Hi stressedtothemax.

The major creditors let trust deed companies know what level of fees they will accept. I'd hope and expect your company has taken account of that and protection will follow.

Bankruptcy would probably be a good idea in the fairly rare scenario that the trust does doesn't become protected, otherwise you are exposed legally to your creditors.

Like a trust deed, bankruptcy requires that you pay what you can afford towards the debts for three years.

Hi thank you for your reply.

I am with RSM Tenon.. is this a reputable company? i hope so. i went trustdeed.scotland. net and have just read on here that they are not insolvency practioners??
TD was really the last option for me and i am just so worried i have made a huge error! there is so much uncertainty if it fails to be protected, will the company apply for my bankruptcy ?
Any advice would be much appreciated

sorry another a thought just popped into my head, if i have to be made bankrupt, who do i pay the fee to is it still the company i am using or does there fee also become a debt?What have i done!!!

Hi again.

Kevin who posts on this forum is from RSM Tenon. We think they're a good company. You might want to read Kevin's interview on this site where he refers to the percentage of their trust deeds that become protected.

Ok Thank you i will do that. I am sorry for being a pain i am just uncertain about what will happen next and its causing me stress. I am hopefully worrying about nothing

Hiya stressed. I was in your shoes back in Sept 2010. I did lots of research on the net.. Spoke in person to a Debt advisor who I just didn't feel comfortable with. Found this site. Watched for a bit. Just chose from the folks whose companies are represented here . I happen to choose RSM Tenon. I've been quite happy with them so far so good. I do remember those initial 5 weeks.. It was brutal and stressful. I was so worried it would not become protected .. but it did. It was actually Kevin that came out to speak to me. He was very patient answered every question i had and probably some i'd not thought of. My case was then transfered to one of the other RSM Tenon offices. My trustee advisor has been nothing but helpful when i've had to call her .. which i did quite a lot of in those early days. Bless her rofl..
There are plenty of us who have been were you are you are not alone. Just remember you DO NOT have to go with someone just because they have come out and spoken to you. Use your judgement and see how comfortable you feel with them and what they say their company can/will do to work with/for you. Hope that helps.
TC

Hi Amerififer,thanks for your reply, like you Rsm Tenon has been very helpful and answered all the questions , i think i am now just panicing as it is into the 5 weeks, and if it doesnt become protected i am thinking What do i do!?! What happens next?

I think once this initial 5 week period is over the stress will lift, its just the waiting on finding out. The trust deed was the only option left to me, i was paying the bills as they came in and was borrowing from parents to live.Not an ideal situation especially when they didnt have it either, and because of the interest fees, my balances wasnt reducing. i did apply for consolidation loans, but no one would give me one, I believe i have done the right thing for me in the situation, its just this waiting.

Stressed
I think feeling stressed is pretty normal for all during that initial 5 week wait. I remember checking the Edinburgh gazette when it came close to that five week mark and calling my trustee.
The waiting is indeed the worst. I was told it is very few that don't get protected and my particular creditors were usually pretty good at approving trust deeds. so that did help.. However one can't help but worry,which is why this site is great.

It is a fab site, good to know i am not on my own, obviously I knew I wasnt but its good to read what other people are thinking also.
Sorry why were you checking the gazette close to the 5 week mark ??
Thats the same as me, the advisor i spoke to said she really couldnt see there being a problem,but for sure the wait is the worst !! Longest 5 weeks of my life i think!