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Trust Deed - worth it?
Mar 9th, 2008, 7:48pm
I'm in eyeballs of debt. Who isn't on here. I don't own the home we live in (just married a few months ago). I have all unsecured debt - a loan and visas all up totaling 26500, just spiralled after graduating and snowballed from there. My husband and I have seperate finances always have, so worried he will get caught up in my debt. In a nutshell I earn net 1250, my monthly outgoings just on rent, council tax, utility bills and debt repayments are 1130. That is not including petrol or food. What should I do> Just scared over going into a trust deed.
plumduff
Administrator
Re: Trust Deed - worth it?
Reply #1 - Mar 9th, 2008, 11:55pm
We have quite a few Scottish members who may be able to advise on your options.. Can you say why you are so scared of the TD option though..? What is it about a TD that you are worried about..? As you dont own property..
Im sure someone will be along in the morning, especialy wait for bing... He did a TD so would be able to talk to you about ay fears you have..
In the menatime try not to worry.. x
bing
Administrator
Re: Trust Deed - worth it?
Reply #2 - Mar 10th, 2008, 7:33am
My guess is Sequestration is your best bet. Scottish equivalent to bankruptcy. Your debt's are high enough to make a TD unlikely considering your income.
The laws in Scotland are going to change shortly so you may well find that most debt advisors will suggest you wait a couple of months.
Get in touch with your local Money Advisor. Every council in Scotland has them and they give free and confidential advice. Just click the link below and find your local Advisors number from the drop down list. It'll just be a private one-to-one with someone who knows their stuff.
Either way, a TD or Sequestration are just complicated words for a simple process. ie: Sign here = Debt Free. If no property ownership is involved then things are even more straight forward.
click here
And don't worry! Where money is concerned, just about everything is easily fixable.
« Last Edit: Mar 10th, 2008, 12:54pm by plumduff »
loulou
Topic Starter
Newbie
Re: Trust Deed - worth it?
Reply #3 - Mar 10th, 2008, 11:10am
Thanks for the advice, I'm going to phone them this morning, it's weird because to be honest facing up to it all is the hardest thing, and the uncertainty of it all is the killer!
bing
Administrator
Re: Trust Deed - worth it?
Reply #4 - Mar 10th, 2008, 11:13am
Oh I remember that feeling very well. You'll be fine.
Please keep us posted.
loulou
Topic Starter
Newbie
Re: Trust Deed - worth it?
Reply #5 - Mar 10th, 2008, 7:30pm
Well spoke to a consultant, gone through all the finances and came out with 550 to pay back each month to creditors. So will just wait and see, think will take on a second job if I can't get trust deed, really do not want to go BR. Though to be fair don't know what that really involves, think will look that up.
Hamish
Junior Member
Re: Trust Deed - worth it?
Reply #6 - Mar 10th, 2008, 9:24pm
My debts were way, way over your amounts and my TD was approved no problem with payments lower than you have been quoted although im no expert and things may have changed since I entered mine.
One thing I most certainly can tell you with confidence is that when you face up to this and start dealing with it you will feel so much better. Honest.
Good luck.
SD
Senior Member
Re: Trust Deed - worth it?
Reply #7 - Mar 10th, 2008, 9:33pm
That figure looks exceedingly high for the amount of debt you have.
My debt was above your figure and monthly payment less than what you quoted, shop around trying different IP's.
Consultant? did you mean IP?
bing
Administrator
Re: Trust Deed - worth it?
Reply #8 - Mar 11th, 2008, 7:36am
Was it the advisor at the council?
Trust Deeds VEEEEEEEEEEEEEERY rarely fail. Mainly because the banks just aren't quick enough!
In England an IVA relies upon thecreditors agreeing to the terms etc. In Scotland, the IP says: "My client will pay you (as in my case) 8p in the in full and final settlement unless a majority of you rejects this within 5 weeks."
Well 5 weeks sails past before the letter even reaches the correct department let alone for all the crreds to deal with it on time.
Did the person you speak to mention the Sequestration change shortly?
« Last Edit: Mar 11th, 2008, 7:36am by bing »
loulou
Topic Starter
Newbie
Re: Trust Deed - worth it?
Reply #9 - Mar 11th, 2008, 7:00pm
No it wasn't it was an advisor through an online site. I'm waiting for an appointment with the council actually. This sounds stupid, but I honestly think I would prefer to do it through the council. Stupidly I took out a loan through welcome finance for 1500 that was a month ago to cover short falls in paying rent and other bills. Now passed the cooling period, the offices were shut for a week. I can't give the money back unless I pay a fortune in charges.
I don't know what to do, as was never included in original enquiry for trust deed, as thought would be cancelling it. I can get by for next couple of months using the loan money along with wages, and there is the potential of annual bonus appx 250 net. Would I be better to hold off until new law comes in and include welcome loan, or risk going for it now without mentioning the loan and pay it back out of my dispensible income left? Even more stressed with it, as could give it back and sort out rent arrears with landlord and council tax with council, along with money I owe creditors. Just such bad timing and should never have left paying my creditors instead of rent. Huge mistake, that i'm kicking myslef over!!!
Um, what's an IP? Guessing maybe independent person. The consultant was somebody from an online search engine, and they never mentioned the changing law for sequestrion in Scotland. They are based in England.
I just wish it was all over, I know this is all my fault, but just so want to hide under the duvet wake up and it all be over!! Oh but to dream!!
awaywiththefaeries
Gold Member
Re: Trust Deed - worth it?
Reply #11 - Mar 11th, 2008, 7:39pm
Hi LouLou ... An IP is an Insolvency Practitioner ~x~
loulou
Topic Starter
Newbie
Re: Trust Deed - worth it?
Reply #12 - Mar 11th, 2008, 7:45pm
Oh right, well that's the next stage who I'm speaking with. Told he would be calling tomorrow. Really don't know what to do.
loulou
Topic Starter
Newbie
Re: Trust Deed - worth it?
Reply #13 - Mar 11th, 2008, 7:46pm
Thanks for that - terrrible with acronyms!
plumduff
Administrator
Re: Trust Deed - worth it?
Reply #14 - Mar 12th, 2008, 1:52pm
I am very concerned about what is happening here..
Bing told you to go to see the local money adviser at your local Council and provided a link giving you details of this..
However, you state that you did a google search and found some numpty who has advised you and will call you back..
I urge you to ignore this info and do exactly what bing suggested, especially as everyone else did it Bings way and all seem to have got a better deal for themselves..
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