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Scottish Trust Deed Forum
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Topic starter
17/01/2015 2:38 pm
Newbie Here!!
I am one month away from my "final" payment on my trust deed. 3 year plan. Anyway, I got a letter this morning from my Trust Deed company with my report to creditors.
As always I read through it and i'm a bit confused to say the least!
It states on my summary that my total debt was £10867.02. I have made contributions of £4760.00. This in my mind leaves a balance of £6107.02. Now I understand from TD's that so much gets written off and that it "may" run over by a few months.
There is a section however that states that I have arrears of contribution totalling £7775.500 due to inome arrears. It says I am aware of these arrears (I am not) and that these may be re assessed upon receipt of evidence and explanation of the transactions. If this is not received, these funds will need to be paid in before the TD can complete successfully.
How can my income arrears (?) be made payable which is more than my overall outstanding debt???
Maybe I am being thick but I just don't understand it!
Now some things I can explain away, but proof?? Not sure I can!
There were several car boot sales I done and I banked the cash (maybe silly on my part who knows). How can I prove that? Also my dad who helped me save money for not last christmas but the christmas before gave me what I had saved at the end of November 2013 which was £1000 exactly. I banked it. That may be explained but how? when my dad doesn't even know I'm in a TD!
My boyfriend got into some trouble with his bank as most of us have at one point, and he was having his weekly wages put into my account, which were being taken out for him at the same time. Obviously they are only looking at what money came in, not what went out! His wages can be explained.
I dont know how to explain the cash deposits for things I sold etc.? Some things were just gumtree, which were that long ago I can't access the adverts, and I don't keep my emails THAT far back?
Just feel like its all turning into a big mess and have the same stress that I had before I started the TD!! Please help, I need some guidance!
17/01/2015 3:09 pm
Welcome to the forum bettybongo999.
Once you entered into a trust deed your liability isn't limited to the original debt total. If things improved sufficiently you could end up paying the debt total plus interest on the debts plus your trustee's fees.
Your next step will be to provide whatever proof and explanation that you can to your trustee to justify why this additional money came into your bank account.
Hopefully this will be accepted. It's hard to provide much more guidance until your trustee has made that assessment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/01/2015 3:13 pm
Thank you very much for your response. I will put in writing the extra monies, and also outline reasons why some may not be "proved" and take it from there. They may be able to suggest other ways that I can prove this. Just very frustrating that I'm one official payment away from the 36 month TD and now it appears they want to extend it by 55 months! Thats almost another 4 and half years!
Just feel like giving up again! Was so close to completion and then I got hit with this. What is more frustrating is I provide all requested information every 6 months when they requested it, always! This is stuff going back to 2012, and I wonder why it was never brought to light before now!
17/01/2015 3:29 pm
I don't think the wording suggests that type of extension is inevitable.
It sounds more like they're saying they/you have a little work to do to establish what those transactions relate to and whether your creditors are (or aren't) entitled to benefit from them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
17/01/2015 3:33 pm
Just putting together everything in writing for them. I have no idea who my relationship manager is now as it seems to change every time I get a letter from them. They are also in the middle of a moving process down to Manchester, so hopefully a letter or email will reach them sooner rather than later!
Topic starter
17/01/2015 4:32 pm
Just to let you know that I have put everything down in writing and it doesn't seem all too bad now that I have it all written down! Most of the income arrears were explainable and have managed to explain over £5500 of the monies going into my account over that period of time. It seems a little more manageable now and will await their response. Thankyou for listening to my rant and for keeping me calm! I must admit I feel a whole load better and less stressed now that it is all written down.
17/01/2015 5:39 pm
What Company are you with ?
You are entitled to know how they came by these figures.
I suggest requesting the info.
17/01/2015 7:01 pm
This sounds terrifying to me......
Surely at these review things they would query anything not wait till the end then query 3 years worth???
I have money going in an out all the time. Mainly as I withdraw a lot of my wages and use cash. But often put some back to use a debit card or whatever. No possible way of explaing this or having evidence of transactions. If I have to explain 3 years of that then I am beat.
steve
18/01/2015 10:20 am
It seems very strange indeed that you picked this up from a copy of a report to creditors, rather than the trustee contacting you and querying the transactions first. Surely their first port of call would be to speak to you?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
