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Scottish Trust Deed Forum
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Topic starter
16/12/2011 9:50 am
Hi
I'm in process of setting up Trust Deed but not protected as yet.
In the meantime one of my creditors took court action (Scotland) to purse the money. On the first date I put forward a request for an arrangment to pay.
The calling date is this Monday, 19th December.
Do I tell them at that point that I'm in the process of setting up a trust deed. if the court decides I do have time to pay does this mean I then have a CCJ against my name.
Also, it used to be that if the debt was cleared within one month of the hearing the court action was actually cleared off - is that correct.
Many thanks
Maria
16/12/2011 10:12 am
So you have signed a TD but it hasnt been granted protected status yet,is that what you are saying? Does your chosen insolvency firm know about this court action?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
16/12/2011 10:16 am
Hi Paul
Yes, I have submitted paperwork and waiting for IP to confirm and issue my TD reference. They are aware of the court hearing.
Thanks Maria
16/12/2011 11:48 am
I would talk to your IP again to confirm exactly what you should be doing or saying in court,as they may know how to get things delayed to allow time. I am unsure of whether a judge will put a hold on action when told that you are working with an insolvency practitioner to put forward a TD.
As for CCJ's I wouldnt worry about that as your credit rating will be shot to pieces for 6 years from the date your trust deed gets protected status.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
16/12/2011 12:01 pm
Hi mtm0066 and welcome to the trust deed forum.
How long do you have before your trust deed becomes protected?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
16/12/2011 12:02 pm
When is your trust deed due to get protected mtm0066?
It is likely that a decree will be awarded in court, the scottish equivalent of a CCJ. However, the pursuing creditor still has to extract the decree and serve a charge for payment and them wait for it to expire before they would be in a position to use it to take any action against you - this would take a few weeks in all likelihood so maybe your trust deed will gain protection by then?
As plasticdaft says, your credit rating will already be affected by the trust deed so a decree on top of this isn't going to make much of a difference.
How much is the debt, and what was your time to pay offer, as a matter of interest?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
