Hi Experts

Looking at the amounts involved, is there merit in Headwire taking a smaller amount from family and offering full and final payments against what is owed?
When is this a good idea and would creditors be more likely to get a bigger payment than from a trust deed potentially?
It was suggested to another member previously and I wondered what are the pros/cons or debt thresholds where this would be relevant?

Kevin, the finance is with Alpheara finantial services which was arranged through arnald clark and the payment is 110 per month which is split between me and my partner.

I've just had a horrible thought, my partners engagement ring was done through finance, will we have to give it back?

Deffo time you sat down with an Insolvency Practicioner (IP) to get your head straight! No one on this forum can say with certainty what is best for you but an IP will ask the right questions and your answers will influence what options might work best. We've all had these "one further thought" moments so now is the time to meet with the experts.

Hi Headwire

I think it is very unlikey that a creditor will have retention of title on the ring, so dont worry.

I think Charlie is right, best speak to an IP and discuss all options.

Mark

As I have just seen on another thread you should "make a list of all the questions you've got and chat them through, then take time to decide what feels right for you."

This forum is invaluable for teasing out options and learning from others but without the probing that a good IP will make into your circumstances, you will remain uncertain what might work.

Yeah your right, it's time I started the ball rolling on this. Thanks to everyone for your much appreciated advice, it has helped me hugely and made me feel better about my situation. You are all providing an amazing place for people to come and seek advice! 🙂

Many thanks!

Headwire - I'm glad you realise you are not alone and appreciate that many others (me included!) have got ourselves into a hell of a financial mess and dread the phone going/mail being delivered since the only thought in your head will be "how can I EVER deal with my debt?"

I incurred a mega debt - a big 5 figure sum - and was robbing Peter to pay Paul - or more honestly one card to cover another. I used to cry at an ATM when my card was rejected becuase of insufficient funds - and all I was doing was trying to draw a few hundred on one credit card to pay the card company that was shouting the loudest for their cash.

A PTD worked for me and mine was completed over three years ago - my only regret was not finding out about a PTD before then! Don't beat yourself up about this - a solution is out there!

I'll come back to you about Alphera, headwire. I think they are fine but want to double check first.

Interesting question from Pamjo about whether there is merit in offering a lump sum settlement outside of a formal trust deed.

It is certainly possible and would result in a lesser impact on your credit rating, however in my experience most banks etc look for a significantly higher amount than they would accept under trust deed proposals. Also, it can be difficult to get all creditors to actively agree - especially if there are many - whereas a trust deed only requires a lack of objections. The legally binding nature of trust deeds is also a strong advantage.

Thanks Kevin

In the case where one or more full/final offers were accepted but a PTD was agreed later with remaining creditors, would payments (accepted initially) be reversed or repayment required?

Hi Pamjo

I dont see how creditors could go back on a previous agreement in those circumstances.

My advice for headwire on full and final is be very carefull and ensure you have absolute agreement in writing fromthe creditor before parting with any cash.

Mark

Regarding Alphera Finance. I spoke with a colleague of mine who had dealings with them in respect of a sequestration case. Apparently their policy is that if someone has an HP agreement with them is sequestrated then they insist upon repossessing the vehicle and terminating the agreement. However, they are prepared to allow those in protected trust deeds to retain their vehicles as long as the monthly payments are being maintained.

Hi headwire

I have had a case with this finance company, and as Kevin said they looked more favourably on a Trust Deed than a Sequestration. I did wonder about the car though...was jealous for a minute!
I was always under the impression that full& final settlement requires a payment of 65% of the total debt. But as Mark suggests, get it in writing first.
A joint account is not a good idea as it links your credit file, but the good news is your partner's ring should be safe. Although the DAS is an option, it will mean a much longer period, so I suggest you sit down face to face with someone and go over all the options. Only then can you make an informed decision. Good luck

Thought I'd keep you all posted on my progress.

Spoke to Andrew from Trust-Deed.co.uk on Tuesday night to discuss my situation. He was very helpful and took a great deal of time going through everything with me so a huge thanks to him. Had my first meeting with Keven Mapstone this morning which went really well. Kevin gave me a really good idea of the options I have and all the aspects involved with a TD so a huge thank you to him also for taken the time to do this. I already feel a bit better about my situation and can finally see a way forward. I know its early days yet and I still need to sit down with my partner over the weekend before making a final decision, but it's good to know that there is support and options open to me.

Again a big thanks to everyone thats given me advice. I'll continue to update and I'm sure I'll have plenty more questions.

Monday will be decision day 🙂

You sounded calmer already, a face to face meeting is always the best way to go. Now that you have all the facts, take the weekend to make your decision.

Hi Mark

Re offers of full final settlement;

Sorry if I've taken the thread down another road[B)]- just realised you might have answered me in light of Paid creditors requesting a reversal? I wasn't clear[:o)]-I meant to ask about the POTENTIAL creditors in a subsequent PTD-would they feel it was unfair treatment if some creditors had benefitted from a 3rd party's funds to a greater % dividend before the signing of a PTD than the PTD will yield for them and others included in it?