Real Mess

N38EES

Hi i dont want sympathy its just a situation i find myself in and i am still a bit niave and am unsure of the best options to take.

Basically i find myself owing money to 3 creditors, RBS, Barclaycard and First Direct.

These have now been passed onto debt collectors and this has been going on for 1 year and 2 months. I didnt have a job so had no way to pay this back so took advice from the citizens advice who told me to walk away and let myself go into sequestration.

Now i have a good job and am earning a nice sum of money, i dont want my job put in jeapordy so i am keen to try and make some repayments.

So i got in touch with a company called Wilson Andrews who have set up a trust deed for myself, i have the papers in front of me and i have until Friday to make a decision whether to sign them or not.

The other alternative i have is to get in touch with all my creditors and work out a payment plan with them, it would take over 10 years to pay off but with the trust deed it would only be 3 and thats it.

I am keen however to move out of my parents accomodation and get myself my own flat and i feel with a trust deed i wouldnt have enough money for this and during the 10 years paying off these debts i would have enough money going spare to actually have a life sort of thing.

I am very indecisive and would love to speak to someone who knows about these things and can offer me advice.

Thanks for your time.

churchrat

bumpity bump

Alisonbel

Just had a look at their website, I assuming a trust deed is similar to an IVA, wilson andrews will charge you a fee, don't do it!! Ring one of the FREE charities for advice.They do not charge and all monies paid go towards debt.

N38EES

I have until tommorow to decide and i am thinking of cancelling the trust deed.

I have already paid them £372 for setting this up, i presume i should get this back from them?

GeorgeUK

Can you give us some details of how much the debts are and what type?

There is another site that deals with Scottish debts - nowhere near as many people on it, but you may get an answer quicker there.
http://www.debtquestions.co.uk/debt_forum/viewforum.php?f=16

N38EES

They are all unsecured personal loans,

£20k to RBS but i phoned them and they told me they sold the debt to capquest, so i phoned them up and they tell me they passed it back to RBS on August last year.

£1200 to first direct, but allied international are dealing with this and i am paying them back £50 per month.

£2600 to clydesdale. I phoned them up and they tell me they sold it to Cabot Financial so i phoned them and they say they have no record of me. Capquest are chasing me for same debt but i told them they dont own it and ive heard nothing from them since.

MissEyre

I don't know whether you would get back the money you have already paid to the company, but please take a look at CCCS or Payplan, who can offer the same service for free, and will advise you on what is best for you, not what will make them the most money out of you.

Have you seen your credit record recently? You can get a copy very easily, and it should list all of your creditors, so you can start working out exactly who is owed what-again, Payplan or CCCS would be able to help you with this.

All the best x

N38EES

Miss Eyre - i am very niave and i really havent a clue about certain things, if companys offer me solutions i just tend to jump straight in and go for it hence why im in this position.

I would love to see my credit report.

So you advise that when Wilson Andrews phones tommorow i should tell them no, and ask for my money back. Then whats my next step?

Buffythedebtslayer

Phone the Citizen's Advice Bureau and get an appointment.

hang on I will find you some links for the free debt charities

xx

Buffythedebtslayer

http://www.moneysavingexpert.com/loans/debt-help-plan#help

just let me check to see if thats the right link!

Yes it is, ring the national debt line or the consumer credit counselling service first most people seem to recommand the CCCS the most. they can help you and give info on credit report and who can claim what against and when.

Do post here and ask about anything you don't understand. I simply cannot believe how much people go out of their way to help. its brilliant.

so post again soon

xx

N38EES

Ok - i have set up an account with equifax and have to phone them after 9pm to finalise my credit report.

So then i should have exact details of what i owe and to who then i can get in contact with payplan and see what they advise.

As for Wilson Andrews i will tell them i dont want the trust deed anymore and ask for my money back.

I will report back with any further developments as and when.

Thanks for all the comments