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How likely is it that a Trust Deed will be opposed?
EvanA
Posts: 18 Forumite
After getting lots of advice, and looking at my personal situation I pursued the path of setting up a Trust Deed.
All the paperwork has now been completed and I am now waiting five weeks to see if any of my creditors will challenge the Deed.
Does anyone know how likely or unlikely it is that my creditors will do this?
I have spoken to my Trustee, and they say the banks would rather get something though a Trust Deed that nothing at all. Is this the case?
Replies will be greatly appreciated.
Evan
All the paperwork has now been completed and I am now waiting five weeks to see if any of my creditors will challenge the Deed.
Does anyone know how likely or unlikely it is that my creditors will do this?
I have spoken to my Trustee, and they say the banks would rather get something though a Trust Deed that nothing at all. Is this the case?
Replies will be greatly appreciated.
Evan
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Comments
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Bump as i have no idea, is a trust deed a Scottish arrangement?Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
DarkConvict wrote: »Bump as i have no idea, is a trust deed a Scottish arrangement?
Its the Scottish version of our IVA mate
2010 - year of the troll
Niddy - Over & Out :wave:
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Hi Evan
I finished my Protected Trust Deed in February this year.
I had several debts, loans, credit cards and an overdraft, but they were really only with 2 companies, both banks. The 5 week wait is the hardest part of the whole proccess. The whole will my creditors accept the Trust Deed was just awful. However when I received the letter to say it had become protected, it was as if a weight had been lifted off my shoulders. I am not saying it has been easy because it has not. It has taught me to be more sensible with money.
There is also a Trust Deed support thread here that might help you along the way as well.
Good Luck
P
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