Trust Deed Stories

MeggieH

Trust Deed's in Scotland are very similar to IVA's, except they last for 36 months instead of 60. At the moment I am more than half way through- and my quality of life is a hell of a lot better than when I started. I would certainly recommend this as an alternative to the 'B' word. It's no the easy ride some would have you believe, but it's a cathartic process that I know will leave me far better positioned for the rest of life once it is completed.

I wonder however, for those of you out there who have completed their Trust Deed, what effect this has had on your attempts to move on financially...for example obtaining credit/mortgages etc. Obviously things wil take time I imagine, but has having the TD seriously impaired your future financial prospects?

kev1980_2

MeggieH wrote: »

Trust Deed's in Scotland are very similar to IVA's, except they last for 36 months instead of 60. At the moment I am more than half way through- and my quality of life is a hell of a lot better than when I started. I would certainly recommend this as an alternative to the 'B' word. It's no the easy ride some would have you believe, but it's a cathartic process that I know will leave me far better positioned for the rest of life once it is completed.

I wonder however, for those of you out there who have completed their Trust Deed, what effect this has had on your attempts to move on financially...for example obtaining credit/mortgages etc. Obviously things wil take time I imagine, but has having the TD seriously impaired your future financial prospects?

Thanks for sharing this.

I'm just about to start a Trust Deed with KPMG. I was wondering if you would have a read through my thread and give me any comments or suggestions to what has been written.

http://forums.moneysavingexpert.com/showthread.html?t=1143171

Thanks

strawerry2603

Hi first time posting here and need some advice and hoped there might be someone out there who can help.

I'm in downward spiral of robbing peter to pay paul and just cant see light at end of tunnel. got £18k debt and no way of paying it back. after speaking to friends who have had TD think this might be only way out. Have a very understanding partner who has been through Bankcruptcy so knows how i feel.

But i've no idea where to find a decent sypmathetic insolvency practicioner if they exsist), its an embarrassing situation and i dont want one who says its your own fault and only doing the TD to proft themselves.

Can anyone help, i'm Scottish Borders but can travel to Edinburgh

Thanks for reading this

coolcait

strawerry2603 wrote: »

Hi first time posting here and need some advice and hoped there might be someone out there who can help.

I'm in downward spiral of robbing peter to pay paul and just cant see light at end of tunnel. got £18k debt and no way of paying it back. after speaking to friends who have had TD think this might be only way out. Have a very understanding partner who has been through Bankcruptcy so knows how i feel.

But i've no idea where to find a decent sypmathetic insolvency practicioner if they exsist), its an embarrassing situation and i dont want one who says its your own fault and only doing the TD to proft themselves.

Can anyone help, i'm Scottish Borders but can travel to Edinburgh

Thanks for reading this

Hiya strawberry, and welcome!

I would recommend that you speak to one of the free advice orgainsations first - for example a CAB or local authority money adviser in your own area, or CCCS, National debtline etc on the phone. The advantage of going to a local adviser is that they'll have more knowledge of the Scottish system.

The adviser should look at the options available to you. I know you say that you aren't able to pay back the debt, but if you have some surplus income, you might be able to go onto the Debt Arrangement Scheme (if you don't have any surplus income, an Insolvency Practitioner might not accept you for a Trust Deed - unless you have equity in your property).

If a Trust Deed looks like the best option for you, the money adviser may be able to refer you to an IP.

They might also look at whether or not bankruptcy would be an option for you. Since April 2008 the process for making yourself bankrupt has changed - you don't have to go through the courts any more, for example.

Good luck with whatever you decide!

strawerry2603

Thank you so much for your advise. I actually have a phone appointment with CCCS tomorrow so I will wait and see what they say and take it from there.

Just very scared and highly embarrassed about the whole situation

kev1980_2

strawerry2603 wrote: »

Thank you so much for your advise. I actually have a phone appointment with CCCS tomorrow so I will wait and see what they say and take it from there.

Just very scared and highly embarrassed about the whole situation

Just reading your thread and was wondering how your getting on.

I've got an interview with my local council money advisor next week to discuss entering the DAS - Debt Arrangement Scheme!

strawerry2603

still working my way through trying to get things sorted out. After sepakding to the CCCS it looks like i need to go down the bankruptcy route as i dont have any spare money after the essential items are paid but im waiting to see if i can keep my car.

Dont despair, things will work out for you too. It all seems like doom and gloom at the mo but honestly once youve had the chat you will feel a whole lot better. You will even start o find friends who are in the same boat and you had no idea. I know i have and have managed to help one friend out already.

There are loads of really nice people on the site here too who can give advice and know exactly what you are going through.

Keep our chin up