Trust Deed failed to become protected?

Sososad

Hi there

Hope someone can answer this question, if a trust deed fails to become protected can the debtor go back into a debt management plan and the IP resigns?

The reason i ask is this happened to me at the beginning of the year and im panicking thinking i have done something wrong.

The IP did send me a letter stating that he has resigned and sent my shares polices etc back saying that all debts were now re-vested in my name.

Does this mean i am in a trust deed or not, no payments are being made and have not been since February of this year.

Thanks

coolcait

Sososad wrote: »

Hi there

Hope someone can answer this question, if a trust deed fails to become protected can the debtor go back into a debt management plan and the IP resigns?

The reason i ask is this happened to me at the beginning of the year and im panicking thinking i have done something wrong.

The IP did send me a letter stating that he has resigned and sent my shares polices etc back saying that all debts were now re-vested in my name.

Does this mean i am in a trust deed or not, no payments are being made and have not been since February of this year.

Thanks

Hiya

It certainly sounds as if your Trustee has released you from your Trust Deed - the bit about your debts re-vesting in your name is the important bit I think.

If you're really worried, you could try calling the Accountant in Bankrutpcy to get their view.

You say you're on a DMP now. Can I ask if you've considered DAS? If you get onto DAS, it works like a DMP, but with legal protection from your creditors.

HTH

Sososad

coolcait wrote: »

Hiya

It certainly sounds as if your Trustee has released you from your Trust Deed - the bit about your debts re-vesting in your name is the important bit I think.

If you're really worried, you could try calling the Accountant in Bankrutpcy to get their view.

You say you're on a DMP now. Can I ask if you've considered DAS? If you get onto DAS, it works like a DMP, but with legal protection from your creditors.

HTH

Hi thank you for replying, I am in contact with the CAB at the moment who are trying to get me on to the DAS Scheme but are unsure because of the signing of the Trust Deed last year. I went to see them on Monday and they said it is going to be difficult but are looking into it. If i had known about the DAS scheme before entering into a trust deed would have made life a bit easier and less stressful thats for sure.

Sososad

Quick update everyone, still waiting on CAB coming back to me to confirm whether i can go into a DAS Scheme so fingers crossed.

Be back soon.

Sososad

Another quick update everyone, what a relief, CAB have confirmed that we are eligible to go into DAS Scheme, which means we will be paying our debt back for 9 years or less if we get extra pennies. I am so so happy that i looked into this option rather than bankruptcy as i really want to be paying back the money i borrowed.

Will keep all updated, just need to wait and see if we get accepted into the DAS now which takes at least 21 days i believe.

Here we go again!! lol

X
:T

Charco_2

That's great, Sosoformerlysad... fingers and toes crossed!

Sososad

Thanks Charco and thanks for all your advice, now the worrying starts again for another 3-4 weeks here we go!!

All fingers and toes crossed.

Be back soon xxxxxxxxxxx