Trust Deed Protected - now the onslaught begins..

Sixfoot8

As some of you may possibly remember, a little while back I applied for a Trust Deed. I live in Scotland, (although I'm from England), and up here in sunny Scotland the trust deed is much like an IVA, although in my opinion it's slightly better.

Anyway, the Trust Deed became protected a few weeks ago much to my surprise. I owed in excess of £83,000 as my business and income had gone up in smoke. The Trust Deed runs for 5 weeks, in which time if the banks disagree with it, you have to go bankrupt. However my Deed became protected, for whatever reason they agreed with it. Knowing my bank, they probably didn't reply in time!

The point is, I am being hassled with phone calls/cold calls and threats via the post on a daily basis now. It's almost unbearable. Fortunately I am not that gullible, so I take what they say with a pinch of salt but it does grate after a while and it does make you think just how crafty these banks are when it comes to getting their money back! I've had 6 calls from the HSBC today alone. I ended up frustrated so I took one of the calls and politely, but firmly gave them what for.

Does anyone know how long I can expect this type of hassle? I know the bank has had the official letter from the company dealing with the TD - this was received back in October, and now that my TD is protected by British law they can't do a thing about it, but that isn't the point. They are still making my life a misery. :mad:

fermi

The TD company would be able to advice I would have thought. They must see this all the time.

Plus NDL normally offer good advice as well.

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=10_harassment

Homework

Your Trust Deed notice will have been published in the Edinburgh Gazette to allow the creditors time to see it and object. Either no one objected or the creditors with the majority of the debt did not object. Either way the banks and other financial institutions keep an eye on these entries and will already know that you have a Trust Deed without getting the official letter.

You are now protected against sequestration unless you breach your trust deed and they cannot do anything about it.

Contact the company you did the trust deed with and ask them for information and if they can help you. More information on trust deeds is on www.aib.gov.uk

The company who you did the trust deed with take a fee from what you are paying, make them earn it. Do not enter into conversation with creditors, if they phone say I have a Protected Trust Deed, please contact and give the name of the company dealing with it - they will tell them how they plan to run the Trust Deed. All you do now is pay the amount, they deal with paying your creditors.

fermi

I keep meaning to read up on the Scottish system some more, but it's bad enough getting to grips with things south of the border.:o

I hope they quickly get the message Sixfoot8 and leave you in peace.

Black_Eyeliner

I got hassled for about a month after I applied for the Trust Deed (although mine was objected to, so I have been sequestrated). The only person who I still get hassle from is M&S.

Just ignore the calls, or tell them to contact your Trustee.

Homework

fermi wrote: »

I keep meaning to read up on the Scottish system some more, but it's bad enough getting to grips with things south of the border.:o

I hope they quickly get the message Sixfoot8 and leave you in peace.

It all changes next year anyway, sequestration is moving to 1 year like England but other changes are still going through Scottish Parliament.

fermi

Homework wrote: »

It all changes next year anyway, sequestration is moving to 1 year like England but other changes are still going through Scottish Parliament.

I did read something about that when I started to investigate, so that instantly put me off again. I'll get round to it eventually.

Sixfoot8

Thanks for all your replies! I know it is down to my TD company to take care of the hassle for me, that's the whole point, but I am still in the direct firing line. I just hope that in 5 months time these companies get the idea.

Just some advice to people north of the border who are considering this option - it's not as bad as you think!

moyra

bear with it 6foot , you might get letterS and phone calls for a while, stick all your letters in A BIG ENVELOPE and send them 2 whoever is dealing with your td. We had letters for a while, even had some nice gentleman phoning all my neighbours 2 pass his fone number on :mad: , we have 2day after 156weeks officially become debt free, wish u all the best :-)