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Scottish Trust Deed Forum
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Topic starter
04/04/2011 2:10 pm
Hi everyone, iv just had news today that my trust deed has not been protected, my 5 weeks was up on Friday 1st April, and phoned today to find out, that two of my creditors have refused, one of them i owe the majority to, now im absolutley scared out my mind, waiting on my insolvency practice getting back to me, after that 5 weeks of waiting, and the not knowing, im now really frightned to what happens next, any advice would be grateful xxx
04/04/2011 2:21 pm
Hi xdenzelx
First things first, there is nothing to be frightened about!
You will probably be told to petition for your own sequestration (bankruptcy). You will be asked to pay a contribution for the same period of time and any assets that you have will be treated the same way. Basically the bankrupcty will run nearly identically to the Trust Deed, but you will get your discharge after a year.
Try not to stress too much!
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
04/04/2011 2:23 pm
Hopefully your IP will be able to negotiate with the two creditors to try and get them to lift their objections, so don't panic yet.......
Topic starter
04/04/2011 2:33 pm
bankruptcy sounds so severe, what happens with your car and house with that, do you have to inform your employer of bankruptcy???
the flat was shown to have no equity, and my car valued at less than £3000 after the 3 years was up???
OMG
im shaking wish she'd hurry up n phone 🙁
then id know one way or another
04/04/2011 2:49 pm
There is no reason to inform your employer unless it is stated that you must do so in your contract of employment, which is unlikely. Your car and house would be treated exactly the same, as if your Trust Deed had become protected.
Bankruptcy may sound severe, but it's not, and you end up with the same outcome.
Try not to worry!
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
04/04/2011 2:56 pm
thanks Julie, and Porcupine
iv picked the WRONG time to stop smoking ....im telling you
(into my second week, and my god could i murder a cigarette now)[:0]
il wait n see what comes up, and let you know xx
04/04/2011 5:50 pm
Hi xdenzelx
Is your IP trying to get the objectios overturned. This can be done normally by:
Reducing fees
Expanding/explaining on one or more of the expenses.
It is actually more difficult than not to have a Trust Deed fail as IP's are given guideline to work with.
Please keep us posted.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/04/2011 1:54 pm
Hi all
Had great news yesterday the decision has been over turned, i am now on a protected trust deed, so what a relief!!
Thank you everyone for the advice, and the re assurance
xdenzelx
05/04/2011 2:17 pm
Good News......
As I said previously it is not unusual for some "horse trading" to take place between creditors and the IP's to try and ensure the Trust Deed becomes protected.....
Now watch the months fly past, I can't believe it's almost a year since I signed mine........
05/04/2011 4:58 pm
Congratulations xdenzelx and thanks for letting us know.
You must be pleased and relieved?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
