Hi martinb17 and welcome to the forum,

I wouldn't worry about requiring a second Trust Deed. It's actually more common than you think.

I can't see there being a problem for you to contribute towards the cost of the vehicle. I've dealt with a number of cases in the past whereby another person has the finance in their name and the person entering into a Trust Deed contributes towards the costs of this as they are the main person using the vehicle.

When it comes to your income we need to consider an average This can be done over the previous 3, 6, 9 or 12 months. If you feel that your income in the past isn't a true reflection of what it will be going forward then this can be taken into consideration and reviewed on a regular basis.

From what you have told us I can't see any problems setting up a second Trust Deed.

Can you tell me how much debt you currently have and if you own your own property?

Hi David thanks for your quick reply.

I have about £12,000 and rent through council/Hosing assosiation.

There is a bit more information that may affect or not affect the situation.

I am in a DMP/DAS with stepchange and I have made my first payment in January. I only included 9 creditors as I was under the inmpression I could just include loans and do the rest through my extra surplus. No one went though anything in detail. I need to take some blame as i never probably read through everything and just sent what they wanted.

When the first payment left I quickly realised that this would not be possible. I emailed stepchange but they have not got back to me. The whole process with stepchange took 5-6 months. I am now in a position that i have a total of 21 creditors of which 9 are with them. The whole thing is a mess. Payplan advised a trustdeed was the best way forward. I couldnt sleep last night with worry.

Thanks

Martin

Welcome to the forum martinb17.

It's certainly not in your interests to have some debts included and others left out.

Formal debt solutions, like trust deeds, do require that all the debts that exist are treated the same and included.

It sounds like you need to speak with a couple of trust deed providers and establish exactly what their expectations would be in terms of your monthly contribution etc.

Hi martinb17,

Being in a DMP or a DAS doesn't stop you from entering into a Trust Deed if that is a more appropriate solution.

Ideally you want a plan which includes all of your debts. Experience has taught me that leaving debts out of any plan only leads to problems later on down the line.

The best thing to do is to contact an expert and discuss your situation in full. That way you will know exactly what your options are and what your monthly payment is. Kevin or I can help with this if you wish.

I'm sure in the space of a 20-30 minute phone call your mind will be put at ease and you might get a better sleep tonight!

Hi martinb17,

The DAS thing isn't a problem at all. You can sign a Trust Deed if you wish and once it becomes protected then your DAS is revoked automatically.

Regarding your income/commission, I dealt with a very similar set of circumstances very recently and we were able to organise the Trust Deed without a problem.

As David said, your initial payments have to be based on an average of your previous income. However, if it is expected that your income will be less then that can be built into the proposals - after all it wouldn't be fair on anybody if your creditors were being promised that you will pay more than you can actually afford.

Thanks so much for your reply you have all put my mind at ease. I spoke to Payplan yesterday and was on the phone for 1 hour going through a few details. I have another call with them on Monday to go through the rest. Do they work with different trust deed companies? What do you think is the best option? I would like to get this sorted as soon as possible.

Thanks

Martin

Hi martinb17,

Payplan from what I understand are a commercial organisation and will actually handle your Trust Deed themselves rather than pass it out elsewhere.

Have they offered a home visit to discuss things or just to do everything over the telephone?

I would always advise a client where possible to meet with the advisor face to face who will be handling their case for the full 4 years. Doing this I think ensures that there shouldn't be any problems later on down the line.

As long as you take your time go over things thoroughly with an advisor and make sure you can afford the payment then I don't think you will experience any problems setting up another Trust Deed.

David's right, Payplan aren't a debt charity, they are a commercial organisation and I'm pretty sure would set up and administer your Trust Deed themselves.

Have you talked to them about your income and the commission-based aspect? I'd make sure this is fully clarified before you commit to anything. It is a big step so no need to rush it, and no harm in getting a second opinion so that you can ensure that you are happy with your choice of trustee.

Hi
I am with Payplan. I did everything over the phone with them and they were very thorough. They sent me the transcripts of calls to ensure that I agreed with everything that was said.
They have been nothing but helpful and have made the process very easy. If there have been differences to my usual monthly salary, e.g. bonus then I just send them that payslip (over and above the quarterly reviews)and they calculate there and then how much needs to be transferred to the TD.
I am just coming to the end of my TD and Payplan have been excellent throughout.