Hi krm,

The payment which you sign up to pay needs to be affordable and a good advisor should work through a very thorough income and expenditure in order to ascertain what payment would be affordable and also acceptable to your creditors. I think it's about trying to find a balance. Often people will say to me they want to pay as much as possible under the Trust Deed but it's about being realistic based on their own circumstances/expenditure and what they can maintain for the next 4 years. There are guidelines figures regarding you expenditure that we work with and as long as your budget falls within this then your creditors are likely to accept the Trust Deed proposal.

4 years can be a long time to be tied to a very strict and tight budget and based on my own circumstances I know how things can change. I've got a 6 year old step son who loves playing football. He started playing with a team when he was 4 once per week and now 2 years later he trains 4 nights a week and it costs us £25 per month. It's not just the cost of training but the additional costs of travel, sponsorship and training kit. Things like this can change and crop up so that's why a realistic budget with a little flexibility can help and taking things like this into consideration. As advisors we want a person to be able to afford and see out their Trust Deed without any problems.

Just wanted to update everyone on my situation and perhaps put anyone in a similar situation at ease.

After David's last post I contacted him directly and he kindly (and patiently) answered all my questions over numerous emails and phone calls. David also explained the options available to me in great detail and because of this I was able to make my own decision on the best course of action for me (Trust Deed).

I was worried about my house and car as a result of going through the process but David put me at ease. I really can't thank him enough for helping me through the last few months.

I've just made my first TD payment and have started a long journey but I'm less stressed than I was on the 13th of September.

If you are worried about something then my advice would be to post a few questions on the forum and/or speak to one of the experts on here. Also, things are never as bad as they seem and there is always someone to help.

That's excellent krm, thanks for sharing your experience and progress.

It sounds like together with David and his colleagues you've made huge steps forward in a short period of time. Congratulations.

Hi krm,

Thank you for taking the time to share you experience and also for the positive feedback. Posts like these are always useful for people considering advice.

It's a good point which you make about things are never as bad as they seem. Often people financially struggling don't know where to turn for advice or help or that there are actually very well regulated plans available such as a Debt Arrangement Scheme, Trust Deed or Sequestration. You can actually be debt free in as little as 12 months and completely out of Sequestration depending on your situation.

The important part I think for an advisor is to explain all of the available options and then allow a client to pick whichever option they feel best suits their circumstances.

1 payment down and 47 to go. It sounds like a lot but before you know it you will be one year down, then over half way through and then coming to the end.

You've got my details and my mobile number if you have any problems or questions.