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Scottish Trust Deed Forum
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Topic starter
07/04/2014 1:29 pm
Hello, this is my first post here.
I'm self employed and have been in a 36 month trust deed since January 2013. I've recently been going through some worrying health issues that as so far haven't effected my ability to work, but it is concerning me regarding keeping up future payments as well as life in general.
After a year of keeping the trust deed to myself, I finally relented and told my parents of my financial situation.
After some discussion my parents have indicated that they would like to help by ending the trust deed early.
I contacted the trust deed company and was told that I would have to get an offer from my parents put in writing to them and it would be up to the creditors to accept or decline.
The problem now is that I have no idea what is a reasonable offer.
The original debt submitted was just under £11500 and I have been paying £200 per month. I have so far contributed around £2200 to the trust deed. Given that the total amount expected over 36 months would be £7200 and the original figure was £11500 does anyone have an idea of what might be a realistic offer/likely to be accepted.
I realize that it will vary and so is difficult to put a hard answer on this but I would very much appreciate some help from your experiences.
Thank you. Looking forward to hearing some replies.
John
07/04/2014 1:45 pm
Hello john71 and welcome. I'm sorry to hear that you've been struggling with your health.
It seems like you're aware that neither your trustee nor your creditors are obligated to accept an early end to your trust deed. That said, your trust deed provider seems to have responded promisingly so far.
I'd think that an offer of the remaining amount originally accepted by your creditors would stand a chance.
If your trust deed is due to run for 36 months that's a total of £7200 that they accepted (subject to circumstances changing).
You've paid £2200 already, so maybe try £5000 if that's manageable for your parents to provide to your trustee?
Worth waiting to see what our experts think also...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/04/2014 2:00 pm
I'd agree with Trust deed Assistant's calculation - I doubt they'd agree to finish it early for any less than what was offered originally.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
08/04/2014 6:23 am
Hi john71
I think both of the above are correct as creditors agreed the proposal based on the total payments to be paid, so the offer should be the remaining balance. Another option may be for them to assist in maintains the ongoing payments for the next 24 months rather than try to find a large lump sum.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
08/04/2014 12:50 pm
Thanks very much for the quick replies everyone. Really appreciate you taking the time.
Do you think it would be wise to offer slightly more than the remaining balance to avoid a long delay or possible rejection?
I also have another question..
On my original trust deed form my substancially largest debt was to Marks and Spencers card services for the sum of around £3,500. On my updated file there is a claim of £4300 been submitted by a company called "Max Recovery".
I asked the trust deed company about this entry and they were unable to tell me exactly where that came from. Is it likely that Marks and Spencers transferred their debt to them? The puzzling thing is that the Marks and Spencers debt is down as an "agreed claim" whereas the "max recovery debt" is not. Do some companies temporarily pass debt onto recovery firms until issues are partially resolved at which point they again take ownership of it? Sorry for the long question.
08/04/2014 2:01 pm
Hi john71
I dont think offering more will have any effect on things and certainly wont speed things up. If you are able to, then best idea would be to offer the balance.
Don't worry about max Recovery as they buy over debts. Even with the increased figure, this will have no bearing on any offer of settlement.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
