Thanks everyone for your messages. If after 48 months when the trust deed ends I am still going to owe 1570 pounds to my creditors will Knightsbridge leave me to do the rest myself where I will be back to square one or is the rest written off

Hi charlene.

Probably an awful lot more than that will be unpaid to your creditors because of the fees.

That, depending on your view, may not be a problem as unpaid debts will be written off when you're discharged.

If you prefer to fully repay your debts a DAS might be a better option. Depending on how much you pay into a DAS it might also be a shorter option.

I have to ask, why are you looking at 48 months??

If I were you and knowing what I know now I strongly suggest you shelve any discussions with these people you are dealing with and enter into discussions with some of the IP's here, you may not even need to get into a trust deed

SPEAK TO SOMEONE ELSE ASAP!!!!!

don't sign anything until you speak to someone else

Hi Charlene

If you entered the Trust Deed, then any balance of debt is written off at the end.

It is difficult to comment on what is the best option, however unless from your posts, I'm not sure the Trust Deed will necessarily be the best or the only option available.

Mark

Going to call Knightsbridge tomorrow as turns out I don't get to see documents until someone from simple financial solutions brings them out for me to sign. Nit happy with this as I need time to read over everything make sure I'm happy without someone standing over me pressuring me!!!

Lot of people saying I probably don't need a tryst deed still at square 1 arrgggghhh

Can someone give me info on company that is Scottish government ran for debt arrangement scheme please

Hi Charlene

The government don't run any advice agencies of this sort, however all DAS providers have to be "approved" under the regulations. There are two types depending upon whether you are willing to pay for the service or not.

Most if not all of the firms represented on this forum can arrange and administer a DAS for you, but being private companies would charge you a fee for doing so. You can also set up a DAS programme for free through the likes of Citizens Advice Bureaux, Local Authority money advice centres or other free advice agencies.

Go onto Stepchange website - they are a charity I believe that don't charge for setting up & dealing with a DAS unlike other companies. There is an online questionnaire and at the end once you have entered your income and expenditure it will tell you what they recommend ie DAS, Trust Deed, sequestration. It's worth doing and it only takes 5 mins.

Hi again guys well I've gone and got myself in another tricky situation out of desperation!! Please dont judge. I've got my forms throughfrom Knightsbridge all ready to sign, I've read through them and I guess I'm ok with it!! But over the weekend I was desperate for cash and as I don't have many family members to help me out I stupidly applied for a payday loan!! Not for a second did I think I would be accepted but I was and of course agreed to tens and conditions. Obviously I am not going to be able to afford to pay it back and I'm worried to tell my trust deed advisor in case my trust deed becomes void please help guys what should I do! I know it was silly to get myself in more debt but I have a young son and desperate times! :(((((

Hi charlene.

Please be careful. Once you've identified that you're not going to be able to repay your debts you're opening yourself up to criticism and even possibly sanction if you continue to borrow more money. I do understand however that you'll have essential expenditure to cover.

At the current time have you been continuing to repay your debts as best as you can, or have you been advised to stop repaying your creditors altogether?

I have Bern advised to stop repaying them altogether. I haven't signed mistrust deed yet but someone is coming out tomorrow for me to sign. I understand I shouldn't have borrowed more money but I really had no where else to turn

Try not to worry too much about the payday loan, charlene. Just be up front and I'm sure it won't cause too much of a problem - its not unusual for people to feel desperate and take on further debts before entering into an insolvency procedure and I'm sure that payday lenders will see this more than most. It's an inevitable consequence of their business model.

I am slightly worried about the afforedability of your trust deed if you have stopped paying your creditors and not yet started your trust deed but are still struggling to get by. Are you sure you can manage the payments as if not then you should maybe be considering sequestration instead?

It was just a desperate measure for me I have never taken out a payday loan and over the weekend something came up thet I couldn't ignore. I will be able to afford my trust deed payments I just don't know how I'm going to get 280 by end of Nov for payday loan!! And what should I say to my trust deed advisor??

Hi charlene.

All debts that exist on the date that you sign a trust deed are included in the trust deed. You'll not need to pay this loan directly if you sign a trust deed tomorrow. That, in itself, isn't a reason necessarily to sign the trust deed of course because there are more important issues at stake.

You should inform your prospective trustee about it.

When did you stop paying your debts directly?