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Scottish Trust Deeds Help and Advice

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  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
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    beanielou wrote: »
    AFAIK yes you can.If you havent signed anything there should be no ties.
    It can be amazing the difference in amounts suggested by different practitioners.

    Thank you for the reply. :)

    Yes, my main concern would be over committing myself financially.

    A trust deed is free, so I could I therefore approach different practitioners?
  • beanielou
    beanielou Posts: 90,736 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Yes, prob best to approach a couple.
    At the end of the day as you know you have to live with it for at least three years.
    Have you looked at other options?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • beanielou
    beanielou Posts: 90,736 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    & remember that trust deed is not in effect free ~ you pay a lot in fees to your practicioner over the term of your trust deed.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
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    beanielou wrote: »
    Yes, prob best to approach a couple.
    At the end of the day as you know you have to live with it for at least three years.
    Have you looked at other options?

    Yeah, I have researched the various options, and I'm definitely not agreed on a course of action yet.

    I have a few queries about the DAS (Debt Arrangement Scheme) but will post that up in a separate post.

    Back to the Trust Deed Practioners, how would I go about finding out how much they would expect me to repay?

    Would I have to apply, go through the motions, then once the practitioner informs me of the repayment figure, either accept or back out of the arrangement?
  • beanielou
    beanielou Posts: 90,736 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Basically as you say approach different practitioners.

    Whats your query on DAS's?

    Take it you are no longer in Teeside?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
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    beanielou wrote: »
    Basically as you say approach different practitioners.

    Whats your query on DAS's?

    Take it you are no longer in Teeside?

    No, need to update my profile. Moved to Glasgow with my partner about six weeks ago.

    I've posted this thread with regards to DAS. Appreciate any help with my queries if you can!

    As it stands, I will be due a large inheritence within the next three to five years, and as a result I will at that stage be able to clear my debt.

    Until then, I am trying to decide on the best course of action. I'm presently on a self managed DMP, and have been now for nearly three years.

    I currently rent, own my car, have around £1000 in savings, with no other assets.
  • beanielou
    beanielou Posts: 90,736 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Can you not continue in the self managed DMP meantime?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • sgx.saint
    sgx.saint Posts: 1,615 Forumite
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    beanielou wrote: »
    Can you not continue in the self managed DMP meantime?

    Absolutely, would prefer some legal protection from my creditors, and a DAS would be ideal in that case.

    However, the inheritance, which is 99% guaranteed, may not arrive in say the next three to five years. As the years roll on, I want to try and clear the outstanding debt. So, its just trying to decide on what to do.
  • MP14
    MP14 Posts: 55 Forumite
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    Hi

    Like a previous poster I also work for an insolvency practitioner. I would just like to say that a few people are giving inaccurate information on this board so please, please, please seek professional help.
  • coolcait
    coolcait Posts: 4,803 Forumite
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    MP14 wrote: »
    Hi

    Like a previous poster I also work for an insolvency practitioner. I would just like to say that a few people are giving inaccurate information on this board so please, please, please seek professional help.

    It might be helpful if you were to say what information you think is inaccurate, and why. That way all posters can be aware of the different points of view, and the reasoning behind them.

    I would always recommend that people seek free, independent advice from sources such as CAB or local authority money advisers.
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