Welcome to the forum pm152.

HBOS certainly do not have a reputation for being unfriendly towards trust deeds in any way. They (through their representatives) will be professional and fair when they assess your circumstances, and I can only reassure you that the great majority of trust deeds do become protected. If you read the interviews on this site with Mark, Kevin and Julie I think you'll be reassured by the numbers that they mention in this respect.

If your circumstances improve your trust deed payment will increase for the benefit of your creditors.
In certain quarters trust deeds are presented and advertised as being an escape from debt, but I think it's much better explained as being a compromise initiated by a someone who wants to repay what they owe but who finds themselves (often as a result of circumstance) unfortunately unable to do so. They also work to the benefit of creditors, which is why they tend to accept them.

I do hope that you have people around you to offer you support. You have mine, and I'm sure that of many of our members and visitors as well. Every year a number of people do take their own lives as a result of the pressure of debt. This is a tragic shame given that there are ways to effectively resolve any and all kinds of debt problem.

Hi pm152

About 20K of my debt was with HBOS and they certainly weren't highlighted to me as an objector to my TD.

In fact, apart from a couple of phone calls when I stopped paying my credit card, they've been one of the quietest of the lot.

As someone who has just come through the protection phase I'd simply advise you to get on with your life for the next 5 weeks. There's absolutely nothing you can do during that time. And it's not as if your creditors are pondering your case all that time - they all seem to leave it to the last minute. At least that was the case for me.

Use the time to get your ducks in line with new bank accounts if you need to do that and get your DDs and SOs sorted so that when (see what I did there?) it becomes protected you're ready to hit the ground running.

Remember too that there is always room for negotiation between your trustee and creditors after the 5 week period. That's what happened to me and it all worked out in the end. Although I had a few objectors, HBOS wasn't one of them and the others were happy to negotiate with my trustee until the deal was done.

Welcome to the start of your debt-free life 🙂

Cheers,

DFW

HBOS were one of my creditors and they were not against the Trust Deed at all - they accepted that given my current situation it was better for them to take what they could through the TD because otherwise they would get next to nothing.

The key is to get on with things for the next five weeks. I have said before on here that I got very ill worrying about any objections - but I was always more relaxed during the protection period than I was worrying what the next phone call/letter would bring. Once I signed the TD it was a weight off my shoulders, it was a realisation that I had acknowledged I was in money trouble and I knew that regardless of the TD being accepted or not there were other options available to me now that I had experienced that 'light bulb' moment.

I am sorry to hear how down you debts have gotten you and I just wanted to echo TDA and DFW's comments - this site is a great source of support and advice. No one judges you and any advice given is always impartial.

Stick around on here, share your experiences with others and learn from others experiences. This is quite a place to come when you're down.

Hipm152

Any decent IP knows exactly what to expect with creditors. I've never had an objection from HBOS as they work to a certain criteria which we all try to adhere to.

Hardest thing in the world is the unknown aspect of all of this, but make sure you get the right advice, know your options and you'll be fine.

Regards

Mark

Hi,
Many thanks for the sound advice and support.
Hopefully it will all go through okay, just a case of waiting and hoping really

thanks