Hi there ,
I can honestly say that it's the best decision
I have made. I can sleep soundly at night. I
Know where every penny is. I have learned
So much both through my own TD experiences
and also from this fantastic bunch on this forum.
My time has gone so fast and can't believe
I'm only 3 payments away from completing.
My advice to you would be to talk to a few
different TD companies. Write down and voice
all of your questions and concerns. Then make
a decision based on your findings. You won't
regret it.

Good luck

Carol

Hi there ,
I can honestly say that it's the best decision
I have made. I can sleep soundly at night. I
Know where every penny is. I have learned
So much both through my own TD experiences
and also from this fantastic bunch on this forum.
My time has gone so fast and can't believe
I'm only 3 payments away from completing.
My advice to you would be to talk to a few
different TD companies. Write down and voice
all of your questions and concerns. Then make
a decision based on your findings. You won't
regret it.

Good luck

Carol

Thank you Carol - good to know there's light at the end of the tunnel.

Hi iwant2befree

The post above covered the main point I think. Sometimes the options are limited and it's a case of looking to see what the best solution is. The key to anything is a clear solution which provides a definite start date and a definite stop date and any questions on assets, contributions etc are dealt with before you sign anything.

Once you have spoken to an advisor (s) then get it all confirmed in writing before signing anything. That way you retain control over things.

Mark

Hi

I found it a difficult decision to make.
I found it a struggle and it did have an impact at work.
I did not tell my family because I felt so bad about it.
All that said, it is 4.5 years years since I signed mine.
I made all payments and finished after 3 years. I was discharged after 4 years and I am now working to get my credit report dates corrected so when the 6 years has passed it will feel like the chapter is closed.

So, although I found it a difficult time, it has proved to be the right decision for me.

I am almost OCD doing a daily bank check and cash flow and feel good knowing exactly what position my money is in.
I have small credit account with Next which I pay off monthly.
I have just opened a savings account with a Credit Union - to save for my daughter's wedding - separate to my normal bank.

From all the information and guidance on here, I understand the most important points are to ensure you know all your options; don't take the first company to be Trustee; Ask every question you can think of; ensure everything is in writing and is clear; and if you go ahead sign with a reputable company.

I had no experience of this and was referred to my Trustee by MoneyMatters. Fortunately, it worked out for me, however, in retrospect I was completely naive.

Actually, I got into this position as a result of a disastrous house sale/purchase at the a time of the market crash. A year later I was in an impossible position I could not see a way out of. Signing the Trust Deed has allowed me to correct that position and move forward.

I personally don't think it is an easy way out and it was not easy for me - but I don't regret it. I am glad I took that decision and I no longer carry a huge burden around with me all the time.

I hope you find a solution that suits you.

Thank you for the sound advice Mark. Firewalker, I really appreciate your honesty. Its good to know I'm not alone. I dont think this is an easy way out either - in fact I find it incredibly difficult to have to do - to realise that this is what it has come to, but I know that in a few years I can put this all behind me and not repeat the same mistakes.

My only regret was not getting help earlier. The trust deed was life changing for us.

paul

Hi Paul

It's amazing how many time we here that.

It happens a lot in trading cases as well, when company director begin to borrow personally to keep the business afloat and they are then faced with business problems which become personal problems also.

Mark

Realising there is a problem and admitting it to a third party are miles apart in my opinion. I knew for ages we were knee deep in the smelly stuff but thought juggling things was helping!

Seriouslyfif anyone is looking in thinking they may need help they probably do. Make a call and find out your options. The sooner you act the better.

paul

Hi iwant2bfree,

A lot of good advice from the posts above.

I think for the majority of people in financial difficulty the last thing they would have considered is asking someone for debt advice and help and then entering into a Trust Deed to deal with those financial difficulties. When I first speak with a client and outline their options and work through these they always find it hard to believe that a Trust Deed actually does what I'm telling them it does. It's only after they have been in it for a period of months that they start to relax and feel a little better about things.

Providing a Trust Deed is set up for the right reasons and the necessary time taken at the start to discuss everything with a qualified advisor i.e. assets, contribution level, timescale etc then a Trust Deed does provide the debt relief that people require.

Obviously from time to time things can and do go wrong in Trust Deed's and for some people they can really regret entering into it. That's why I think it's vitally important that everything is discussed before anything is signed and then set out in writing so that both the client and the Trustee/advisor has something to refer back to should there every be any problems.

For the majority who enter Trust Deed's it really does provide them with stability and light at the end of a tunnel.

As we always advise the best way to move things forward is sit down with a couple of qualified advisors, work through all of your options i.e. a Trust Deed, Sequestration, Debt Arrangement Scheme or an alternative and from this you can then pick which option you feel best suits your circumstances.

Good luck and let us know how you get on with things.

I'm sure you won't regret your decision, iwant2bfree. As long as everything is set out clearly for you before signing then there shouldn't be any surprises and you can look forward to putting these problems behind you.

It was a tough decision to make but really glad I did it...have not finished my trust deed and it feels like I have a new life!

If your struggling to sleep at night and constantly worrying about paying your debts then I certainly would suggest going for it

Yes and No.

Positives

Knowing I could sleep at night and no fear in opening my mail.
I would be debt free in three years (2 payments to go)
My debts were combined into one payment

Negatives

The "shame" attached to not being able to pay my debts. My family/friends still do not know
Trying to put money by for "emergencies". I have had about 4 emergencies in the last 2 months, car trouble, a friend died in the Clutha crash, another friend has just passed away and I have/had no money to get to their funerals as I live in England. Going cap in hand to your Trustees to ask if you can miss a payment and be told it can't happen again or they will cancel your TD is quite upsetting.
I changed jobs and droppped £300 a month, TD was never adjusted for that.

BUT as I say, I am nearly debt free, have learnt a hard hard lesson and will never go down that road again.

Good luck with your decision.

Of course, the experience of a trust deed may also depend a lot upon the choice of trustee at the outset and how flexible they are willing to be over the kinds of things that Neverendingstory mentions.

As we always say on here - ask the questions to whoever you are thinking of going with and see how comfortable you are with the answers. There's no harm in speaking to more than one firm.