Trust Deed help

RangersFan

Hi, i've newly rergistered after reading for a good while.

I've signed into a trust deed with a company but have been told by one company they will probably be rejecting it which will be borderline for it becoming protected or not.

Has anyone had there trust deed rejected and what happened next?

fermi

Hi.

I'm sure some people on DFW will be able to help.

Another good place to ask is here: http://www.debtquestions.co.uk/debt_forum/

where there is separate forum on debt in Scotland. There are lots of questions and answers on 'Trust Deeds' posted there that may already contain helpful answers.

See: http://www.debtquestions.co.uk/debt_forum/viewforum.php?f=16

The Bankruptcy board here on MSE also has a few posters from Scotland, although not as many as elsewhere.

sarah0404

Hi, I'm just in the process of setting one up too I asked what would happen if it was rejected and they said 1) your creditors could take you to court and ask for you to be made bankrupt. They said this was unlikely because they won't get much money out of you. At least with the trust deed they were going to get some of their money back. Or 2) they could take you to court and get some sort of an order compelling you to pay. I would think this would be something like a debt management plan? I would assume a judge would set payments based on how much income you had available. My advisor said it would take me 10 years to pay off my debts if this happened :eek:

As long as a certain percentage of the companies you owe money to accept the deal then I think it goes ahead anyway. I feel really worried about mine, since virtually all my debt is with RBS.