what percentage does the debt to that company represent? It is rare for a company to object as this could result in even less of a return on the outstanding debt. They would only have a problem if they felt you could afford more, but your trustee would have designed your td to meet these requirements. We all worry about this but you should be ok

Hi lee1974

I am not too familiar with Credit Trust, but they certainly don't stand out as a known objector. try not too worry.

Hi Shona, Who are known as the main objectors?.

Hi lee1974.

Hopefully Shona will check into the forum soon and be able to answer your question.

From my perspective there is no evidence at all around the forum that any specific major creditor is in any way "anti trust deed". A few years ago a certain nationalised bank (based in the North-East of England) would have been mentioned a lot in that respect, but no other creditor seems to have stepped into the void that they left when they started to react to trust deed in a similar way to other creditors.

Interesting to know about the certain bank based in the North East was once known as a major objector to Trust Deeds prior to their Government bailout.....

They were one of my major creditors, I owed them over a third of my total debt roughly, but I have to say they were the easiest creditors to deal with after I signed mine, a couple of letters but when I spoke to them directly the stopped all correspondence to me.....

Amazing what taxpayers monies does to some banks......

Hi Porcupine.

The change happened a fair while after nationalisation. One of the things that upset some people was that a state owned bank was acting as it did. To be fair it wasn't that they were blocking all trust deeds, just that they had set their own acceptance criteria at a level beyond that which other major creditors were using.

Hi Lee- I understand this anxiety totally, im having my initial meet to discuss trust deed next week but im having sleepless nights about one of my creditors. I owe 70% of my debt to my old mortgage company, they havent as yet even approached me about it despite it being 3 yrs ago that the house was taken although i appreciate they still have plenty of time to do so- my concern is that i dont even know how they arrived at the sum they have on my credit file as being owed (i only know the sum from my file as they have never contacted me)i worry that my trying to pay it back via a trust deed means i accept this sum as correct when i dont- they were recently fined millions for repossessing homes to easily and charging ridiculous charges and agreed that they would pay customer charges back- however they have a terrible reputation and im worried that the wouldnt allow me to enter a trust deed- although the sum is so crazy id never pay it all back in my lifetime- the company is Kensington mortgages- would be interested to know if anyone has dealt with them as i believe that they are one of the worst to negotiate with- although hopefully the fine and scrutiny from the FSA may have mellowed them a bit- apologies for long ramble i should probably have started a new thread-has anyone had a mortgagae shortfall inc in their TD and was there probs geting it agreed?
J

Hello Joni.

I think the general experience is that all lenders take a "commercial" view of these situations.

They know that if you are considering a trust deed that your debt issues are significant, a fact that will be confirmed by the details that your Trustee provides them with.

If they don't accept your trust deed they know that there is a very good chance that bankruptcy could follow which, in some circumstances, could result in them receiving a lower return that through the trust deed.

Your trust deed firm should be able to provide you with an indication of the likelihood of acceptance and also may have a contact at the lender (or make a contact at the lender) to discuss their attitudes to trust deeds prior to it going ahead.

I am not aware of Kensington being difficult to deal with, nor indeed mortgage lenders generally. Easy for me to say, but try not to worry Joni, the vast majority of trust deeds do become protected.