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Scottish Trust Deed Forum
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Topic starter
14/08/2009 10:49 pm
hi folks ive just signed up for a trust deed i feel i have done the right thing to deal with my problem. i got told it will take up to 6 weeks to find out if i get accepted or not the problem is he said to me if i dont get accepted the next thing is bankrupt should i be worried about this he said not to worry because i have no assets, if it did go that way what would i pay back then and for how long. also what do you think the chances are of it getting rejected i have 44k to 2 different creditors and my trust deed is 350 a month. thanks very much for your help
15/08/2009 4:06 pm
Try not to worry dazza, most trust deeds do get protected and from the information you've given I don't see any reason why your trust deed should fail.
A trust deed is often a good option, especially for people like yourself who can afford to pay something but whose debts are too large to be able to clear within reasonable period of time. It is good to hear that you feel it is the right decision, as I sometimes worry that reading some of the posts on this site might put some people off from opting for a trust deed! The truth is that they can be a very effective solution and in the vast majority of cases run smoothly and provide great relief to people who really need it.
In the unlikely event that you have to go bankrupt you should normally find that you would pay a similar amount to that which you pay in a trust deed - under both procedures your contribution is based on what you have spare after your reasonable living costs are met. You would pay for 3 years, same as a trust deed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
