Scottish Trust Deeds Help and Advice

coolcait

Hiya, and welcome, to our new FMs

I'm not sure that secured debt needs to go into a Debt Arrangement Scheme - I'll have to look that up and let you know what I find (if anything!). All unsecured debt should be included however.

Northern Rock definitely have a reputation for objecting to Trust Deeds. Has it changed since they were bailed out? That's a good question, but I don't have an answer to it, I'm afraid. It would be interesting to hear what experiences others have had recently.

If they are still objecting to TDs/DAS, then the DAS Admninistrator does have discretion to put aside the objections. If NR have more than a third of the debt in a Trust Deed, and they object to it becoming protected, the law says that it can't become protected.

If they object to a DAS under the same circumstances, then the DAS Administrator could still choose to approve it, depsite the creditor objections.

DAS will still affect your credit rating, but it will protect your home and other assets. Also, creditors have to freeze interest, fees and charges - so it might be worth looking more closely at the RBS balance if you were to enter a DAS.

I don't really have a feel for how long a DAS might last for you, because you've talked about a number of different monthly payments. The best way to work it out would be for you to calculate how much you could comfortably pay towards the DAS each month, and then divide the total debt by that sum.

HTH

plaidparty

Hey, was hoping someone might be able to answer my questions usrrounding my protected trust deed?

My last payment was last June and I've received a letter to say there will be a final meeting of creditors at the end of the month. Do they usually go ok? What happens next?

I requested a credit report and on that some debts are showing as satisfied and some still defaulting? Do I need to contact these companies direct?

thanks in advance!

magicgirl68

Can someone tell me how a DAS affects someone if they work in the legal or banking profession?

beanielou

Best to check their T& C's of employment.

magicgirl68

Suppose what I really mean is, would they know if you entered into one?

coolcait

magicgirl68 wrote: »

Suppose what I really mean is, would they know if you entered into one?

Hiya magicgirl and welcome

If you enter a DAS, it will be recorded on the DAS Register. So if your employer searched it (they'd have to pay a fee) then they could find out that you are in a DAS.

I don't know how likely it would be that they'd be searching it as a matter of course, however - especially since it costs them to do so!

If your employer is a bank, and you owe money to them, then they would be likely to find out, simply because your money adviser would have to write to them (as a creditor) to make them aware that you were planning to go into a DAS, and giving them their right (as a creditor) to consent to it or not.

An important point to bear in mind is that DAS is debt management - your aim is ultimately to pay back what you owe; none of it will be written off (unless you and your creditors come to an agreement on composition/full and final settlement). So it's very different in that sense from a Protected Trust Deed or bankruptcy, where part or all of the debt can ultimately be written off.

HTH

jennb_2

Hi there,
I'm on a DMP with Payplan,who have been great, but the creditors haven't been so understanding!
I lost my business in August and got help in November for debts of £70,000, credit cards and loans.
I only have £110 spare each month as I haven't managed to find a job yet and even when I do, sinlge unqualified mum of 3, aged 43, it won't leave me much better of than I am at the moment (£820 income per month plus a couple credit card payment insurances).
So I can't see myself being able to pay much more back even in employment and the level of debt I have at the moment would take me 50 years on my DMP!
I'm fed up with court threats! If any of them take me to court do I have to appear? Do I have to pay for a solicitor?What happens? I live in Scotland.
Can anyone who knows much about trust deeds tell me if I would be better off on them? They sound scarey and I did want to try and pay all my debt back but the creditors just aren't being very nice or understanding!
I don't own my own home, and I don't have any assets other than household contents.
Just read on here about a DAS, would payplan be able to arange one for me and are they better than DMP's and would I be suitable for one?
So mant questions, sorry but I need and would really appreciate advice!
THANKS!

jennb_2

I've just seen full and final settlements mentioned on the forum.
For my £70,000 debt how much would the companies take at the vey least?
Thanks

beanielou

Hi jenn
IMHO a trust deed isent suitibe for someone who doesent have assets.
DAS are really the Scottish equilivant of a DMP.
Have you considered bankrupcy at all?

jennb_2

Hi,
I really don't want to consider bankruptcy.
I want to pay back what I owe,or asmuch of it as I can.