Scottish Trust Deeds Help and Advice

[Deleted User]

Hi Folks,
I finished paying my PTD way back in February and today I finally recieved my Discharge letter, so excited it has finally arrived!!:j:j:j

I will still be lurking on this board. It might sound wierd but it has been a pretty quick 3 years, the past 7 months waiting on my discharge letter has felt longer!

Good luck to everyone currently in, just starting or thinking about a PTD I hope everyone gets thorugh it and comes out the other side. Having all your money to yourself again is a lovely feeling

P

charlie.kelly

Evening folks.

Looking for a bit of help, if anyone can. I am about to be the latest in a long line to throw the towel in on Northern Rock's (bless 'em:rolleyes:) "together" product.

My situation is as follows

Mortgage
83,000 £467 per month (interest only - no investment in place)
Unsecured Loan (Northern Rock)
25,000 £176 per month

Now for the roll of shame, which I have racked up in the last two years:eek:
MBNA - 12,600 (recently sold to the lowest bidder - step forward DLC/Hillesden Securities)
Barclaycard 4,800
Lloyds TSB 4,000
RBS 3,000
Egg 2,400 (Sold to Fredericksons)

Overdraft (Overdaft?)
HBOS 3,000

In all seriousness, I am a bit ashamed of my situation. I divorced about 2.5 years ago and inherited about 15,000 worth of debt from my ex (spent on my cards behind my back). By some miracle, I not only found that I was able to get a mortgage, but also a loan of £25,000 to pay off the inherited debt, 5% deposit on a flat and to start again (wife cleared off with all the wordly goods).

Thanks to hidden fees in the mortgage for the marital home and my wife pleading poverty/refusing to cough for her share of this and fees, I had to weigh in. I wouldn't have got my new mortgage otherwise.

Anyway, long story short, after being released into the wild as a single guy after ten years of an unhappy relationship_party_:dance:, I ended up being back in a mess.

I have not missed any payments on the together product since taking it out. As for my other creditors, I have paid them a penny since last December. My mental health has gone down hill badly this year and I am finally realising I can't dodge this problem for the next four years and throw up limitation as a defence!

I have been put in touch with Tenon, who I am told have a very good relationship with NR. I have done my research and am well aware that NR are not best pleased to accept Trust Deeds. This thread has given me some hope and I have been told that Tenon have not had a trust deed refused yet on the NR together product.

Is anyone in a position to comment on NR's latest stance? Just wondered if anyone has had a their trust deed accepted in similar circumstances.Worse still, are any of the other creditors likely to take issue?

If I can get this accepted, it would make such a difference to my mental health and situation - the old cliche about light at the end of the tunnel.

I do have a decent income each month (£1,500).

Thanks for reading and in anticipation of your assistance.

mustbedebtfree

Hi

I am in the process of applying for a trust deed.

I wondered if anyone thats had one can tell me if you are left a surplus income, or if every penny not going to rent etc will be sent to the TD?

Thanks for any help!!

MBDF

blacklily

Hi Mustbedebtfree,

They work out your expenses, this is generally your cost of living included (rent,Gas & Electric,Petrol,Food,Phone, car maintenance and tax, Tv Licence, Council Tax), then they also allow personal expenses (medical/Optical/Clothing), I think I had a £20 for personal stuff, after that all surplus goes into the TD. Speak to an IP provider, they will be able to break down the exact allowances for you. If you are in the process I thought the IP would have gone through this first with you?

Sososad

carolrhart wrote: »

Although I'm 30 months into my Trust Deed and it's taught me some valuable lessons (I'll avoid credit like the plague in future and I'm very careful with my money now), I'm not sure I'd do it again. I wasn't given any advice about Debt Management Plans, and headed straight into the Trust Deed. It didn't help that only 2 months into the TD my husband (now ex, and also in a TD) was made redundant. Payments were reduced temporarily until we got back on our feet, but by then we'd split up. We were forced to sell our house to release the equity, but luckily I was able to stay on as a tenant through the Communities Scotland scheme. As a result of the reduced payments the length of the TD has been extended but my ex hasn't made any payments for months (while I'm now making my full payments again) but with no news if he is to be sequestered. I think the firm we're with are a bit slip-shod. Frankly, I think my ex has got off lightly!
In short - with hindsight, I would have tried to negotiate a debt repayment plan first. Make sure you get good advice before you go for a Trust Deed - I didn't go to the right people first.

Absolutely, i totally agree with you, wont go into our story on our Trust Deed anyone can have a look at my previous posts, but to be honest it was the biggest mistake of our lives (that doesn't mean that it is a big mistake for others) sorry if that comes across as very negative its just the way i feel about Trust Deeds and the fact that we were given advise to apply for one, then i found this great site and found there were and are other options, so please people if you are considering a Trust Deed please look and find out as much information before entering into one.

Best of luck and take care.

johno388

Just like to say in a gentlemanly reserved way, ITS F******** FINISHED. Certificates of discharge arrived last week. We are officially debt free. What a weight it feels has been lifted from both my shoulders and my pay packet. It was very hard to do, lots of tears and gnashing of teeth on occasion but hopefully that's in the past now.

As much as it may seem strange but I can do nothing but thank and recommend KPMG.

sharalee99

I have 6 months of my Trust Deed left. I thought long and hard before entering into this, and I went through an accountant locally, who put me in touch with my Trustee. My trustee has been pretty good. I changed jobs with a drop of salary, and they took that into account for a while. I can honestly say I don't know what would have happened to me if I hadn't of taken this option. Never will I have another credit card, loan, store card or the like. IF YOU CAN'T AFFORD TO BUY IT, THEN DON'T BUY IT!! Lol. :rotfl:

sgx.saint

Hey Folks,

Would some of you kind folk mind taking a look at my thread posted here.

It's regarding Trust Deeds.

Thank You

jackie0705

Hi

Can you tell me if Child Tax Credit not working tax counts as income.

I understand child benefit does not count - can yo confirm

Thanks

Jackie

snagglepuss16

hi, i finished my trust deed in may last year and have not had any certificates of discharge, i dont think? we moved house but i had mail redirected til christmas eve. should i call my trustee?