Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
4
Users
0
Reactions
1,341
Views
Topic starter
19/03/2012 9:06 pm
Paul (Plasticdaft) asked a question on another thread earlier today about whether certain aspects of the rules around trust deeds are currently under review.
The answer is... pretty much everything!
For those with an interest in the wider subject, it would be fascinating to hear your views. Breaking my own rule about external links in the forum, here is some background to the current situation:
Member views, as I said previously, would be really interesting...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/03/2012 9:35 pm
I had a quick scan through it. From my point of view, the need for a trust deed was through my own stupidity and burying my head in the sand as far as how bad my debts were. I lived outwith my means and I told myself for too long it wasn't a problem. With that in mind, I would have been quite happy to pay the same amount over a longer period of time. In those instances, I think the creditors should be able to demand a higher dividend. Where people have had a dramatic change in circumstances, they need to know that dealing with debt isn't going to be financially prohibitive to them. I have no experience in the side of IVA and my TD experience is limited to my own.
As has been discussed in the media, I think the key to avoiding the debt trap is education and responsible lending. It's also reponsible borrowing.
Nothing left to discharge - everything's done and dusted!
20/03/2012 1:13 am
Many standard IVAs down south are now set up for 6 years from the beginning(especially those with northern rock as a main creditor). Add to that an extra year in lieu of equity due to remortgages being like hens teeth right now and you are looking at 7 years to sort out your debts,and thats a hell of a long time to be living on a strict budget.
I can see trust deeds being brought more in line with down south but as long as it benefits creditors not just greedy insolvency firms charging massive fees and walking away with more than creditors then maybe thats ok. DAS will continue to become more popular as people struggle with bills.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
20/03/2012 9:46 am
As others have indicated, who knows more about PTDs (and how to avoid them!) than those who have been at the very sharp end of this experience! TDA's links are great but there are many aspects of this review which are easily found through Googling "AiB reviews, consulation of PTDs etc" including notes of meetings to discuss the very aspects on which we agonise on this forum. They key message I am picking up is a greater move towards clarity and transparency in the whole process, not least on the timing of the various procedures and removing various uncertainties on "who will do what and when".
