Scottish Trust Deed/IVA - Protected, now what?

G_from_Scotland

Hi - a few quick questions about a scottish trust deed that i've just had protected.

-I know that if i had pensions or savings when taking this out (which I didn't) that they would be liquidated and put into the td. what however happens if i now decide to open a savings account, or make a small contribution to a stakeholder pension. am i at risk of having this taken off me either throughout the td or at the end?

also, the defaults that are posted are they all made at the start or the end. i dont want to have fresh defaults after 3 years.

finally - how difficult is it to get a new mobile phone contract?

thanks
g

Charco_2

Probably best to stuff it in the mattress. Technically what you do with your own money after you've agreed repayments and maintained them is up to you BUT the contributions in the TD are supposed to be a representation of what you can afford to pay every month no more and no less, you shouldn't have enough to save after your living expenses are taken care of... this doesn't mean you can't earn a little bit more to save by yourself or tighten your belt I would just be careful about creating a paper trail to show that you now have extra money... It COULD be taken from you! Your IP could look at your bank accounts but he wont rustle through the cookie jar in your kitchen or under the matress.

As far as I know, the defaults should all happen in the first few months as it is six years FROM THE START OF YOUR TD until your credit record is clean again - don't expect the creditors to clean it up for you though, when the time comes you may have to do some ringing around to make sure it happens!

Mobile phone contract shouldn't be too much bother. It's just a bill like any other (gas, rent, electricity etc)