Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • nicnak66
    • By nicnak66 21st Oct 19, 7:41 PM
    • 47Posts
    • 20Thanks
    nicnak66
    Trust deed scotland
    • #1
    • 21st Oct 19, 7:41 PM
    Trust deed scotland 21st Oct 19 at 7:41 PM
    Looking for some advice please.

    I have had a trust deed (im in Glasgow) for 2 years and have 2 1/2 years to go. Firstly i have got my 2nd yr annual review through and theres so much paperwork they want. My circumstances have not changed apart from a small yearly wage rise. Ive got full income and expenditure sheets to fill in, 3 wage slips, a p60 and bank statements etc. I obv dont cope well with paperwork hence being in this situation in the first place.

    Ive also had my annual statement and it shows every penny i have paid has went on fees for the last 2 years - every single penny!!

    Im fuming as i feel totally used and im feeding their greed from vunerable people.

    Can i end this trust deed? Or is there anything else i can do. Beginning to wish i had went to the citizens advice.

    Any advice would be much appreciated.

    Thank you
Page 1
    • Willing2Learn
    • By Willing2Learn 21st Oct 19, 8:17 PM
    • 4,647 Posts
    • 4,196 Thanks
    Willing2Learn
    • #2
    • 21st Oct 19, 8:17 PM
    • #2
    • 21st Oct 19, 8:17 PM
    Try ringing National Debtline for advice, first thing in the morning, to help you to determine and investigate all relative options
    0808 808 4000
    Just make sure you let them know you are resident in Scotland when you get through...

    You might be waiting a while for advice from someone who knows the system in Scotland...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 21st Oct 19, 8:53 PM
    • 18,637 Posts
    • 17,553 Thanks
    sourcrates
    • #3
    • 21st Oct 19, 8:53 PM
    • #3
    • 21st Oct 19, 8:53 PM
    Hi,
    Ok, some facts for you, a trust deed is the Scottish equivalent of an individual voluntary arrangement in the rest of the UK.
    It sounds to me like this has not been explained to you very well, you have agreed a monthly payment with your creditors, which they have approved, you also get a yearly review, to see if your circumstances have changed, it sounds like you are at that point right now, just provide what you can, if you cannot provide any of what they ask for, just say so.

    You make (normally) 60 payments over 5 years, every arrangement has fee’s associated with it, these are deducted from your monthly payment, it makes no difference to you who takes what or when, you just make your 60 payments, the fee’s for running the trust deed are deducted on an ad hoc basis, at the end of the arrangement, you are released from your obligations.

    Money is taken from your pot in the following order :

    (1) any fee’s for running the trust deed.
    (2) VAT, bank charges, interest and any other fee’s .
    (3) any remaining balance is distributed between your creditors.

    Your remaining debt is written off, so it makes no difference to you how your payment is distributed, or when.

    Does that make more sense to you ?
    Last edited by sourcrates; 21-10-2019 at 9:03 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Tigsteroonie
    • By Tigsteroonie 21st Oct 19, 9:01 PM
    • 23,420 Posts
    • 58,649 Thanks
    Tigsteroonie
    • #4
    • 21st Oct 19, 9:01 PM
    • #4
    • 21st Oct 19, 9:01 PM
    To add to Sourcrates detailed post, I would add that I wouldn't worry at this stage that most of the money is going in fees. If your creditors accepted the idea of a Trust Deed, then they'll get a payout at the end in line with the amount of money amassed in your Trust Deed.
    Mrs Marleyboy

    MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote

    Proud Parents to an Au-some son
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

244Posts Today

3,560Users online

Martin's Twitter