Hi Mary

Most good firms will be able to tell if the Trust Deed will be accepted as they normally have to follow a certain criteria. This is normally explained at the initial meeting.

You cant try DAS after a failed trust deed as the trustee is still appointed. If it were to fail, there is no court involvement in petitioning for sequestration.

I'm sure it will be fine. If its any consolation, I've not had a failed trust deed for several years and that one only failed due to very unusual circumstances. Many firms are the same.

Mark

Thanks Mark. Sorry to be pest but I've another couple of questions, hope this is ok? I phoned the Debt Advisory Centre on Saturday and spoke to someone from Gregory Pennington, they mentioned Wilson Andrews and the info I've received via email mentions them too. Is it better to contact them direct? I'm just confused with the amount of information flying about at the mo! I also spoke to DFH solutions who have sent me info about a Debt Management Plan but I'll contact them tomorrow to say I don't want to go ahead as I was unaware when I spoke to them that because I live in Scotland there were other options available to me. Sorry I'm rambling on!

There are lots of firms out there who pass people on to insolvency practitioners. Sometimes they ask people to pay a fee for performing this service, but this is not necessary and if you are asked for this then I would advise you go straight to an IP yourself.

Mary, neither Kevin or Mark will tout for business directly on this site but I can assure you I have been scanning this site for some time now and both of them can be contacted directly via the links below their posts and both of them have been referred to in the most glowing terms by members of this site who have been helped by them. I would strongly advise you to bypass any organisation promising "solutions" and especially those who would require a fee to refer you to an IP. I am sure you will get nothing but good advice from any of the TD Experts on this site.

Thanks Kevin and Uncle Ben...I too have been scanning the site tonight and will be making some phone calls tomorrow. Thanks again for all your help.

Hi uncleben and Mary

The best advice I would give anyone regardless of circumstances is speak directly with an IP firm. Organise a face to face meeting and look at all options. Before the meeting, sit down and draw up a huge list of questions and make sure you get exact answers. Then ensure everything is confirmed, absolutely, in writing. That way, in your own time, you can decide what best suits you.

It's the best way to avoid any potential problems.

Mark

To go back to your original question, Mary, about whether it is possible to be considered for DAS if a trust deed fails to become protected - I don't see any reason why not actually.

Mark is right that the trustee is still appointed, however these days it is not difficult for a trustee to seek their discharge from the trust deed without the debtor being discharged from their debts.

Also, the DAS regulations stipulate that a debtor may not apply for DAS if they are party to a protected trust deed, however if your trust deed has failed to become protected then there would seem to be no barrier to applying.

Hi Mary

Sorry if we've confused you - Debt Advisory Centre, Gregory Pennington and Wilson Andrews are all part of the same company - the Think Money Group. Wilson Andrews is a Scottish insolvency practitioner business and we are based in Glasgow.

As Mark says, reputable firms work closely with creditors and understand their requirements, so if a Trust Deed is the right advice for you there really is little reason why it should fail at the proposal stage. If it were to then it doesn't automatically mean Sequestration.

DAS is certainly a useful debt solution. Unlike debt management the big advantage is that creditors must freeze interest and charges. The other plus for you is that assets (such as your rental property) are not taken into account. However, there isn't any element of debt write off so you may find that a DAS would have a long term.

With a Trust Deed your property is taken into account and - as you suggest - how it is treated will depend on whether you do have any equity in it.

Mark's advice is good - make a list of all the questions you've got and chat them through, then take time to decide what feels right for you.

BS

Mary, I'm not long started a Trust Deed (November)
I would suggest you have a face to face meeting with any IP before taking the leap.
If after that you, and they, think it's the best solution then go for it.

This isn't a descision that should be made over the phone - a mistake I almost made before asking for advice on here - as your confusion about what is what shows.

My advice would be to meet one of the experts who give their time and advice on here, even to folk who are using other companies, and take things form there.

I did. And, so far, I feel like it was 100% the right thing for me to do.

To go back to your question about DAS again, Mary, I have had another look at the DAS regulations and can give you a definitive answer (for once!!).

Regulation 35 states that " Where a debt payment programme is approved in respect of a debtor who has granted a trust deed which is not a protected trust deed, the effect on the trust deed is as if an award of sequestration of the debtor's estate on a debtor application had been granted as at the date of approval of the programme"

In plain English this means that if your trust deed fails to become protected then you can definitely apply for a DAS instead and if the DAS becomes approved then the trust deed ends.

Thanks for asking the question, Mary, as I hadn't realised that this was the case.

I guess this will reassure people that there is a fall-back option available if a trust deed fails to become protected - although as Mark has said, the chances of not achieving protection are very small as long as you are able to meet the usual acceptance criteria for the creditors that you have.

Type Wilson Andrews into the search engine on this site. I've never seen 1 person with a good word to say about them. If I were you I would steer well clear......go with Mark or Kevin.