Hi David,

It can be paid over a year so roughly £42 a month. I will go to the meeting tonight and question it and if I don't feel comfortable, I will look elsewhere. Thank you

Hi ciara,

Are they asking you to pay £42 per month alongside your Trust Deed payment of £180 or have the asked that a third party pay the £42 per month?

Make sure you ask loads of questions this evening when you meet with them.

Let us know how you get on.

They have said it has to be from a 3rd party so my Fiance is going to pay it for me. I iwll let you know how it goes.

Just another question, am I entitled to choose a date on which the payments will start, for example, after next pay day would be best for me but that's practically a full month away

Hi xxciaraxx

Yes, you can choose whatever date best suits for payment.

Mark

We allow someone to start their payments within 4-6 weeks of entering into a Trust Deed and pick the date that they pay the payment each month. That way, it normally falls on their next pay day.

The Trust Deed effectively runs for 48 payments so when you start paying will determine when it finishes.

Your best to check with the company you are using for your Trust Deed to see when you may be asked to start your payments.

ok that is great thank you so much for your help. I'm going to ask if it can start 1 month from today and that wold be perfect. I just hope that the Trust Deed is accepted by the Creditors.

There should be no real issue gaining acceptance.

The vast majority of creditors are dealt with by one of 2 companies who provide IP firms with a criteria list. As long as the trust deeds meets that criteria, then they will accept.

I can't honestly remember the last one which we had that failed.

Mark

Good Morning all.

The meeting went great last night, everything was explained to me in full and I have signed my Trust Deed. I will be paying £160 per month towards my Trust Deed and my Fiance will be paying £42 per month for the first year to cover the £500 to protect our interest in the house. If the Trust Deed is accepted, I will be going from paying almost £600 a month towards debt to £160 a month, this for me, will be life changing, I feel like I will be able to breathe again. I just have everything crossed that it will go through.

I want to thank everyone for all their help so far but do have another question just out of curiosity. If I am paying £160 a month, how much of that do you think Carrington Dean will be taking for their fee? do all companies take the same amount or is it different with each comapny?

Thanks

Hi xxciaraxx.

Do you have a copy of the documents you signed? The fees you've agreed to should be on there.

Fees do seem to vary, but creditors can influence them and have to approve them.

I will receive a copy in the post, I quickly read through it last night before I signed, The main things I looked for were how much I was paying etc. It doesn't really matter to me how much they get but I was just curious.

Hi ciara,

Well done on taking steps to deal with your financial difficulties and enter into a Trust Deed. It must feel like it's been some couple of days dealing with everything and now having a plan in place to deal with the debts and become debt free in 48 months!

As we said as long as everything is confirmed in writing then things should run smoothly and without any problems.

Fees will vary from firm to firm. Some firms will charge a higher fee which could mean a person is required to pay a bigger payment to cover these costs and provide an acceptable return to creditors. Creditors set what fee Insolvency Practitioners can charge and if they charge too much then the creditors will reject the proposal. I'm sure your Trustee will work within these boundaries.

Best wishes for the future and good luck with things. Let us know when your Trust Deed becomes protected.

Thanks everyone, I have everything crossed that I will hear back soon and will know it is protected. It feels great to know that I have finally taken control.

Your creditors have a 5 week period to accept/reject your Trust Deed proposal from the date an advert regarding your Trust Deed is placed on the register of insolvencies.

I would assume that you will find out if your Trust Deed will become protected around the end of October.

I'm sure things will be fine. Try to relax and not worry too much about things now.

Hi xxciaraxx

It is a great relief when you have decided to do something about your debt - as you know the feeling from having to find £600 a month to £160 is life changing.

The experts/forum members have given you lots of great advice.

I would only say one thing PLEASE PLEASE PLEASE double check that the equity issue is in writing at the beginning of the TD. Don't take a verbal "oh it will be ok, we will sort it out later".

I only say this as the amount of horror stories I have read on the forum re equity is terrifying. Luckily I didn't own a home and had a very straightforward TD.

I wish you all the very best on becoming debt free!