Notifications
Clear all
Topic starter
11/04/2011 8:45 pm
Hi Folks
I wonder if i could request your advice again.
I am currently in the 5 weeks waiting time of my TD, i recieved a phonecall from my trustee advising me that 2 of my creditors have objections to some of my monthly expenditure, after carefull scrutiny we agreed to what they allow as the monthly payment (a jump up of £257).
My trustee is waiting on word back from them as to whether or not they have accepted it or not.
I understand its quite normal to have a bit of horse trading going on before a trust deed is accepted?
Surely it would be in the creditors interests to accept our new offer as it would be 3 years worth of payments instead of just a year if they make me go bankrupt??
I really dont see how i can make any higher payment than what the latest offer is, just hoping they will accept this time.
Also is it the same expenditure if your petitioning for bankruptcy as a trust deed?
and is it correct that you are named and shamed in your local newspaper?
Many thanks
paul moore
11/04/2011 9:44 pm
I'm new to this to but I think with a TD you are only named in the Edinburgh Gazette ( a trade publication used by Insolvency Practitioners ) and it's not something your work/family etc would be able to find, Good luck with everything.
11/04/2011 10:22 pm
pm152 your name will only appear in the Edinburgh Gazette which an online publication only read by Lawyers, IP's and Saddos....lol
So don't worry about naming and shaming....
11/04/2011 10:46 pm
Hello again pm152.
Porcupine and Desperatetimes are correct in their advice. Nobody reads the Edinburgh Gazette for fun!
A correction on one of your points; if monthly payments are affordable they would continue for three years in bankruptcy. The bankruptcy itself may end after a year but not the payments.
If your trust deed provider is adjusting your expenditure allowances to meet creditor expectations I'd be very hopeful that protection will follow soon. Fingers crossed for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
12/04/2011 9:21 am
Hi pm152
An increase of £257 every month is quite a large jump, hopefully your creditors will accept this new proposal. Is this increased payment manageable?
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
13/04/2011 9:03 am
Hi,
Yes the increase is just manageable for me with a bit of serious belt tightening, but i cant increase by much more than that and still have enough to live on
Just hoping they will accept the new proposal, Longest 5 weeks of my life
paul
paul moore
13/04/2011 9:25 am
Hi pm152.
When do you expect to find out?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
13/04/2011 10:04 pm
hi,
My trustee said they would call me when they had word back from the creditors. The 5 week period is up on the 26th April so getting kind of worried now.
Also was going to ask is it just the edinburgh gazette you get named in when you petition for sequestration? or is it your local newspaper also?
paul moore
14/04/2011 9:24 am
Hi pm152
New legislation came in to force in November last year and there is now no requirement for sequestration to be advertised in the Edinburgh Gazette. Sequestration is not advertised in your local newspaper, funnily enough that's a common misconception.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
17/04/2011 10:58 pm
hi,
Thanks for clearing that up, Just hoping it wont come to sequestration , but have to wait and see.
thanks
paul
paul moore
