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Scottish Trust Deed Forum
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Topic starter
21/02/2011 11:11 am
Hi folks!
This is my first post, so bear with me....
A few months ago, back in November, I entered into a DMP with the CCCS. However, since then, it all seems to have went pear shaped, and i'm now doubting if this was the correct option for me.
I continually get harassed, 3,4 or 5 times per day, by a number of companies that won't accept the payment terms. Many others have pushed it out to debt collection agencies and it seems pretty clear (because they told me) that at least one creditor is pushing for a CCJ. All this even though I have not missed a payment into the plan!
I guess i'm now wondering if a protected trust deed may have been a better option. However, when addressing this to the CCCS, they don't seem too familiar with this option.
I have ?ú56k of unsecured debts, and ?ú30k of secured. I also have ?ú15k in HP (a car).
Any help / comments are welcome!
21/02/2011 11:43 am
Hi Sparky40,
It's a difficult one and I looked at all the options... the benefit of a TD is that the creditors cannot contact you one you are signed and protected (They still do, but simply refer them and after 6 month its stops, would also suggest changing your phone number ). The added security also is unlike a debt management plan (DMP), the creditors cannot change their minds and they are bound by the terms as are you for generally 3 years. The TD will take care of the unsecure debt but not the secure loan side of things (You will need to pay that along with mgt). They will take this into account when looking at disposable income.
There are plenty of TD companies out there, however they are generally unregulated and it's not always great advice you are given (as in my case, I know more than they did and they take a massive amount of my salary each month - its all about bonus for most of them!) Contact Mark, Kevin or Julie on this forum as they are your best point of contact (and trusted). Discuss with them the options and understand the "cause and effect" of a TD. The other option is sequestration, however this more serious and if you want to keep your house etc
I wish you the best of luck and hang in there
Regards,
TT
21/02/2011 11:44 am
Hi Sparky40 and welcome.
I'm sorry to hear that your debt management plan isn't working out as you had hoped. Creditors will push accounts to debt collection agencies, and sometimes threaten legal action during a DMP where agreements have not been put in place. A debt management plan also does not offer legal protection.
A protected trust deed would offer legal protection, as would the Debt Arrangement Scheme which is quite similar in come ways to a debt management plan but offers more certainty.
How much do you pay into the debt management plan each month at the moment?
Are you a homeowner? If you are, how much equity do you think there is in your home?
The answers to these questions will help the experts here to point you towards other options that might be worth considering.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
