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Scottish Trust Deed Forum
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Topic starter
31/08/2013 1:47 pm
Be great to get some help and advice.
With over £15000 of debt I entered into a Protected Trust Deed with Begbies and Traynor.
First year I was able to keep up payments ( £120 a month) but from second year, I struggled with payments which Begbies and Traynor were flexible with and lowered it to £50. By end of 2nd year I had little or no income and could not keep up payments.
In November 2012, Begbies and Traynor notified me that given I had failed to keep up with payments and they were resigning from the Trustee plus I was no liable for the debts which now stood at £17000.
They advised me to apply for bankruptcy given that I had little or no income coming in at the time.
Since then I have been working hard, mainly in Europe and been able to get a better flow of income from freelance work.
I've been nervously checking my credit report today to see if they have been court orders against me.
I've noticed on Call Credit that my old debts from the trusted-some are listed, some are not- is this usual?
Plus on my Credit Report the status for my Trust Deed says it has been 'Discharged'- does that mean I have been discharged from my debts?
I will contact Begbies and Traynor next week to clarify.
I may come into a small lump sum of a few thousand pounds from work which I could use towards settling my debts.
I am reluctant to apply for bankruptcy yet. What would you advice?
Should I contact the creditors individually and find a way or is there any other alternative like DAS where I could pay a sum of money every month?
PS I've spoken to Payplan and have an appointment with them next week with an advisor to see if they can help me.
I'd appreciate any advice you could give me.
Thanks
Jay
31/08/2013 2:06 pm
Do you think you could work on reducing your debts now you are earning? Avoiding a formal insolvency would be the way I would try. Maybe approach companies you have debts with to see if they would accept a reduced amount as a full and final payment?
You havent been discharged from any debts.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
31/08/2013 4:27 pm
Cheers for feedback
How much are companies willing to accept as a reduced payment-anyone has any experience of what they might be willing to accept?
I have a few credit card debts between 250, 500 and one for 3000 while Natwest/RBS loan of 8000 who are my major creditor
31/08/2013 7:35 pm
Hi jay241.
There's no rule of thumb in terms of short-settling debts. Each lender that you owe money to will take a different view, about which you'll only find out by asking each of them. If you cannot clear all of the debts with the lump sum you may not really be resolving the problem.
Speaking to an adviser, or advisers, will be the best way to understand the options open to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
