Scottish Trust Deed

VEE_2

Hello,

I'm not sure if I am posting in the correct place, apologies if I have gotten it wrong.

I am currently considering applying for a Scottish Trust Deed. I have been holding creditors at bay with token payments for some time now whilst also asking them to make me bankrupt which in Scotland you have to wait for them to do. As I have no assets and am fairly young the creditors have advised that they will just sit and wait however I am finding the situation extremely difficult to cope with and am on medication and counselling because of the stress. I wondered about the long term implications of a Trust Deed? Will I be able to rent a flat and will I always have to declare the situation on financial forms for the rest of my life. I am just so ashamed of myself and worry that I will make another wrong decision.

A while back I was taken to court for unsecured debt related to a mortgage. They won't accept a settlement figure etc in fact the major reason for trying to get a Trust Deed is that they keep adding huge amounts of interest and charges to the balance, taking it from 11k approx a year and a half ago to now 16.5k. I have asked them to consider freezing it etc. I wondered if there were any banking codes or anything that might help me to get them to consider stop adding more charges? All my other creditors have frozen interest but this one won't and also add charges for things like debt counselling which I have never had from them and get free from the CAB.

Really hope someone can help. Thanks ever so much.

fermi

Not many people on this board seem to post from Scotland, but a search of past posts might help if no-one else replies.

There is also a forum with a section on "Debt in Scotland" where Trust Deeds are regularly discussed here:

http://www.debtquestions.co.uk/debt_forum/

VEE_2

Thanks very much.

matam2k

VEE wrote: »

Hello,

I'm not sure if I am posting in the correct place, apologies if I have gotten it wrong.

I am currently considering applying for a Scottish Trust Deed. I have been holding creditors at bay with token payments for some time now whilst also asking them to make me bankrupt which in Scotland you have to wait for them to do. As I have no assets and am fairly young the creditors have advised that they will just sit and wait however I am finding the situation extremely difficult to cope with and am on medication and counselling because of the stress. I wondered about the long term implications of a Trust Deed? Will I be able to rent a flat and will I always have to declare the situation on financial forms for the rest of my life. I am just so ashamed of myself and worry that I will make another wrong decision.

A while back I was taken to court for unsecured debt related to a mortgage. They won't accept a settlement figure etc in fact the major reason for trying to get a Trust Deed is that they keep adding huge amounts of interest and charges to the balance, taking it from 11k approx a year and a half ago to now 16.5k. I have asked them to consider freezing it etc. I wondered if there were any banking codes or anything that might help me to get them to consider stop adding more charges? All my other creditors have frozen interest but this one won't and also add charges for things like debt counselling which I have never had from them and get free from the CAB.

Really hope someone can help. Thanks ever so much.

I entered a trust deed in december 2003 finsihed january this year, was best thing i ever done, after 5 weeks was protected so no creditors could take any further action, any letters i did get from them just sent to trustee and they deal with them, the firm i used were http://www.carringtondean.co.uk/
i paid £250 a month for the three years was able to keep my car and keep up the payments on that.once a year had to fill in an update of my financial situation to see if had more spare money etc, but you can always add on extra expenses etc. The trust deed was not even entered on my credit report, just a couple of defaults, so you need never mention in future you were in a trust deed.
If you need any more info please pm me.