one more thing

if my trust deed will be rejected is bankruptcy is only option or is still other solution?

Hi tomas80 and welcome.

You should talk to your potential trustee about how cars might be replaced. Remember that your capacity to save or borrow will be quite limited.

An early finish would be at the discretion of your trustee.

If there is equity in your home you'll need to generate an equivalent sum to help repay your creditors. If there isn't there is no problem.

I think the Edinburgh Gazette is a permanent record. Most people find it doesn't easily show up on google searches, but it is there.

The types of goods you mention would not normally be taken from you.

Bankruptcy is not mandatory if creditors reject your trust deed.

Hi tomas80

In answer to your points

1. There is a general rule that if the car is worth £3k or less it is excluded. The fact you have 2 could be built into the trust deed proposal.

2. Same rule applies if it is worth under £3k

3. Yes, a third party can pay off the balance. This will be at the discretion of the Trustee, however my firm has no issues with this.

4. If you have equity, this needs to be paid to the Trust Deed. If there is no equity, some firms ( none from this site) will charge you £500. Please make sure the equity position is fully clarified before you do anything.

5. No the Trust Deed is 36 x contribution.

6. I think it is maybe unlikely that the gazette would show up on the 1st page if you googled your name.

7. No, a Trustee does not touch househiold goods. Assets generally mean equity, endowments, shares etc.

Hopefully the above helps. Remember do nothing until the equity position is 100% clear.

Mark

hi
thanks very much to both pf you

1 so i need to check with my trustee what about replacement of business cars, i know i cant get loan or HP but i was wondering in case if i need to replace for other second hand one similar value in case of major breakdown or high sky milage coz in 36 months time it will be defiantly needed.

2 that is good that i can replace so this one is sorted

4 i wasn't very well informed about equity situation by trustee, i dont think i have any but can you explain what happend if for example i have £1k of free equity ? do i have to buy this back on the end of trust deed??

7 thats good coz i need computer for work etc and i was wondering is that will be ok to keep, so in the case when i sign trust deed someone come to my house to check my assest and make a list what i can keep and what will be reposed?

@mark how i can solve equity position coz im kind of booked to sign trust deed this week?

shame that i dont found this forum earlier coz now im almost signed by other company but i see you have a lot of accurate info here

and again sorry for chaotic questions but im stressed by all this situation and i want to be sure that i dont push myself into other trouble

so in worst scenario if i sign and trust deed will be rejected by creditors what a sort of option i still have ? ( i really dont want to go for bankrupt)

thanks again

Hi tomas80.

Do you operate a limited company or is your business (connected to the vehicles) operated on a sole trader basis?

If you have equity you'll need to pay over an equivalent sum in addition to your monthly contributions. Plenty of firms (including the four we recommend who post here) will do a valuation before you sign so you know where you stand. As a homeowner I'd advise you not to proceed with any firm unless they can tell you where you stand before you sign the trust deed.

In a trust deed you'll need to realise the value of major assets such as your home, cars (unless needed and worth less than £3000), endowment policies or other similar realisable assets. If you have a painting on your wall worth £10000 that might attract some interest, but regular household goods will not.

If your trust deed is rejected you could look at any other option. For example bankruptcy, debt management plan, debt arrangement scheme, or do nothing at all.

The major issue here is your home I think. If you don't know exactly where you stand I don't think you're ready to sign.

Hi Tomas80

My advice is do not sign anything until the equity position is confirmed and agreed. My own firm, together with a large number of other firms will have the valuation done and equity position agreed before you sign anything. Please ensure this is the position before you do anything.

I'm surprised that the firm you are dealing with have not clarified the above and also the car position before asking you to sign. It is a big step and you need to ensure you house, business etc are safe. If not, the whole position could change.

Remember you are under no obligation until you sign the document. Please ensure this is not signed until you are 100% sure of the above

Mark

hi i try reply but post not show up

im operate as solo trader / self employed

copmany which i start with is trustdeedscotland.net also named as kelsom

at this stage i hade initial phone chat, one house visit with some paperwork collected and some paperwork signed but nothing major, then another phone call and so far i wait for another call

this what start worry me now that either of this names is not listed on your trust deed firms list

do you have any experience with this company?

or os better to try step back instead go into bigger problems?

thanks again to both of you for help

Hi tomas80.

We know of this firm, the list you mention hasn't been updated for a while and they're relatively new.

The issue you have with cars is that you'll have little ability to save or access credit. You may want to ensure you have cars that will last you for three years before you sign a trust deed if this is crucial for you.

Knowing exactly where you stand with your home is also crucial. Has there been any mention of a sum that has to be paid if there is no equity on the valuation?

hi again

i cant afford now to replace cars so that option is out

about house equity i bought property in boom period where price was sky high and now they are much lower also i have arreas on mortgage so i dont expect any equity now

about paper work i know they offer me to sign next week but it was nothing about house valuation so far so im confused again

Hi tomas80

You sound worried that you'll be pressured into signing without answers to the questions you have. Remember you drive the timeline on signing not your trustee. Accept the advice given by the others and don't sign until you're sure of everything. A good trustee should be only too happy to answer your questions to make sure you know what you're signing up to.

Hello tomas80.

Have you made an arrangement with your mortgage lender yet to deal with the arrears?

Hi again

Thanks for courage words

My mortgage is in arreas for last 2 years i had few agreement then i fail last one i fail aswell now im looking to setup new agreement

Sorry i mean arragement