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Scottish Trust Deed Forum
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Topic starter
29/05/2012 6:14 pm
I have been looking at the forum for a few weeks now as I finally realised that I had no alternative but to seek advice. I had put it off as I want to pay my creditors all I owed them like many on this forum. With great trepidation I took the step to contact CAB initially for advice and after speaking to me they suggested bankruptcy. I was upset at this as I had hoped that I could do a DAS but after speaking to them I realised that the budget I had worked out would not work as I had cut it down to the bare minimum to make sure I would have money to pay my creditors but realistically it would have failed as I had left no money for any emergencies. Thankfully I was pointed in the direction of an IP who phoned me that day and came and saw me a few days later. After much discussion it was decided that a Trust Deed would be a suitable option for me. The initial papers were signed during the visit with a letter of appointment following by post a few days later, this to give me a 7 day cooling off period. I have returned the papers to the IP and am now waiting for it to be put in the Gazette. I realise from this forum that the 5 week period will be stressful and probably the longest time in my life but thanks to reading the posts here and the support people receive and give that I wont be alone and know that I can come here for support. This as you have gathered is not a question just a way for me to put down how appreciative I am to the people and the experts on the panel who freely give their time to help people to get through a difficult period in their life and give hope that it will get better.
29/05/2012 6:38 pm
Welcome worriedmary, I know exactly how you are feeling right now as I am fairly new to it all too, but with each passing month I can honestly say it was the best decision I had made in a long time. I agree with your comments on the support you get on this forum. I check in regularly and any question I've ever asked has been answered almost immediately. Good luck and keep us posted on you progress.
worriedme
29/05/2012 9:37 pm
Hi worriedmary
I only came across this site just after I'd signed my trust deed and I read the forum regularly to get lots of info.
I am 3 weeks in since the notice was advertised so 2 weeks left to go until it's protected and I have to say it has gone quite quickly and haven't had much contact from creditors - yet!!
I know once it has become protected it will be a huge weight off my mind. I hope it is the same for you [:)]
final payment 1st May 2015
30/05/2012 9:03 am
worriedmary why was bankruptcy a no go for you,do you have property or assets that may have been at risk? Are you happy with the TD budget that been set,as that probably one of the most critical elements to make sure you are comfortable with before things get going?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
30/05/2012 9:11 am
Hi worriedmary.
I just wanted to add my welcome to the site.
I do hope that you find it to be a useful source of support and information.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
30/05/2012 10:33 am
Without Marks help through this forum I would be up a certain creek without a paddel , also big thanks to all the other experts and TDA , for support and the " family" to its always nice to know you are not alone .[8D]
30/05/2012 11:49 am
Welcome worriedmary, glad to hear that you are finding the forum to be a good source of support
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
30/05/2012 12:47 pm
hi Paul bankruptcy was an option that I did not want to go down without trying for a trust deed first, I do have a house but in negative equity and my car is not worth much. The payment worked out is one I feel I could cope with. I was told the assets and payments I would have to make were worked out the same way in either case. The choice I made was ptd because I feel more comfortable with that as I am still feeling guilty that I have got to this stage as I have always paid my debts and just having to ask for help was hard. My emotions are very up and down at the moment I will be relieved once the gazette add is done so at least the process will be in my mind properly started, as matters are with the IP just now with regard to this I feel anxious as there is nothing I can do but wait for someone else to do things. Still I feel in the end I have made the right decision to let me sort things out.
30/05/2012 8:34 pm
Hi Worriedmary. It's now two weeks ane one day (but who's counting eh?) since our trust deeds went into the Edinburgh Gazette so much the same stage as you. Funnily enough I feel more relaxed in dealing with my creditors now as I feel that we're actually doing something positive towards sorting ourselves out. We were on a debt management plan for two years but were getting nowhere as some creditors still insisted on charging high rates of interest. I only wish that we had been more realistic when my hubby lost his job and looked at the trust deed option then rather than robbing Peter to pay Paul and incurring more debt and interest charges. Good luck to you on your journey. Hopefully it will be a smooth road we both travel.
Sandyann64
