Scottish Trust Deed

coolcait

Great news, kev! Sounds like your adviser is really clued up.

Please let us know how it all goes.

kev1980_2

Hi All,

Thought i would come along and update my thread.

I've entered into a Scottish Trust Deed with KPMG. They have been brilliant and I can't recommend them highly enough, they were recommended to me by the CCCS.

All is going well and everthing was discussed at my interview prior to signing my Trust Deed. I make my first payment into my Trust Deed on 01 Dec 2008 and will continue to do so for the next 3 years.

Thanks again for all the support!

coolcait

kev1980 wrote: »

Hi All,

Thought i would come along and update my thread.

I've entered into a Scottish Trust Deed with KPMG. They have been brilliant and I can't recommend them highly enough, they were recommended to me by the CCCS.

All is going well and everthing was discussed at my interview prior to signing my Trust Deed. I make my first payment into my Trust Deed on 01 Dec 2008 and will continue to do so for the next 3 years.

Thanks again for all the support!

Hiya kev

Does that mean that is now officially protected? (Raises a glass hopefully :beer: )

kev1980_2

coolcait wrote: »

Hiya kev

Does that mean that is now officially protected? (Raises a glass hopefully :beer: )

Hey Coolcait!!

Nice to hear from you!

I should find out this week if it has become protected, although any of my crediors who object to it would be very foolish as the cost of sequestration is more than the cost of a trust deed and therefore the creditors will get back less pence in the £.

Keep you posted! :beer:

sarahbrand

I have made 13 payments, 23 left! Best thing I did was to take out a Scottish Trust Deed. Thankfully, I am not on the mortgage or on the deeds for the house it is all in my husbands name. Here is a link for the consultation to the deeds on the Scottish Government website http://www.scotland.gov.uk/Publications/2006/01/20093732/0
This has been useful in explaining things that I was not sure on. CAB put me to my trusteed, and I and my family are really grateful, the pressure nearly cost our marriage, now we are able to enjoy a wee bit more of life!

jiggywiggy

Never_Ever_Again wrote: »

I am currently in a Trust Deed and although I have found it tough I have somehow managed over the past 2 3/4 years (final payment Feb 09!! ) Luckily the only think I own that could be taken from me at the end of my TD is my car but I reckon it is now worth less than the £1000 they said it would have to be worth for them to be interested in the money for it.

Kev1980 - good luck with the DAS interview ( it does sound a better option) but if you do decide to go down the TD route I would definately recommend calling Invocas. This is the IP I am with and they have been brilliant, if I ever have a problem I have a number to call to speak to the IP dealing with my case, if they are unavailable when I call they always respond within 24 hours.

Good Luck
NEA

NEA, how have you got on since your Trust Deed finished?? did you have to give/sell them your car?

my TD is due to end May 09 - i have two payments left!! :j

rog2

audes wrote: »

My question is what happens if the equity in our house has reduced by the end of the TD in June 10? What happens if we cannot get a re mortgage to release the equity? Who's going to give us a mortgage when we have TD?

Sorry to ramble on - this is the first time i have posted anything and i was hoping someone might have gone through this. Thanks

Not sure that I can help, audes, but we do, all too often, hear of people who have been 'lured' into IVAs/TDs by companies who are really only interested in the not inconsiderable fees that they can earn out of such an arrangement.

I know that there are companies who will consider bankrupts and people on IVAs/TDs for mortgages, but it is a minefield which, unfortunately, is also full of 'sub prime lenders' out to make an easy buck by lending at grossly inflated rates of interest. Wherever possible, you should try one of the High Street Lenders first.

I think that you might benefit from having a quick word with one of the Debt Charities - try Scottish Debtline (the Scottish arm of CCCS):

www.scottishdebtline.co.uk/ tel. 0800 138 3328

In the meantime I am 'bumping' the thread ack to the top in case someone has some better advice for you.

Good luck.

2boysmum

Hi guys, looking for a bit of advice, husband is looking into getting a Trust deed, he has a loan of £25,000 and a couple of credit cards. We are married, but the house is in my name and I pay the mortgage, he has someone coming out to speak to him tomorrow. What I want to know is will our home be safe? and what about a bank account, his account is with the same company he has the loan with, will he have to open a new account
Thanks guys

beanielou

Your OH will need to open a new account which is unconnected with any creditors.

2boysmum

Thanks for the advice, he has an old halifax account which he had forgotten about with £4.45 in, no d/d or anything attatched to, would this be ok?