Scottish Trust Deeds Help and Advice

richiescotland

i have 2 personal guarantees from a limited company that is going down. will my business partner be liable for the total or his half if i am on a trust deed by then?
I dont want to leave him with the whole burden or are they takeb into account on my trust deed?

Joany

Hi, we had a trust deed that finished in april 2008, the last payment came out our account then, we cancelled the standing order just in case, we have never recieved any confirmatiom that we are discharged or that all the creditors were paid their monies, we have called the isp office 3 times now and they say they dont need to give us anything in writing unless requested, we have asked them for some form of letter each time we phoned, as we want to try sort out our credit files although they keep saying they will send a letter out nothing has arrived as yet! we fufilled all our obligations surely they should do their bit?

coolcait

Joany wrote: »

Hi, we had a trust deed that finished in april 2008, the last payment came out our account then, we cancelled the standing order just in case, we have never recieved any confirmatiom that we are discharged or that all the creditors were paid their monies, we have called the isp office 3 times now and they say they dont need to give us anything in writing unless requested, we have asked them for some form of letter each time we phoned, as we want to try sort out our credit files although they keep saying they will send a letter out nothing has arrived as yet! we fufilled all our obligations surely they should do their bit?

Hiya Joany

I don't want to worry you, but are you absolutely sure that your Trust Deed has finished? There's no automatic discharge after three years (though the majority do end after that time).

I would recommend that you make your request to your IP in writing rather than on the phone. You could also ask them for a copy of the letter they received from the Accountant in Bankruptcy, acknowledging that the Trustee's discharge has been recorded on the Register of Insolvencies (assuming that the Trustee has had that done :rolleyes: ).

You would also be entitled to ask for a copy of the Trustee's accounts, showing how much was paid to your creditors.

Of course, if the Trustee him/herself hasn't yet been discharged, none of the above will be forthcoming, so you might want to start your letter witht a simple request for confirmation that:

- the Trustee has been discharged by the creditors;
- you have been discharged from your responsibility for the debts included in the Trust Deed.

Good luck!

Joany

coolcait wrote: »

Hiya Joany

I don't want to worry you, but are you absolutely sure that your Trust Deed has finished? There's no automatic discharge after three years (though the majority do end after that time).

I would recommend that you make your request to your IP in writing rather than on the phone. You could also ask them for a copy of the letter they received from the Accountant in Bankruptcy, acknowledging that the Trustee's discharge has been recorded on the Register of Insolvencies (assuming that the Trustee has had that done :rolleyes: ).

You would also be entitled to ask for a copy of the Trustee's accounts, showing how much was paid to your creditors.

Of course, if the Trustee him/herself hasn't yet been discharged, none of the above will be forthcoming, so you might want to start your letter witht a simple request for confirmation that:

- the Trustee has been discharged by the creditors;
- you have been discharged from your responsibility for the debts included in the Trust Deed.

Good luck!

Hi Coolcait,

Thanks for the info, I will try send them a letter as you suggest as I'm getting rather :mad: to say the least!
In my last phone call I told them we need closure to this so we can move on.

we did everything as required on our part all our obligations were faithfully met, just dont understand why it takes so long for a discharge to come through.. the company told me all our creditors were paid on the 11 Nov 08 that was 7 months after the last payment came out of our account...and they said it was case was closed on the 16 Dec .will let you know if we recieve response from our letter..thanks again:o

cos_2

It's been fascinating to read all the above posts that remind me of my Trust in 1998. It's more an aside than a contribution to the thread, but I looked up the Edinburgh Gazette website, put in my name, and sat and read the very publication that was printed over 10 years ago proclaiming my former wife's and my trust deed. Amazing. :eek:

It really took me back to a difficult time, which was greatly eased when our local trading standards money advice people put us in touch with the IP. I remember him coming to the house and going over all our debts, and, before leaving, calling up one debt collection agency who had been phoning seven times a day and asking that they call him instead. It worked. They never called me again.

During the trusteeship we had no credit cards or loans, just a wad of cash to pay to the trustee, but it was much more manageable than the chaos we'd got ourselves into.

I can't advise on using this avenue; I can only report it worked for me.

Joany

can't believe it we got a letter this morning at long last!:j the letter just says that we fufilled all obligations and paid 36 payments as required by the deed,and that all our creditors have been paid therefore the case was closed on the 16th Dec,Still not sure if that means we are discharged though

tiggerbabe16

Hi Joany,

I signed my TD on 7th Jan '05, and started paying in Feb '05 so technically 36 payments would have taken me to Jan '08.

However, during my TD I had to change jobs from full time to part time so my IP allowed me a payment break to get myself on my feet as I had never been part time before. So my final payment wasn't until May '08.

I received my final discharge letter in Oct '08 (which should provide you with a copy of your Form 11 and advises you that your IP has been legally discharged from being your trustee). Only once you have received that can you officially class yourself as fully discharged. If you have any problems in future you will need to provide copies of this to prove you have fully paid your TD off.

Hope this helps x

Joany

tiggerbabe16 wrote: »

Hi Joany,

I signed my TD on 7th Jan '05, and started paying in Feb '05 so technically 36 payments would have taken me to Jan '08.

However, during my TD I had to change jobs from full time to part time so my IP allowed me a payment break to get myself on my feet as I had never been part time before. So my final payment wasn't until May '08.

I received my final discharge letter in Oct '08 (which should provide you with a copy of your Form 11 and advises you that your IP has been legally discharged from being your trustee). Only once you have received that can you officially class yourself as fully discharged. If you have any problems in future you will need to provide copies of this to prove you have fully paid your TD off.

Hope this helps x

Hiya Tigger,

It does help thank you.. and although we have a letter from the Ip office saying they are satisfied and we fufilled all our obligations, we will be over the moon when we get our confirmation were legally discharged .

thanks again x

[Deleted User]

I have been reading this thread with great interest. I am due to make my final payment to my Trust Deed on 1st February, its been really helpful reading all the posts from others who have already or are in the process of being discharged by their IP.
I would like to ask one question to those who have been through discharge - How long after you finished paying your TD were you able to start saving again? The reason I ask is I would really love to start saving for a house as soon as possible once I finish paying my TD.
Thanks again to everyone for the valuable reading of others experiences.

richiescotland

Need advice on next step and what happens next, I feel so stupid here
Here is my SoA
[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1200
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2400

Monthly Expense Details
Mortgage................................ 730
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 15
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 150
Other insurance......................... 70
Presents (birthday, christmas etc)...... 50
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1820


Assets
Cash.................................... 0
House value (Gross)..................... 168000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 168000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(730)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capitaln one...................5097......140.......0
virgin.........................14660.....25........0
egg............................3300......63........0
egg............................1000......9.........0
halifax........................8000......110.......0
M&S............................2850......70........0
lloyds.........................4300......90........0
lloyds.........................4000......82........0
Mint...........................6300......283.......0
Rbs............................7700......176.......0
BoS............................1170......27........0
barclaycard....................3200......110.......0
Total unsecured debts..........61577.....1185......-


Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including HP & secured debts). 1,820
Available for debt repayments........... 580
Monthly UNsecured debt repayments....... 1,185
Amount short for making debt repayments. -605

Personal Balance Sheet Summary
Total assets (things you own)........... 168,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -61,577
Net Assets.............................. 106,423

Crazy borrowing I know but what will CCCS say and what will they think best a PTD or BR