Hello dp1973,

Payplan are not a direct provider of protected trust deeds. We'd suggest if you want to investigate the option you contact a company that does handle them directly.

If you have been working temporarily in England but ordinarily live in Scotland a trust deed would seem to be a more appropriate option.

If you want to look into the trust deed option properly (which does seem to be in your best interests) I'd suggest that you:

1 - Call Payplan and instruct them to suspend the IVA process.
2 - Write to them confirming the same thing and keep a copy.
3 - Contact a company that does provide trust deeds directly.

Just to reassure you Payplan are well known and are considered to be reputable. The scenario you describe doesn't sound like it has been handled at all well at their end, but I don't really think it is representative of the company as a whole.

Welcome to the forum dp1973. Sounds like you've been given the runaround. You are quite right that the trust deed does have the advantage of usually being 3 years rather than 5, so is definitely worth looking at.

In terms of a trust deed quote, in a protected trust deed you are required to pay as much as is reasonably affordable from your income each month. Whoever you approach to deal with it would have to go through your income and expenditure and agree with you what is affordable. Hopefully this would also be enough to get the agreement of enough of your creditors (any good insolvency practitioner would usually be able to indicate whether this is likely to be the case or not before you go ahead and sign a trust deed).

Hope this helps.

Hi... thanks for the replies!

I certainly do feel like I have been given the runaround... although that first started when I went to the CAB back in April in Scotland... they took 3 weeks to organise a meeting with a 'debt specialist' who turned out to be just a general advisor and not a specialist.. they then setup another meeting with an actual debt specialist - that took another 3 weeks... they then said they'd find out some info and get back to me.. then went on long term sick leave!!! The guy who took over her work called me one day and left a message saying to call him back before 5pm.. but of course they turned their phones off at 1pm!!!!

Came down to England and went through same process with CAB down here.. to finally be told to contact Payplan... which, they could have written on their website in the first place and that would have saved me 3 months!!!!!!!!!!!!

Even now... 7 months later, I still haven't got something organised, although if I want to go ahead with the IVA that is very close to being organised now.

I do feel like there isn't much benefit in the IVA if I would qualify for a Trust Deed tho... although you say 'usually being 3 years'.. what affects the length of the term of the Trust Deed? Who decides how long it lasts and when do you find out? Is it set from the beginning, or can they turn round after 3 years and say 'oh.. I think we'll extend this by another 2 years' in which case the IVA would be just the same..?

Do you organise Trust Deeds then, or do you just advise on them?

Thanks...

Hi dp1973,

The term of a trust deed is normally three years.

Exceptions may occur when someone can only afford to pay a comparatively small amount each month and has a comparatively large amount of debt. Another possible exception is where someone has equity in their home and needs to make additional contributions after the three year period is complete in lieu of that equity.

Such exceptions will be covered in advance of starting a trust deed so that you know where you stand before you sign.

Once you have signed the trust deed it might be extended if your capacity to contribute each month reduced. For example if you had committed to ?ú200 per month but a change of job left you only with ?ú100 spare. In these circumstances a trust deed might be extended so that the amount promised to creditors originally was paid over a longer term.

Kevin, Mark and Julie who post on this forum work for three different trust deed companies who are available to help you. We (and many previous visitors) consider them to be very good providers. There are plenty of other good trust deed providers that aren't featured on this site, and there are some other providers that have attracted a criticism here from people that have used them. Like any major decision a careful choice is advised.

A trust deed need not take long to get set up so I wouldn't carry on with the IVA solely because the process is underway. The right decision is more important than a quick one.