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Bank Arrestment Trust Deed – Earning Arrestment Order

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What is Bank Arrestment?

A Bank Arrestment is a method for some creditors in Scotland to attach funds in your bank account, with the intention of taking them and using the monies to pay debts.

 

Only some creditors are eligible to do this.

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How Does A Bank Arrestment Work?

The first stage of a Wage Arrestment is to ‘attach’ the funds. This means thar the funds are frozen, stopping you from spending them or transferring them elsewhere.

 

After that, the funds can then be subject to ‘furthcoming’. This is when the funds are removed from your account and sent to your creditors.

 

In order for the ‘furthcoming’ to take place, you either need to sign a mandate granting authorisation for the monies to be taken, or if you do not file any objection, it will happen automatically 14 weeks after the arrestment. 

When Can Creditors Carry Out A Wage Arrestment?

Bank Arrestments in Scotland are a legal form of debt recovery known as a form of ‘Diligence’. It can only be carried out by Court Order and as such it will be enacted by a Sheriff Officer or Messenger-at-Arms. 

 

Court Authority

When recovering a debt a creditor must apply to the court for permission. Which permission they get depends on which type of creditor they are.

 

If your creditor is a consumer creditor like a credit card or payday loan then the court order most likely to be issued is know as a ‘Decree’. Once this has been awarded, it can be sent to a Sheriff Officer or Messenger-at-Arms who could proceed with a Bank Arrestment. 

 

Summary Warrant and Bank Arrestment

This is a court order, allowing you 14 days to settle your debt before a Bank Arrestment could take place.

 

 

How Much Can Be Taken In A Bank Arrestment?

How much can be taken is obviously limited by how much money is in the account, but potentially, the entire amount of the debt could be taken in one go.

 

Minimum Protected Balance

As it stands there is a minimum amount of money that must be left in your account when a Bank Arrestment takes place. The amount is currently £529.90.

Who Can Help Me With My Debt?

If you are struggling with your debt, then there are several options that may suit your circumstances. Contact us at TrustDeed4Me to find out how you could become debt free. 

Trust Deed Guides and Information

What Is A Trust Deed?

What Is A Trust Deed?

Only available to residents of Scotland, a Trust Deed is a legally binding, formal debt solution. It is designed for people who are struggling with debts of £5,000 or over.

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Is A Trust Deed Right For You?

Whether a Trust Deed is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc.

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Does A Trust Deed Have Fees?

Setting up a Trust Deed does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement.

How Does A Trust Deed Work?

How Does A Trust Deed Work?

A Trust Deed is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by a Trustee, who will receive an agreed monthly payment from you and will divide it amongst your creditors.

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How Do I Apply For A Trust Deed?

Signing up to a debt solution is a significant event in your life, so it is important to gather as much information as possible, so you can make an informed decision.

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Trust Deed Pros and Cons

Like things in life, Trust Deeds carry with with them benefits and things to consider. Take a look at our article to find out whether a Trust Deed is right for you.

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Many kinds of debts can be included in a Trust Deed. They are limited to unsecured debts but by solving your unsecured debt problems, you may find paying any secured debt much easier.

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What Is The Purpose of a Trust Deed?

The main purpose of a Trust Deed is to take all of your unsecured debt, calculate how much of it can be paid within a 4 year period at an affordable rate and write off the remaining balance. Leaving you debt free.

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