Scottish Trust Deeds Help and Advice

Wallamoppi

Thanks everyone. My partner finally got in touch with them and we seem to have reached a solution (we hope). They have given us a month's grace period to get ourselves back on our feet and pay for a few things we were having a hard time with. They have also lowered our payments to a far more reasonable level. Let's hope it works better now.

As for the letters, our advisor said that she had definitely been in touch with the people (Moorcroft?) and was going to tell them next time that if they or Barclays Partner Finance who they work for give us any more hassle she would be reporting them. I suppose we can't ask for more than that.

It really is frustrating and scary isn't it? I hate to wish my life away but I can't wait until this is finished!

brownie1_2

coolcait wrote: »

Brownie, if you're still reading, can you let me know if you managed to read my earlier post before it was deleted?

If you did see it, that's fine, and I hope you got something out of it.

If you didn't see it, could you let me know, and I'll try to gather my thoughts again, and try to put them on paper in a way which doesn't breach the guidelines laid down in the thread on the Feedback board. Not that I have any idea why my post was deemed to have breached those guidelines, as the vast majority of it (which was pretty 'vast'!! ) was talking about your trustee's actions rather than the actions of any other organisation.

I don't want to go against MSE edicts; I don't want to leave MSE open to threats of legal action. Mostly though, I don't want to leave you without any suggestions at all about how to deal with the problem you're facing.

hi there - sorry for taking so long to get back to you - can i firstly say - thanks for your interest.

To date I am no further forward and wrote to the AIB - didn't want to know so I then wrote to ICAS with all the paperwork and surprise surprise they dodn't see that Invocas had done anything wrong - it is now almost one year over the expected end date of my Deed. I also got a letter from Invocas very suprised and annoyed that I had involved a third party (wish I could let you see the letter - it makes very interesting reading!!??)

I spoke to a mortgage broker that I know thro business and he deals with a lot of IP's around our area and he has not heard of any other company other than Invocas who are doing this. I am at my total wits end as Invocas are now about to take another £1000 in their management fees (already took similar payment six months ago) so that has depleted my 'pot' by £2000 and there is no gtee of any claim?? Who is making out of this???

Your help and advise would be greatly appreciated - PS so would anyone elses!!

Can I also say that I duly e-mailed MSE to see if I could provide them with any info that would help their case and have never heard from them!!

afcgirl77

Hi there,

This could be a bit rambling, but will try to keep it concise as possible. I will also probably be asking some stupid questions, but please bear with me.

I'm a newbie to these boards and I have a question to ask re Trust Deeds. Due to some "financial mismanagement" with credit cards, loans and overdrafts, I now find myself in debt to the tune of £17000 (can provide an S.O.A. if needed).

I was advised by a family member to look into a trust deed. I called the company they dealt with and was put through to an advisor (friendly chap I have to say) and after a lot of thought, decided this was the best way forward. My monthly payment was to be £177. I received the creditors form through the post - filled it all out, signed it and posted it away last week (last Friday - 1/5/09).

Here's my problem - I'm now not sure if I want to go ahead with this. I own my own property and the more I read about releasing equity and the possibility of them selling my flat the more and more nervous I am. I received a phone call from my adviser this Friday (8/5/09) saying that I had not given a reference number for one of my debts and that he needed it so he could transfer everything over, but he as yet has not got back to me. I could've sworn he also said to me I had a two-week cooling off period but I don't know if this applies here - so quite frankly I don't know what to do. Should I perhaps try and phone tomorrow and see?

I have since spoken to National Debtline and they advised me to try and get help through the D.A.S. If only I had called them first, I wouldn't be in this ruddy mess and would be able to get some sleep. :embarasse

Any advice much appreciated.

PS If I've left anything out let me know. I'ma bit stressed typing this so may have left some info out.

JK11

Hi afcgirl

Going by your numbers, DAS will take you around 8 years, assuming you are able to maintain that level of payment. It won't need to involve your property.

How much equity do you have in your property? That really is the key to deciding whether trust deed is the way for you to go or not. If little or no equity, it's probably a better option than DAS, if more then a few thousand, then DAS probably the better option.

I take it the firm you are talking to has carried out a survey and asked you to provide a redemption statement for the mortgage? Only once that has been done can you really know what the equity position is and you definitely should not sign a trust deed without this first being done.

If all you have done so far is send your adviser a list of your creditors and you've not actually signed the trust deed itself (it's a legal document, usually with loads of small print) then you can walk away just now if you don't want to go ahead with the trust deed. if you've actually signed the trust deed itself, then you can't walk away, as there is no cooling off period.

Hope this helps, let me know about the property and I can comment further.

afcgirl77

Hi JK11,

Thanks for getting back to me. Sorry for the lateness of the reply!

I remortgaged my flat last year (August-ish), and it then was valued at £100,000 by the surveyor. My mortgage is currently for £70,000. According the person I spoke to, due to the drop in property prices, my flat is now probably worth about £76,000(?). I was asked to provide a recent mortgage statement if that's what you mean. But no they have not physically surveyed it.

All I have done is sent away the necessary documents such as recent payslips, bank statements, credit card statements etc and signed the client authority form (without sounding really stupid - this is NOT the trust deed I take it?)

It is because of the property aspect of this that I am having second thoughts. The DAS option sounds like it would be more appropriate for my situation and thanks to the very helpful people at National Debtline, I have some numbers that I can call at my local Council. I'd rather pay my debts off over 8 years and still my have my flat, than 3 years and risk it.

Thanks for your help so far. I might get some sleep tonight after all!! :T
If you need any more info, just say.

Poppers_2

Hi,

Am not sure if I am posting this in the right place, but this is only my second post and the first was a "cut and paste" one liner!

I signed my Trust Deed last Friday and it was the hardest thing I have ever had to do. It took a lot of thinking and talking to people before I made the decision, but now the process is under way....

I started by speaking my local CAB back in October, when I just wanted some advice, but they wanted to take over everything from me. I muddled through on my own until February when I called the National Debtline. They sent me loads of very helpful and useful information, but I really wanted to talk to someone in person.

I then managed to speak to the Money Adviser at my local council. She was so helpful and left me feeling that I was in control (unlike the CAB!). She talked me through all the options and offered to contact all my creditors to explain the situation.

I then went back for a second meeting and met a representative from the trustee company. He again was very helpful and at no time did I feel pressured into doing anything.

He explained that they could do a valuation on my house to see if I was in positive or negative equity and that this could be done before I made a decision on the deed. I did this and found out that I was in negative equity and I would only need to arrange for £500 from a 3rd party to discharge my house. He did tell me though that my house would be revalued every 6 months unless it was discharged and that it was up to me to arrange to pay the money before then if I wanted to. His company would not chase for it.

I finally made the decision and, like I said, signed my trust deed last Friday. I just now have to wait to see if it gets protected. I think this is going to be the longest 6-8 weeks of my life. :eek:

Apologies for the long post, I dont really have any advice (there are many others on here better placed than me for that), I just wanted to tell my story.

Thanks.

Mr_Softy_Top

I know how you feel, I fretted for 2 months over my trust deed becoming protected, in the end I found out that none had objected. Its been 7 months since I signed my deed and 5 months since it became protected, and my qualitity of life is incomparable to what it was beforehand, worrying over so many bills and never seeing a light at the end of the tunnel.

Hope it turns out ok for you.

fatgit

Hello All

I'm over two years into a PTD.

My circumstances have changed on a number of occassions over this period of time eg change in salary and change of address. Each time there's been a change in circumstances, I have advised my IP of this and they've got me to fill in a Status Report form. Notwithstanding these changes in circumstances, I have also filled in Status Reports on a six-monthly basis.

I last received a Status Report form in late Summer 2008. So, going by six-monthly cycles I should've received one in the early part of 2009. I still haven't received one. Also, since then I have moved address and should've received a Status Report form to fill in - nothing has appeared.

I alerted my IP to my change in address via email and this was acknowledged with a reply, but no Status report form.

I sent a further email to advise that I hadn't received a Status Report for a significant length time but this has never been acknowledged.

I am just worried that because there would be no Status Reports forms on my file for the past while that it could be construed that I am not adhering fully to the terms and conditions of the Trust Deed.

Could someone give any advice on what I should do? Has anyone experienced something similar?

fatgit

*bump*

plaidparty

Hiya,

I was released from my protected trust deed in January 2009. I was told this includes my student loans as it was taken out in April2005. My wages are about to reach over £15k and I'm paranoid that they will take a student loan payment. Anyone know of anyway to check this?

Any advice would be much appreciated!

Thanks.