Welcome to the trust deed forum ednabucket05.

The starting point for a debt adviser is to work through your circumstances. Part of this is to establish how much you can afford to pay towards your debts each month.

Along with the other information gathered, this information allows an adviser to tell you what your options are.

Depending upon your debt level £150 may be insufficient for a Trustee to cover their fees and costs as well as meeting the guidance they follow in terms of a minimum expected dividend for the creditors.

Could you tell us how much your debts add up to and we will try to provide some additional information for you?

Hi ednabucket05 (great name by the way)

Well that's certainly a new one on me. I can't figure why the Debtor (Scotland) Act would have any bearing on things, unless they are attempting to use the wage arrestment schedule which I think comes in around that figure per month.

It's certainly not a good or reasonable way to calculate things.

Which company advised you of this?

Mark

Hi Trust Deed Assistant, Thanks for your quick response.

I have just under £32k debt, rent a property and have a car on HP. The car HP ends in 14 months and I am aware that payments would need to increase then. The HP is £220 a month so was hoping to pay 14 x £150 then £370 for 36 months but they state that payments would have to start at £230 jumping to £550 and then also paying in the equity from my car which they state would be approx £3k. What is the debtor of scotland act and is it right that trust deed are payments dictated by it?

Thanks again

Hi ednabucket05

No the act should definitely not be used as a guide. This covers numerous matters ie wage arrestments, essential and non essential household items etc etc and have no bearing on Trust deeds.

I have never in 20 odd years seen a Trust Deed based on this.

I think you really need to have this fully reviewed. I see no reason why your suggestion, subject to confirmation of figures & stuff, is not workable.

Mark

thanks for your reply Mark.

I will contact one of the companies on this website as am not happy with the advise I have been given.

Just another question please. They advised me that they can allow £3000 for a vehicle and as mine has a current value of about £7000 that I would have to pay in an additional £4000 at the end by way of extra contributions. Is this normally how it would work? thanks again

Hi ednabucket

In general yes re the car, although this would be subject to valuation.

Mark

Hi ednabucket05
Hope all works out for you ! Folk on here are really good at giving good advice. I am still in the process to and very anxious re monthly payments. Good thing is you don't need to worry about equity .. So hope it's all good