Scottish Trust Deeds Help and Advice

[Deleted User]

Hi Bailey2cat
Your car will either be taken to add to the money to go to your creditors or if you are allowed to keep it the value it is worth at the end of the TD will have to be given to your IP either by sale of the car or but extending the TD.
Its your debt so your TD, as long as everything is your partners name it will not be included in the TD. I don't think your partners income will come into it. You will have to fill in a income and expenditures form so anything you pay for ie - electricity, gas bills food etc add it to that. From all your outgoings any surplus will more than likely be your monthly payments towards a TD.
Good luck
X

beanielou

AFAIK if its a DAS approved by a acredited money adviser than creiter doesent get option to say no.

coolcait

gillianr2 wrote: »

We have decided to go with the DAS, we have been told that we have to pay £396 per month for 9yrs 11mths and that all the paperwork has been sent out last night.

We have a mortgage with NR and an unsecured loan too so when my husband called today to pay the mortgage he wa asked why he wasn't paying the loan so he told her that he was in the process of putting das in place. The "lady" wasn't too great on this info, she started asking what's a DAS is it the same as an IVA. She said they didn't have any paperwork. She then informed my husband that they would take legal action if he didn't make the payment as he would be breaking the t&c's of the loan.

We are now both really worried. I contacted my money advisor but she said that the paperwork was sent out recorded delivery last night and has prob just arrived at a different department. She said that although techincally NR could take legal action for a missed payment it would be bad practice to do so when they have the paperwork for the DAS and that they shouldn't be taking any action until the outcome of the DAS is decided. She is going on hol now and won't be back until 9th but said that if they threaten legal action then to make token payment as that shouldn't affect the t&c's.

I'm in a right panic now that they are going to take legal action, we were both unde the impression that nobody could take legal action until the DAS was sorted out which obv isn't the case.

We owe NR £18991.92 and currently pay £112.92 over 27yrs 3mths. If the DAS goes through then we will be paying £159.60 of it to them over 9yrs 11mths so the money advisor thinks that even though they obv wont make all the interest they are still getting their money back 18yrs early so would be mad to say no. I'm not so sure now.

Hiya

A creditor can't take legal action once the DAS application has been received by the Accountant in Bankruptcy (as the DAS Administrator).

Technically they could take legal action still at this stage - but they'd have to be pretty damn quick! If your money adviser sent them the official paperwork yesterday, then the clock is already ticking. They have 21 days to reply to your money adviser to say if they agree to the DAS or not. If they don't reply, then that's taken as agreement.

Once the 21 days are up, your money adviser will check which creditors have agreed, and which haven't, add that to the application form, and send it to the DAS Administrator. I think most of them use email to send it, so the DAS Administrator should get it the same day, and get it added to the DAS Register as soon as possible (shouldn't be more than a day or so). Once it's on the Register, the protection from legal action kicks in.

If all of your creditors have agreed to the DAS (or are counted as agreeing, because they didn't answer :rotfl: :T ) then it will be approved automatically, and creditors can't take any legal action against you for as long as you keep up your payments and the DAS lasts.

If a creditor doesn't agree, then the DAS Administrator has to decide whether to approve it or not. But, your creditors still can't take legal action while they're deciding, as the application has been officially submitted. If it's approved, then you're protected from legal action. If it's not approved, your adviser is entitled to ask why it was rejected, and you can consider if it's worth trying again.
In the very, very unlikely event that you get court papers in the week that your adviser is away, then I'd suggest that you call the DAS Helpline at the AiB (0845 612 6425) and ask about putting in an 'intimation'. This is basically formal notice that you're thining of going on DAS. It stays on the DAS Register for six weeks, and your creditors can't go on with legal action during that time. But you can only do it once in a twelve month period, so it's always a good idea to talk to your adviser - or any DAS adviser - before you go for it, just to make sure that you've got the timing right.

I know there's a form for intimations somewhere on www.moneyscotland.gov.uk, the DAS website, but I can't access the website right now. If I forget to come back with it later, shout at me to remind me!

Good luck!

coolcait

scarednshakin wrote: »

Hi Coolcait

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

Hiya sns

I've no idea how often Trust Deeds don't become protected, to be honest with you . My guess is that the majority probably do make it through - I would imagine that trustees would try to filter out the ones they thought were likely to be rejected.

I know that Northern Rock were notorious for rejecting TDs at one point. The biggest risk factor is likely to be if one of your creditors has a large chunk of your debt - over a third of the total - because if they reject it, then it would fail.

Sorry I can't be of more help.

bailey2cat

hi coolcait,
have read many of your replies to queries...can you advise on this at all...have been told by Payplan I am eligible to go for a trust deed, but have read publication A1B7 from Accountant in Bankruptcy...states if a creditor has more than a third of debt , deed may be refused protection.
My concern and fear is that I owe £25,000 approx to one creditor...the total debt being £44,500....would this be sufficient to refuse....there are 5 other creditors.

coolcait

bailey2cat wrote: »

hi coolcait,
have read many of your replies to queries...can you advise on this at all...have been told by Payplan I am eligible to go for a trust deed, but have read publication A1B7 from Accountant in Bankruptcy...states if a creditor has more than a third of debt , deed may be refused protection.
My concern and fear is that I owe £25,000 approx to one creditor...the total debt being £44,500....would this be sufficient to refuse....there are 5 other creditors.

Hi bailey2cat

I'm afraid that if that creditor refused to accept the Trust Deed, it wouldn't become protected.:(

But, there's an 'if' in there... If they do accept it, and none of your other creditors have more than a third of your total debt, then you're well on your way to having the TD accepted. If the majority of your creditors accept it too, then it will become protected.

Looking at the worst case scenario and it doesn't become protected, do you have any assets, and what have you agreed with your trustee that will happen to them? Because - if the worst happened and you ended up bankrupt - you could probably come to a similar arrangement with your trustee in bankruptcy.

Good luck!

bailey2cat

hi coolcait

i have no assets as such....moved in with fiancee...everything his and in his name.
I sold flat 3 years ago, paid off secured debts with equity, and have used small amount left for my daughter and grandson....they were my priority.
Desperation makes us do extreme things.....I have never told Payplan ......but to accept trust deed road will have to come clean....which I want to more than anything. Just very scared still.....that I will be removed from DMP because of this.....and desperate to sort it all out.
My partner knows only the basics...not any amounts...due mainly to my utter shame about all this.

danielle1994

I'm a nervous wreck. It's 5 weeks tomorrow since by OH and I appeared in the edinburgh gazette. I phoned a wee while ago and there have been no objections and they have 1 hour and 10 mins left so fingers crossed.

beanielou

Think objections have to be in writing danielle so looks like you are in the clear

Quiggles_2

Hi there, myself and my husband are both 18 months into our Trust Deed paying 755 per month between us. What I would like to know is this.

My daughter is starting Uni for the first time this year and we have to submit our income etc on her application for a student loan. Does the TD have any impact on this, will they make any exceptions? Seems unfair that my daughter should miss out on her entitlement due to our stupidity. Can we give our income figures minus the TD payments?

(Without the TD our joint earnings are over the income threshhold therefore only allowing her to apply for the minimum)