Trust Deed Yay or Nay

laguna_1

Hi All,

I started a dmp in October 2008 after fessing up to 38k worth of debt i could no longer afford to pay back. It was Janury 2008 when i lost my job i realised i couldn't afford to pay my money.

Anyway i paid the dmp until November 09 ( total paid 3600ish). however i have lost my job again. I cancelled my dmp and now i have found a job again. Problem is it's still going to take me 13yrs plus to pay back all my debt and now im starting to get more and more hassle from creditors.

I cca'd them all and a few came back and a few didn't However i really dont have any money for a Full and Final settlement offer and can only afford 250-300 a month tops as my new job is lower paid.

i am thinking of a trust deed, as it will have an end date in site, and means i can be debt free in 3 years. My credit rating is full of defaults already so i think a trust deed may be the way to go.

These are my debts:-

Mbna CC 1 5k
Mbna CC 2 4.5k
Egg Loan 5k
Egg CC 5.5k
Mint CC 4k
A&L Loan 5k
Lloyds O/d 2k
B.o.s o/d 2k
Lloyds cc 1k
Barclays CC 2k

However as i work in finance ironically, bankruptcy would scupper me. however a trust deed wouldn.t

I really need to make sure that my trust deed becomes protected.

I am thinking CCAing them with some not having responded may put me in a better place.

Also in total im around 36k in the red. Roughly how much do i need to pay back monthly in a trust deed for a good chance to get it protected.

300a month is the max i could afford...is this realistic??

GeorgeUK

I'm afraid i can't advise about Trust Deeds, but you should definately CCS the creditors (not for overdrafts though).

With a basic CCA request (section 77/78) you will probably not receive a copy of the original agreement. They are only required to provide you with a reproduction which does not require your signature. To see the original you can send a subject access request (SAR - cost £10) which under the Data Protection Act allows you to a copy of all data they hold on you. This will include documentation and also charges which you may be able to reclaim. Also look to see if there was Payment Protection Insurance (PPI) incase this has been missold.

Even if you have a copy of the original agreement and it appears to be enforcable, if they don't have a copy then they would not be able to provide it to a judge and therefore could not enforce the debt.

smilely

laguna_1 wrote: »

However as i work in finance ironically, bankruptcy would scupper me. however a trust deed wouldn.t

Hi,

I would check this. I work in a bank and bankruptcy, an IVA or Trust deed would basically mean i would loose my job.

I'm not an expert on Trust deeds, i have just setup a DPP under the Debt Arrangement Scheme. I do know that if you do arrange a trust deed and it doesn't get protected you run the risk of becoming bankrupt.

I would suggest speaking to CCCS, CAB or your local welfare rights office for some advice a trust deed is a big thing to agree to.

Good luck

beanielou

Yout trust deed (if you went ahead)becomes protected AFAIK unless a majority in numbers or l a third of value of the creditors object.
Look on www.moneyscotland.gov.uk for more information.