DMP - Trust Deed End?

Newtonlaw

I got involved with a DMP with Spectrum over 4 years ago (Nearly 5) during my divorce, I believe it is an IVA (Trust deed), My knowledge of these is that after this 5 year period my debt is scrapped, Is this right?
I have since read they are a bit dodgy (Been on watchdog) and of course If I knew then what I know now I would have went with CCCS or something as Spectrum have had a lot of my money throughout the years…Nevertheless….
They have asked for a review of my finances and I am in a better position financially (Well I have an extra £200 a month so don't mind paying extra just for the short term to bin the debts forever), Obviously with my 5 year period coming up I don't want to walk away (do I?)


After looking at my debts on my credit reports they defaulted around summer '06 while I signed up for spectrum early '06 does the trust deed take this into account eg is the 5 year period from the date of default or is it the date I would have signed up to the DMP?
And finally Do I have to pay anything at the end of this trust deed or are these debts away forveer and I have to wait the additional year or so for them to vanish from my credit report eg 6 years default

Again I should note im in scotland Thaks in advance

NorthernLas

You are either in a DMP or a Trust Deed and the two are different. The factsheet below says that trust deeds are normally discharged after 3 years. You need to work out what you signed up to.

Info on trust deeds http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=21_trust_deeds
Info on DMPs http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=20_debt_management_plans

NorthernLas

I have found out more about Spectrum. Here is information from the CAG forum (beginning is from 2006 but there are more recent posts)
http://www.consumeractiongroup.co.uk/forum/showthread.php?42962

You may have been misled into thinking you were entering a Trust Deed when actually you were entering a DMP. You need info from Spectrum as to what it actually is and how much you owe your creditors. If it is NOT a Trust deed I would have thought you would be much better off dealing with CCCS, NDL or Payplan and not paying any management fees.

Newtonlaw

Thank you, Im going to dif out the paperwork tonight from Spectrum in the hope it lets me know whats going on, I would have jumped on CCCS if I had known 5 years ago...My own ignorance and looked for an easy way out. Once Im certain what it is I am in I can have a look for an answer. I guess if it is a DMP I can ask CCCS to help until my divorce is finalised and the debts are cleared off, I was considering just managing it myself as its just my house sale thats holding everything up now.