Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
3
Users
0
Reactions
1,025
Views
Topic starter
23/10/2011 2:15 pm
Hi all,
I got my doubts over whether a trust deed was right for me or not as i have very limited disposable income at end of the month after doing income/outgoings budget reports and was offered great advice from Mark that bankruptcy was pretty much my only option. i have no equity in my home and have a company car so that didnt affect me, i went to Citizens advice and filled out the debtors application pack to produce to the AIB but afterwords i decided to apply to a great recommended IP in Glasgow who has put me on £75pm and £500 to secure future equity in my home after the 3 years, i knew i was going to have to pay some money per month on bankruptcy as i am working full time but at least i dont have to pay 10p in the pound back to the creditors and 5.5/6k in trust deed fees the total will be £75x36 months ,£100 for bankruptcy and £500 to secure house which at the end of the day is up to you whether you want peace of mind after the 3 years of your home maybe being worth more and they want to sell it so total i will be paying is £3300 back for £54500 of debt.
This is a great forum with good advice but if there is anyone out there who is in the same boat as i was a few months ago with very limited money left after outgoings and no equity especially in their home then the best option is sequestration as there is very few differences at the end of the day between bankruptcy and trust deeds.
23/10/2011 2:32 pm
Hi Mark
Really glad it worked out.
As a poster on the forum, even I am amazed at the variation on advice & interpretation that firms adopt.
In my opinion, it just seems to be fees first and everything else is secondary. But doing the job properly is easily the most important aspect. Get it right at the start, take away all the unknowns and it should be pretty easy after that for all concerned.
Here endeth the lecture!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/10/2011 2:42 pm
Thanks Mark,
You would have certainly got my business if it were a trust deed that suited me best.
All people are trying to do just now is COPE, with the rise in inflation previous borrowing which was as much the lenders fault as ours but i do recommend this site in every way because without it my personal situation would have been even more stressful and the longer it goes on without action then people can get into alarming situations without going into much detail.
thanks to Mark and TDA.
23/10/2011 5:22 pm
Hi stressedout.
I'm really pleased to hear everything has worked out for you.
We agree with your comments about sequestration and it being the best option for some people where a trust deed isn't affordable. We also agree that it can be useful to approach an Insolvency Practitioner for this is some circumstances. There is some additional comment about this on our recently rewritten Certificate for Sequestration page.
Thank you for your kind words.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
