Scottish Trust Deeds Help and Advice

scarednshakin

Only know a bit about Trust Deeds, that they usually last for 3 years, what is diff between protected td and not? Just any basic info, any particular questions to ask when we phone. Thanks

[Deleted User]

There is no such thing as an unprotected Trust Deed. As long as 2/3 of your creditors agree to the Trust Deed proposal then it will be protected.
The amount you will pay will depend on your disposable income. The TD generally lasts 3 years although this can be extended if you have any assets like a car with value still in it.
I hope this is a help.

scarednshakin

Palema, many thanks, feel daft asking just not sure what it all involves

[Deleted User]

scarednshakin,
Dont feel daft, I was the same 3 and a half years ago, I've just completed my TD at the start of Februaury, I'm just waiting for my discharge which according to my IP will be about May/June time. I still dont know everything and learn something new about it all the time.
Good luck with your phone meeting, please let us know how you get on.

scarednshakin

Thanks again, husband will be phoning next week as he is working all the times they are open, typical. Good to hear of someone who has been through the TD and come out the other side. Just want it to be sorted now that it has been decided. Car is not worth more than £1000 so not sure if it will be of any interest.

Will let you know how the call goes, feels a relief to know that something is happening and maybe soon the phonecalls will stop. I have other debts and am going for br so it will just be the OH that will be in the TD. Thanks again

[Deleted User]

No problem,
It scared the living hell out of me when I realised what a financial mess I had managed to get myself into. But although it was maybe not the way I would do things now, at the time it was the only way I could see for me dealing with my debts.
With regards to your car, I doubt there would be any interest in it due to the value of it.
Being in a TD will affect your credit rating, its not easy believe me. Sticking to a budget was the hardest part for me, as I was so used to spending what I wanted, when I wanted through credit cards, it did take me several months to really budget properly but now its pretty much second nature. I had phone calls for about 2-3 months AFTER my TD was signed and all I did was forward them onto my IP and they dealt with it from there.
This is just my experience of what I have been through.

scarednshakin

Thanks again, I know it is going to be hard but even now just the relief that we are going to do something about the debt. It is the only thing that Payplan suggested and my OH has been on touch with them today and they are phoning back next Thursday so should know more then.

I know our credit rating will be rubbish, but know it must be pretty bad already, too scared to check it out:eek:

Will probably be back on with more questions, one thing how long does it take once we have spoken to KPMG and how long do creditors have to agree/disagree with the TD?

Thanks again

coolcait

scarednshakin wrote: »

Only know a bit about Trust Deeds, that they usually last for 3 years, what is diff between protected td and not? Just any basic info, any particular questions to ask when we phone. Thanks

Hiya scarednshakin

All trust deeds start off as 'voluntary trust deeds', and aren't protected at that stage. It's not binding on your creditors, unless they agree to its conditions, and they can still take action against you to collect their debt

If the Trust Deed becomes protected, then it is binding on your creditors, and they can't take any further action against you.

The AiB have a booklet about Trust Deeds, which you might find useful

http://www.aib.gov.uk/Resource/Doc/4/0000545.pdf

HTH

scarednshakin

Hi Coolcait

Does it happen often that TD's do not become protected? I am away to look at the AIB website. Thanks

bailey2cat

perhaps someone can advise me.
At present have a DMP with Payplan, who have been fantastic throughout. I have been told I am eligible to go for a Trust Deed...I meet the criteria...but despite reading all the threads and some of the links, still have a few questions.
My debt is approximately £44150 remaining. I pay £230 per month, which is sustainable.
I have no assets other than my car which is used to get to work, live with my fiance, in a property with mortgage in his name. We are to be married this year.
Can my car be taken....value £5000.
Does my partner's income get taken into account for Trust Deed, despite all my debt being accrued at my former address, in my name... and what about all property and assets in present home, which are all his? I gave away all my belongings prior to move.....clean start...
I also sold my house, but repaid secured debts, so very little equity survived, and now 3 years later, none left.
Thanks to anyone who advises...