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27/09/2012 4:00 pm
Hi There
Just wanting to give everyone good news regarding the future. I am with a credit union and save a very small amount for emergencies. IF, which I've not had to do, I wanted to borrow from them it would be possible. Never thought I would ever get a loan without it being extremely high interest rate if at all. I would encourage you to join a credit union as they do work differently from big high street banks. To add I've gone through a sequestration.
Also please take the time to get your credit file up to date. Do not wait as it does take time. Martin Lewis website gives you all the templates you need. My credit files is all marked as discharged etc.
I can't wait until June next year when my 3 years is up. It has been a long road and one I wish I had never had to go on but there is hope and there is a future with no debts.
X
27/09/2012 4:47 pm
Hi jayne9989.
That's excellent news. Thank you for sharing it.
We agree that credit unions are a great way to reconnect with financial services once debts are being dealt with and wrote about it a little while ago:
https://www.trust-deed.co.uk/credit-union.html
Comparing credit union interest rates with the payday loansharks is a sobering experience.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
27/09/2012 6:27 pm
jayne9989
I have recently joined credit union & saving £50 a month, our TDs still have just under a year to go but I decided to start putting away a wee bit !!
Not thinking about a loan but it is good to know that if need be we can consider this in the future !!
Like you we have learned major lessons !!
boys1211
27/09/2012 6:57 pm
I've always thought that insolvency in whatever form should be the end of something, but more importantly the beginning of something. The chance to draw a line & start again.
If people/banks/businesses looked at things sensibly then people who have taken this step are starting afresh and in some sense represent a safer bet than the majority. I'm pleased the credit union is taking this approach and it would be good if, in the current climate, more lenders would do the same.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
27/09/2012 11:46 pm
Mark,
Couldn't agree more !!! I'm pretty sure most folk like my hubby & I who have aTD only enter into it following much worry & soul searching !!!
The debt in our case crept up slowly until it became unmanageable & we have nothing flashy to show for it !!!
We now have the grand sum £100 saved in credit union & believe me that's the most savings we've had for a long long time !!
boys1211
29/09/2012 9:28 pm
Credit unions are definitely the way forward and, like your trustees, will try and do their best for you as long as you are upfront and honest with them. the standard loan interest rate for anyone who is already saving (even a small amount) regularly is only 12.68% APR - try and get that sort of rate from a bank!
30/01/2013 5:27 pm
quote:
<i>Originally posted by Trust Deed Assistant</i>
<br />Hi jayne9989.That's excellent news. Thank you for sharing it.
We agree that credit unions are a great way to reconnect with financial services once debts are being dealt with and wrote about it a little while ago:
https://www.trust-deed.co.uk/credit-union.html
Comparing credit union interest rates with the payday loansharks is a sobering experience.
30/01/2013 5:30 pm
Hi I have been sequestrated last February could I join credit union and save for 5 months and get a small loan? Would that be allowed?
quote:
<i>Originally posted by Trust Deed Assistant</i>
<br />Hi jayne9989.That's excellent news. Thank you for sharing it.
We agree that credit unions are a great way to reconnect with financial services once debts are being dealt with and wrote about it a little while ago:
https://www.trust-deed.co.uk/credit-union.html
Comparing credit union interest rates with the payday loansharks is a sobering experience.
30/01/2013 9:39 pm
Hello candycake and welcome to the forum.
The short answer to your question is that this would be up to any particular credit union you contacted. Your chances will obviously be better after discharge.
Why don't you ask the credit unions that you have access to?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
30/01/2013 10:18 pm
Hi all,
I wasn't aware you were 'allowed' to save whilst in a trust deed. Would you be required to submit a statement for the credit union savings account at your td review?
Every end has a start !!
30/01/2013 10:24 pm
Most trustees will allow people to save a modest amount each month to help with emergencies or with irregular expenses. If someone is able to save significant sums then I expect the trustee would seek to review contribution levels accordingly.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
30/01/2013 10:25 pm
Hi TimeLord.
You can save from the set allowances.
For things like car tax, car repairs etc its actually a very good idea to do so.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
31/01/2013 3:02 am
I will also be joining a Credit Union at my work this month to save up for those unexpected bills like car repairs etc. It will come staight out of my wages and there is an option to take a small loan if the car ever packs in for good!
Wish I would have done this sooner!
