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Scottish Trust Deed Forum
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Topic starter
18/07/2014 11:52 pm
I've read through the forum and can't remember any posts on this ( although it is late on a Friday) however it seems fairly common for people to panic based on initial information to stop making payments to creditors.
There appear to be a number of middlemen reps giving this advice and by the time they have given this advice and sent in their invoice for payment! creditors are already calling demanding payment.
Best advice? Speak with a qualified advisor and if you have decided to proceed with a Trust Deed or DAS or sequestration, then follow their guidance on when to stop payments. Trust me creditors won't think of you as someone who has paid, then suddenly stopped.
Here endeth the Friday moan!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
19/07/2014 6:30 pm
It's very clear in the debt advice regulations that providing advice to stop paying creditors should only be done where it's demonstrably in the best interests of a client.
We also often hear of middlemen providing this advice, but it feels like the advice is sometimes being provided for the purposes of their best commercial interests rather than to benefit their client.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
04/08/2014 9:26 pm
I'm confused on this ~ do you mean before entering insolvency process?
Afterwards, the creditors shouldn't be paid as it is expected they will receive a proportionate share of any funds?
05/08/2014 10:18 am
Yes RBSB.
We're talking about before.
The best advice is to follow the advice of your trustee about when (or if) payments directly to creditors should stop.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
