Welcome to the forum Kerry9309.

I'm hoping its CreditFix rather than "crucifix"?!

I'm not really sure why you're looking at a trust deed here (and/or have been advised to).

From the figures presented it looks like you could fully repay your creditors in about the same time using a Debt Arrangement Scheme?

Has that option been mentioned to you?

I was just told that dmp would have loads of ongoing fees and it would take about 7 years to pay off. I could pay my debts off its just the interest I'm having problems with.
I was also told with a dmp the fees from the company's carry on the main thing I liked with dmp was the fees being frozen.
Yeah it credifix lol.
I've also had major problems getting a basic account I get declined from them all and that was including cash cards I even got declined for a secure trust account.
When I looked on noddle it said I had 7500 debts but the trust said it was less. Any advice is welcome

DAS is really quite different to a DMP Kerry.

Have a read of the following link:

https://www.trust-deed.co.uk/debt-arrangement-scheme.html

Hi Kerry9309

TDA is correct as a trust deed would not be accepted where the payments made over the 48 months are sufficient to repay the debt in full. I'm not sure why this has not been advised to you ( well I do, but it's Saturday )

I think if a trust deed was to proceed on this basis, it may pass by the creditors, but would not gain protected status with the AIB.

Mark

Yeah im not sure why this has not been discussed with me. tbh ive always thought it was acout credifix getting there fees..... maybe im wrong.
today i have looked up step change for the DPP under the DAS scheme. So i put in all my debt and comes back at 7,201 after my ingoings and outgoings they says the contractual monthly payments would be 316 but because i would not be able to cover them i would pay a reduced rate at 163 per month and it would take 3 years and 9 months.
is that about right? im not good with working out which the best thing to do but i value your advice as ive been reading the forum page for a few weeks now.
also it mentions that AIB add a 2% charge or something does this get added on to my monthly payments?
im not to bothered about having problems getting credit in the future because i plan on getting no credit not even a morgage in the furure lol
i clicked the bit for step change to send me the details in an email if i want to take things forward. i look forward to your reply head is banging with all this just want to be sorted and get in to a payment plan for piece of mind.

How much will the car be worth at the end of the trust deed ? Because if there is any equity in the car over and above 3k I was told I'd need to also find that to pay myself out my trust deed I'd be very wary depending on the type of car

Another possible advantage of DAS.

Unlike a trust deed, it doesn't take account of assets.

Yeah thats the reason my last 5 payments were high so they wouldnt touch the trust deed. What does the figures seem like for the das i was told about

It appears to be workable Kerry.

I suggest you take advice about it so that you can make an informed decision.

Hi Kerry9309,

Have you actually sat down with a qualified advisor to work through your full financial situation and to work out exactly what options you have available, the payment per month and the time scales involved in each option?

I always think that when it comes to debt advice and something as important as a DAS, Trust Deed or Sequestration things should be done in person.

As others have said you don't just have to consider a Trust Deed, there are alternatives such as a DAS. Depending on how much you can afford to pay per month will determine the length of the plan. That's where speaking with a qualified advisor in person is key. They will work out your budget to ensure that you can afford to live and whatever is left over thats where your payment will come from.

As Mark pointed out, if the Accountant in Bankruptcy (Scottish Government who monitor Trust Deeds) believe that you can pay your debts back within a four year period then they could refuse to protect your Trust Deed. This would mean that your creditors could still legally pursue you for the debts and continue to apply interest and charges.

I would say take your time, do a little research and speak with a couple of organisations and qualified debt advisors (in person if possible) and take it from there. If you do that you should proceed with a plan which bests suits you and your circumstances.

The positive thing to remember in all of this is that you have a number of solutions to help you debt with your debts.

I've spoke with a few people on the phone and email but not in person and also done an expenditure sheet with 2 company's which realistically I can afford to pay the 163 to a das easily and it would be finished before 4 years. When I look at that it jumps out that a das would be better because then I am actually paying the people back and not just loads of money to the trust deed company. I appreciate everyone's advice and I think I'm going to go with step change and do a das.

DAS does seem like a good fit, for you and your creditors.

Remember that it's a different thing to a debt management plan.

Some of the advantages and limitations of debt management plans in Scotland are explained here:

https://www.trust-deed.co.uk/debt-management-plan.html

This is what it says as a letter I've to send to my creditors, I just copied and pasted to show of it's right.

StepChange Debt Charity Scotland is helping me apply for a DPP under the Debt Arrangement Scheme

Is a debt payment plan the same as a debt management plan?

Hi Kerry9309.

A debt payment program (DPP) under DAS is different to an informal debt management plan.