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Topic starter
17/08/2019 5:13 am
Hi Everyone,
I've been in a bit of a panic. I signed my trust deed two days ago and feel I have made the wrong decision. I feel things moved a little too fast, got caught in a vulnerable moment by an advisor who has been texting my phone for months pushing me to sign up for a trust deed. Yesterday I was notified that my job role is being dissolved and my contract will be terminated with one weeks notice which hasn't helped how I'm feeling. Can I back out at this point and resume my DAS plan?
I was currently on the DAS debt payment plan with Stepchange and happy with it. My debts are currently sitting around 32k. I hit a bumpy patch after changing jobs twice in the last four months and not getting paid correctly in my latest role. I spoke to Stepchange yesterday and they reassured me I could take a payment break and resume when I'm back on my feet with a reduced payment. The only problem is I have signed my documents with the TD.
I had applied to go to college a few months ago as I had been looking for a career change, and had been accepted with the offer of full student loan, bursary and childcare paid between tax. I kept the offer in place and funding offer just in case. I have also moved fast and have been offered a part time job to alongside it.
Would the trust deed be able to go ahead with student loan and part time job as an income or can I cancel it at this point and stick with a rebudgeted debt payment plan?
Thanks
18/08/2019 9:20 am
Welcome to the forum Delboy107.
If the trust deed can still work (after your change of circumstances) would you want to stick with it?
You’ll need to move fast here in terms of speaking to your trustee. The effect of signing a trust deed is that it cancels your DAS. Your trustee will be able to tell you whether there’s still time to avoid that (if you want to avoid that).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
18/08/2019 1:40 pm
I think the DAS gets cancelled when the trust deed gets protected - but I agree you need to talk to the trustee urgently.
19/08/2019 9:13 am
Thanks candlewick.
That seems to create a little more time to ensure that a good plan is in place.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
19/08/2019 10:19 am
Hi Delboy107 and welcome to the forum.
Sounds like a lot of changes have happened this year for you.
In terms of the Trust Deed you need to speak with the advisor and firm as soon as possible about it all. A Trust Deed is legally effective once it’s signed.
With debts of approx. £32,000 if you stuck with the DAS how long would it take for the plan to be completed?
If you could manage the Trust Deed payment based on working part time would this be a better option if the Trust Deed is shorter than the DAS? It could be.
Try not to panic too much. I’m sure if you reach out to the advisor and discuss everything they will confirm your options and how best to proceed.
Your DAS would only be revoked if/when the Trust Deed became protected as candlewick has pointed out.
David is not currently posting in the Trust-Deed.co.uk forum
19/08/2019 10:46 am
Delboy
It is good practice for the trustee to provide clients with a time to think period before the deed becomes legally binding.
As David and TDA advises, it is always best to contact your trustee to inform them of your potential change in circumstances.
It may be that the trust deed is still able to work for you.
p
Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
21/08/2019 10:27 am
How did you get on Delboy107 when you spoke with the Trustee about things?
David is not currently posting in the Trust-Deed.co.uk forum
