you have determined your disposable income, the insolvency practitioner will work with you to calculate an affordable monthly payment. This payment will be based on your disposable income and the amount of debt you owe.
- Agree on Payment Terms: Once you have agreed on a monthly payment amount, you will enter into a trust deed agreement. This agreement will outline the terms of your repayment plan, including the duration of the trust deed and the monthly payment amount.
- Make Monthly Payments: You will then make your monthly payments to your trustee, who will distribute the funds to your creditors on your behalf.
It’s important to note that your trust deed monthly payments can be adjusted if your financial situation changes. For example, if your income decreases or you have unexpected expenses, you may be able to renegotiate your monthly payments with your trustee.
How long does my Trust Deed last?
The length of time that a Trust Deed lasts can vary depending on a number of factors, such as the terms of the agreement, the amount of debt involved, and the individual circumstances of the debtor. Generally, a Trust Deed will last for a period of four years, during which time the debtor is required to make regular payments to their creditors based on the terms of the agreement.
At the end of the Trust Deed period, assuming that all of the terms have been met, the debtor is typically discharged from their outstanding debts, and any remaining amounts owed to their creditors are written off. However, it is important to note that there are some situations where a Trust Deed may be extended beyond the initial four-year period, such as if the debtor’s circumstances change or if they are unable to meet the terms of the agreement. It is always advisable to speak with a qualified professional, such as a debt advisor or a licensed insolvency practitioner, if you have questions or concerns about the length of your Trust Deed.
What happens when my Trust Deed finishes?
When your Trust Deed finishes, assuming that all of the terms of the agreement have been met, you will be discharged from any outstanding debts that were included in the Trust Deed. This means that you will no longer be legally responsible for paying back those debts, and any remaining amounts owed to your creditors will be written off.
Before your Trust Deed finishes, your Trustee will typically conduct a final review of your financial situation to ensure that all of the terms of the agreement have been met. This will involve checking that you have made all of the required payments to your creditors, that you have provided all necessary financial information to your Trustee, and that you have complied with any other requirements set out in the Trust Deed.
Once the Trustee is satisfied that all of the terms of the Trust Deed have been met, they will issue a discharge certificate. This certificate confirms that you have been discharged from the debts covered by the Trust Deed and that your creditors are no longer able to take any legal action against you to recover those debts.
It’s important to note that even after your Trust Deed finishes, there may be some debts that were not included in the agreement and that you are still responsible for paying. Additionally, your credit score may have been negatively impacted by the Trust Deed, and it may take some time to rebuild your credit rating. It’s always a good idea to seek advice from a debt advisor or a licensed insolvency practitioner if you have any questions or concerns about your financial situation.
What happens if I can’t pay my Trust Deed monthly payments?
If you are unable to pay your Trust Deed monthly payments, it’s important to speak to your Trustee as soon as possible. Your Trustee may be able to work with you to adjust the terms of your Trust Deed or to come up with a repayment plan that is more manageable for your financial circumstances.
If you miss a payment or are unable to make your monthly payments for an extended period of time, your Trustee may take legal action to recover the debt. This could involve petitioning for your bankruptcy, which means that your assets may be seized and sold to pay off your debts. Bankruptcy can have serious consequences and should be considered a last resort.
It’s important to remember that the terms of your Trust Deed are legally binding, and failure to meet the terms could result in serious consequences. However, if you are struggling to make your monthly payments, there are options available to you, and it’s important to seek advice from a debt advisor or a licensed insolvency practitioner to explore your options and find a solution that works for you.
Will I lose my home if I apply for a Trust Deed?
Applying for a Trust Deed does not necessarily mean that you will lose your home. However, whether or not you are able to keep your home will depend on a number of factors, such as the terms of the Trust Deed, the value of your home, and the amount of equity that you have in your property.
If you own your home outright or have a significant amount of equity in your property, your Trustee may require you to release that equity as part of the Trust Deed agreement. This could involve remortgaging your home or selling it and downsizing to a more affordable property. In some cases, your Trustee may allow you to continue to make mortgage payments on your home, but this will depend on your individual circumstances and the terms of the Trust Deed.
If you are currently renting your home, applying for a Trust Deed will not typically impact your ability to continue renting your home, as long as you are able to make your rent payments.
It’s important to speak to a qualified debt advisor or a licensed insolvency practitioner if you have concerns about the impact of a Trust Deed on your home or other assets. They can help you understand your options and find a solution that works for your individual financial circumstances
Will I lose my car if I apply for a Trust Deed?
Whether or not you will lose your car if you apply for a Trust Deed will depend on a number of factors, such as the value of your car, the amount of equity that you have in it, and the terms of the Trust Deed agreement.
If you own your car outright or have significant equity in it, your Trustee may require you to release that equity as part of the Trust Deed agreement. This could involve selling your car and using the proceeds to pay off your debts or remortgaging your car. However, if your car is essential for work or other reasons, your Trustee may allow you to keep it as long as you are able to continue making your car payments.
If you are currently leasing or financing your car, you will typically be able to continue making your payments as long as you can afford to do so.
It’s important to speak to a qualified debt advisor or a licensed insolvency practitioner if you have concerns about the impact of a Trust Deed on your car or other assets. They can help you understand your options and find a solution that works for your individual financial circumstances
Will a Trust Deed affect my job or career?
A Trust Deed is a private agreement between you and your creditors, and it is not typically something that would be reported to your employer or affect your job or career directly. However, there are some potential ways in which a Trust Deed could indirectly impact your employment or career prospects:
- If you work in a regulated profession, such as law, finance, or healthcare, a Trust Deed could impact your ability to obtain or maintain a professional licence, as it may be seen as evidence of financial irresponsibility.
- If you are required to pass a credit check as part of your job application process, a Trust Deed could negatively impact your credit score and make it more difficult to pass the credit check.
- If your employer runs a background check on you, they may discover your Trust Deed, which could potentially impact their perception of your financial responsibility and trustworthiness.
However, it’s important to note that the impact of a Trust Deed on your job or career will depend on your individual circumstances and the requirements of your particular industry or employer. In many cases, a Trust Deed is a responsible way to manage your debts and get your finances back on track, and it may have little or no impact on your employment prospects.
If you have concerns about the impact of a Trust Deed on your job or career, it’s important to speak to a qualified debt advisor or a licensed insolvency practitioner for guidance on your individual situation.
Does Trust Deed affect my credit rating?
Yes, a Trust Deed can have a significant impact on your credit rating. When you enter into a Trust Deed, it will be recorded on your credit file, and this will be visible to lenders and other financial institutions for up to six years from the date that the Trust Deed was granted.
During this time, it may be difficult to obtain credit, as lenders may view you as a higher risk borrower. Even after the Trust Deed has been completed and is no longer active, the fact that you entered into the agreement may continue to impact your credit rating for several years.
However, it’s important to note that a Trust Deed is often seen as a responsible way to manage your debts, and it may be viewed more favourably by lenders than other forms of debt relief, such as bankruptcy. It’s also worth noting that your credit rating is not the only factor that lenders consider when making lending decisions, and they may take into account other factors such as your income and employment status.
If you are considering a Trust Deed, it’s important to understand the potential impact on your credit rating and to explore other options if you are concerned about your credit score. It’s also important to speak to a qualified debt advisor or a licensed insolvency practitioner to explore all of your options and find a solution that works for your individual financial circumstances.
What if my financial circumstances change during the Trust Deed?
If your financial circumstances change during your Trust Deed, you should inform your Trustee as soon as possible. Depending on the nature of the change, your Trustee may need to make adjustments to your Trust Deed agreement.
If your income decreases or your expenses increase, making it difficult for you to maintain your Trust Deed payments, your Trustee may be able to negotiate with your creditors to reduce the monthly payments or extend the length of the Trust Deed. This is known as a variation and it may be possible if you can show that your change in circumstances is significant and long-term.
On the other hand, if your income increases or you receive a windfall, such as an inheritance or a bonus, you may be required to increase your monthly payments or make a one-time payment to your Trustee to distribute to your creditors.
In some cases, a significant change in your financial circumstances may make it difficult to continue with the Trust Deed altogether. If this is the case, you may need to consider other options, such as a Debt Arrangement Scheme or bankruptcy.
It’s important to keep your Trustee informed of any changes to your financial circumstances throughout the duration of your Trust Deed. This will help your Trustee to work with you and your creditors to find a solution that works for everyone involved.
What are the advantages of a Trust Deed?
There are several advantages to entering into a Trust Deed to manage your debts, including:
- Affordable monthly payments: With a Trust Deed, you will make a single, affordable monthly payment based on what you can realistically afford. This can make it easier to manage your debts and avoid the stress of multiple debt payments each month.
- Protection from creditors: When you enter into a Trust Deed, your creditors are legally required to stop contacting you or taking legal action against you for the debts included in the agreement.
- Debt write-off: At the end of your Trust Deed, any remaining unsecured debt that is included in the agreement will be written off. This means that you will no longer be responsible for those debts, and you can make a fresh start financially.
- Time-limited: Unlike some other debt solutions, such as a Debt Management Plan, a Trust Deed is a time-limited agreement. This means that you will typically only make payments for a set period of time (usually between 4-5 years) before the Trust Deed is completed.
- Reduced stress and anxiety: Dealing with debt can be incredibly stressful and can take a toll on your mental health. A Trust Deed can help to alleviate this stress by providing a clear plan for managing your debts and reducing the pressure of dealing with creditors.
It’s important to note that the advantages of a Trust Deed will depend on your individual financial circumstances, and it’s important to speak to a qualified debt advisor or a licensed insolvency practitioner to explore all of your options and find a solution that works for you.
The disadvantages of a Trust Deed :
While a Trust Deed can be a useful tool for managing debt, it’s important to be aware of the potential disadvantages. These may include:
- Impact on credit rating: Entering into a Trust Deed will typically have a negative impact on your credit rating. This can make it more difficult to obtain credit in the future, and may result in higher interest rates if you are able to obtain credit.
- Loss of assets: Depending on the value of your assets, you may be required to sell them or release equity in order to repay your creditors. This can include your home or car, which may be sold in order to release equity to repay creditors.
- Public record: The fact that you have entered into a Trust Deed will be recorded in the Register of Insolvencies, which is a public record. This means that the information will be available to the public, including potential employers or business partners.
- Limited eligibility: Not everyone is eligible for a Trust Deed, and it may not be the most suitable option for all individuals. For example, if you have a very low level of debt, a Trust Deed may not be necessary, and alternative solutions may be more appropriate.
- Strict requirements: A Trust Deed is a legally binding agreement, and there are strict requirements that you must adhere to in order to complete the agreement successfully. This includes making regular monthly payments, providing accurate information to your Trustee, and complying with any additional requirements that may be included in the agreement.
It’s important to consider all of the potential advantages and disadvantages of a Trust Deed before making a decision. It’s also important to speak to a qualified debt advisor or a licensed insolvency practitioner to explore all of your options and find a solution that works for your individual financial circumstances.
What are the alternatives to a Trust Deed?
There are several alternatives to a Trust Deed that you may want to consider, depending on your individual financial circumstances. These may include:
- Debt Management Plan: A Debt Management Plan is an informal agreement between you and your creditors to make affordable monthly payments based on what you can realistically afford. Unlike a Trust Deed, a Debt Management Plan is not legally binding and does not write off any of your debts. However, it can be a useful option if you have a low level of debt or if you are not eligible for a Trust Deed.
- Debt Arrangement Scheme (DAS): The Debt Arrangement Scheme is a government-run debt solution that allows you to make affordable monthly payments over a longer period of time (up to 10 years). Unlike a Trust Deed, the DAS is not legally binding on your creditors, but it does provide protection from creditors and allows you to repay your debts at a manageable rate.
- Sequestration (Bankruptcy): Sequestration, also known as bankruptcy, is a formal insolvency procedure that allows you to write off most of your debts. However, it also has significant drawbacks, including the potential loss of assets and a negative impact on your credit rating.
- Individual Voluntary Arrangement (IVA): An IVA is a formal agreement between you and your creditors to make affordable monthly payments over a set period of time (usually 5 years). It is similar to a Trust Deed in many ways, but it is only available in England, Wales, and Northern Ireland.
- Informal negotiation: In some cases, it may be possible to negotiate with your creditors informally to make affordable repayment arrangements. This can be a useful option if you have a low level of debt or if you are not eligible for any of the formal debt solutions.
It’s important to speak to a qualified debt advisor or a licensed insolvency practitioner to explore all of your options and find a solution that works for your individual financial circumstances.