Scottish Trust Deeds Help and Advice

scarednshakin

coolcait wrote: »

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.

Thanks for that Coolcait, the debt is mainly spread about, nobody has a third of it but there is a loan with Northern Rock. He is due to get phonecall on Thurs am so will see what happens from there, fingers crossed just want it to be sorted out.

plaidparty

hiya

i haved currently been discharged from my TD and was planning on sending a copy to my old creditors but have lost most of the account numbers, anyone know where i would get them from? would the companies give me them if i was to call up? also, do i need them to send the discharge letter?

thanks in advance

[Deleted User]

Surely your IP will send your creditors a copy of the discharge as you can only be discharged once they have been paid??

tigger28_2

Hi,

I'm looking for some advise? My trust deed is due to finish in Sept 09 (yeah!) and I would like to know what happens when it ends? I have no equity, just a small car worth maybe £1000 at most as I stay with my parents. How much do I have to pay my advisor for their services?

Also, my partner and I are looking to move in together. He does not know about my trust deed and I'm worried about what will be said if we go to a financial advisor? Can I get a mortgage? Will this impact my trust deed or I'm I best to wait until the trust deed has finished?

Your help would be great full.

thanks, tigger28

beanielou

Hi tigger & welcome to MSE
Hate to be the bearer of bad tidings but I think its very unlikely that you will be able to get a mortgage in this ecconomic climate.
Remember it will be six years before the effect of your trust deed falls off your credit record.
Whay you pay into your trust deed includes the fees~all the money you pay does not go to your creditors.
Not sure on car.
Hope this helps

[Deleted User]

Hi Tigger,
I have just completed my TD and like you I live at home with my parents and I own my car it is also worth less than £1K, I had a letter a few days after my final payment saying that my IP and creditors no longer had an interest in the car.
As beanielou said your advisor (IP) fees are included in what you pay into your TD. And you will probably find it extremely difficult to get a mortgage at the moment.
If I were you I would tell your partner about the TD.
I was told by a money advisor at the bank that if once my TD was finished and I had some savings (2 years down the line) then they would look more favourably on giving me a mortgage than someone who had completed a TD and had no savings in the same time frame. Wait until you have completed your TD and have your discharge letter. this may take a few months but you are allowed to open savings accounts in the meantime. that way you will have some money away for getting a mortgage.
X

tigger28_2

Hi Palema,

Thanks for this, it's been really helpful. I think I'll be telling him about this soon. Seems the best course of action!

x

iamwhatiam

Hi,

My trust deed has just finished and my wife and i never missed any of the 36payments.

When we signed into the TD the house had no equity and we paid £500 each to have the TD secured. The house during the 3yrs in the trust deed has gone up in value and we now have approx 40k in equity...can anyone answer the following please:

Is our equity in the house safe and cannot be touched & can we know put our house up for sale

Thanks..

Sixfoot8

I could do with some friendly advice please.

I took out a TD back in Sept 2007. It was a protected TD which was to last 6 months. I paid my dues and left it at that. Everything was fine until I am approached by the company who are dealing with my TD (Invocas) - they said to me they were getting a company called Cartel involved. They way they worded it, they intended to claw back some cash for me and for them, out of mis-sold mortgages/credit cards etc etc. I wasn't very happy with this but there was nothing I could do.

Anyway, to cut a long story short, I am still waiting for my discharge certificate (or whatever it is called) to turn up. This TD should have come to an end during the middle of 2008. Here I am, unemployed, without a bank account and completely stuck. My wife is bailing me out at present. Apparently our mortgage company are not playing ball, but when I asked Invocas about it all they say is they are still waiting for Cartel to sort it out! I asked them how long will this go on for - backwards and forwards like this, they basically say indefinitely! So what options am I left with? I feel like I was mis-sold the TD in the first place. Trading standards say I need to speak to this company, and this company say I need to speak to Trading standards, and full circle. It's a crazy situation, and me and the wife are really sick of it.

coolcait

Sixfoot8 wrote: »

I could do with some friendly advice please.

I took out a TD back in Sept 2007. It was a protected TD which was to last 6 months. I paid my dues and left it at that. Everything was fine until I am approached by the company who are dealing with my TD (Invocas) - they said to me they were getting a company called Cartel involved. They way they worded it, they intended to claw back some cash for me and for them, out of mis-sold mortgages/credit cards etc etc. I wasn't very happy with this but there was nothing I could do.

Anyway, to cut a long story short, I am still waiting for my discharge certificate (or whatever it is called) to turn up. This TD should have come to an end during the middle of 2008. Here I am, unemployed, without a bank account and completely stuck. My wife is bailing me out at present. Apparently our mortgage company are not playing ball, but when I asked Invocas about it all they say is they are still waiting for Cartel to sort it out! I asked them how long will this go on for - backwards and forwards like this, they basically say indefinitely! So what options am I left with? I feel like I was mis-sold the TD in the first place. Trading standards say I need to speak to this company, and this company say I need to speak to Trading standards, and full circle. It's a crazy situation, and me and the wife are really sick of it.

Hiya Sixfoot8

I'm really sorry to hear that you've been caught up like this.

Back in December 08, another FM (brownie1) posted about this issue, and how it had affected her.

I wrote a long post in reply, which was removed in its entirety, and replaced with this link:

http://forums.moneysavingexpert.com/showthread.html?t=1365571

Maybe your best 'next step' would be to get in touch with the MSE team?

I'm sorry I don't dare to be of more help on the board.