Afternoon all,
I signed the paperwork for a Trust Deed, it has been knocked back by the AIB and I have been asked to review some expenditure before sending off again.
Lately I’ve been thinking about talking to the creditors and asking if I can make reduced payments over a longer period and avoiding the TD route.
Is it too late to change my mind?
Hi Skint4now,Â
You're asking the right questions and it's most likely not too late! It sounds like you'd benefit from more advice around your options and what the implications would be.Â
There are statutory solutions for avoiding a TD, like a DAS. so I'd really recommend you reach out for more advice before you have a TD or other solution approved.Â
Always happy to chat
Â
PaulÂ
Thanks for the response, I read that once you’ve signed the document there’s no going back and the only way out is to pay the total amount owed!
It really depends what you've signed, and the particulars of the agreement you've entered into. Can you share any information on why the AIB have knocked back the Trust Deed? Normally, experienced Trustees and Firms have a good handle on what will be accepted and give you the highest likelihood of a proposal becoming protected.
Before you give any additional information, or agree to a change to the proposal, it's worth making sure that a TD is the right solution for you. You are also somewhat correct in that if you don't complete a TD, that all the debts remain full and in force. However, given you've not had a TD protected, or started payments, this shouldn't really be an issue.