Scottish Trust Deeds Help and Advice

brownie1_2

kev1980 wrote: »

I don't understand what your trying to say??

What do you mean by there investigating possible claims on previous loan etc???

In april 2008 a new law came in under the consumer credit act whereby an individual could attempt to claim refunds from a lender if they felt they had been missold, overcharged or been misled under secured loans, hp, credit cards etc - you will see adverts running in daily papers from companies willing to act on your behalf

My IP is using this loophole to try and get extra funds for my creditors and has decided of his own accord to look into an HP loan that I had (ended 2007) - not only me but all of his clients who had such loans - using a third party company called Cartel back in April 08

I only found this out when I enquired as to why my T/D had not been discharged (6/08). The HP was not part of T/D but IP is refusing to close the T/D until Cartel has confirmed that all was in order with my Interest free!! car loan.

My question is - has this happened to anyone else?? Can they do this?

kev1980_2

brownie1 wrote: »

In april 2008 a new law came in under the consumer credit act whereby an individual could attempt to claim refunds from a lender if they felt they had been missold, overcharged or been misled under secured loans, hp, credit cards etc - you will see adverts running in daily papers from companies willing to act on your behalf

My IP is using this loophole to try and get extra funds for my creditors and has decided of his own accord to look into an HP loan that I had (ended 2007) - not only me but all of his clients who had such loans - using a third party company called Cartel back in April 08

I only found this out when I enquired as to why my T/D had not been discharged (6/08). The HP was not part of T/D but IP is refusing to close the T/D until Cartel has confirmed that all was in order with my Interest free!! car loan.

My question is - has this happened to anyone else?? Can they do this?

Hi Brownie!!

I've never heard of anything like that???

Does the IP think you have been missold, over charged or misled??

I think you need to go back to the IP and find out EXACTLY what is going on?

Bobger

Hi coolcait yes ive spoken with a cccs adviser who also put me in contact with a trust deed adviser from kpmg i think i will have to give the cccs a call again as iam undecided what to do.

kev1980_2

Bobger wrote: »

Hi coolcait yes ive spoken with a cccs adviser who also put me in contact with a trust deed adviser from kpmg i think i will have to give the cccs a call again as iam undecided what to do.

Hi.

I have my Trust Deed with KPMG.

The Managers and Staff I have spoke to have been really great, very professional and went through all my options before signing the Trust Deed.

I would recommend them and so does CCCS which must be a good thing!

Good Luck!:money:

Mr_Softy_Top

Just heard my Trust Deed has become Protected. Its a massive weight off my mind and means after a good 5 years of worry and constant harrasment I can start living my life again.

:j

coolcait

Bobger wrote: »

Hi coolcait yes ive spoken with a cccs adviser who also put me in contact with a trust deed adviser from kpmg i think i will have to give the cccs a call again as iam undecided what to do.

Hiya again Bobger

I can only go on the little bit that you've told us, but I'm very uneasy about the fact that you'd be putting half of your monthly income towards a Trust Deed (or anything else). Your income is obviously relatively high, but do you feel that half of it is 'surplus'? Maybe it would be worth your while to post an SOA (your incomings and outgoings) on MSE, so that people have a look at it, and see if they agree that you've got £1020 per month surplus?

I'm not a great fan of Trust Deeds anyway (ask kev ), and I think that they're badly mis-sold. However, they can work for some people. But I really can't see why it's the right move for someone like you who could pay off the whole of your debt in just under four years if you were throwing £1020 a month at it .

Why declare yourself insolvent (and that's what you're doing when you sign a Trust Deed), and put yourself at risk of bankruptcy (if your Trust Deed doesn't become protected then you, or a creditor, or the trustee in the trust deed can aply for your bankruptcy - because you've declared yourself insolvent by signing the Trust Deed)? IMO, given the amount of money you could pay into the Trust deed, there's a very good chance that your trustee would petition for your bankruptcy, and get his/her fees that way.

If you sign a trust deed, and pay nearly £37,000 into it over 3 years, a generous chunk of that £37,000 will go to your trustee, and not to your creditors. If you have property, your trustee will also be looking for you to pay over the equivalent of the equity you have in the property. Again, a fair chunk of that money will go to the trustee. Did you realise that's how trust deeds work, or did CCCs not go into it in that much detail?

It might be possible for you to pay off your debt 'normally' given the right advice on how to manage it all. You also have the option of a Debt Management Plan, or - since you're in Scotland - the Debt Arrangment Scheme. DAS will protect you from creditors just as much as a Trust deed will, but with the advantage that it's not insolvency.

Your 'profile' says that you're in Wishaw. North Lanarkshire has quite a few money advisers who are approved to do DAS. They can also give you general money advice. Please give one of them a call to see if you can get an appointment, or some advice over the phone:

http://www.moneyscotland.gov.uk/das/das_adviser_search_results.jsp?pAddressTown=&pPostCode=&pOrganisation=&pForename=&pSearchResultsPageSize=200&pAddress1=&pSearchResultsPageID=1&pSearchResultsLimit=200&pAddressCounty=North%20Lanarkshire&p_applic=CCC&pSurname=&p_service=das.adviserSearch&

I have a high regard for CCCS and other non fee charging debt advice organisations. However, when it comes to the intricacies of the Scottish system - especially something as little known as DAS - I think there's real value in speaking to an adviser on the ground in Scotland.

I know that you've only given us a couple of lines about your situaton, and there might be other complicating factors which have made CCCS think that a trust deed is the best thing for you.

All in all, I don't think there'd be any harm in you getting a second opinion on this.

Good luck!

coolcait

Mr_Softy_Top wrote: »

Just heard my Trust Deed has become Protected. Its a massive weight off my mind and means after a good 5 years of worry and constant harrasment I can start living my life again.

:j

Congratulations Mr _Softy_Top (great name, btw!)

I hope it all goes well for you :T

coolcait

This post has been deleted, please read the Cartel Client Review thread for an explanation.

kev1980_2

Hi everyone,

Still here, works a bit of a nightmare just now so don't get much time off.

I was reading some of the messages and noticed the one from bobger re the trust deed... I have to agree with Coolcait that is one heck of an amount of money to pay towards a trust deed and I do agree with Coolcait that the DAS scheme may be a better option for you.

kev1980_2

Hey Everyone

Just heard that my Scottish Trust Deed has received protected status!!

:money: