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Scottish Trust Deed Forum
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Topic starter
24/01/2011 4:56 pm
So here's a scenario...
1. Sign TD.
2. Does not get protected.
3. Immediately get a new job that would allow you to continue your previous credit payments that would have been in the TD.
Is it too late to restart paying your creditors monthly payments where you left off, assuming you could clear the arrears that had built up?
And what happens about the TD you signed?
Cheers,
DebtFreeWannabee
24/01/2011 5:05 pm
HI DFW
The normal process is sequestration following a non protected TD.
However the Trust Deed, although not protected, is still a legally binding agreement and you would need to maintain payments via the Trust Deed.
If you were to stop payments, the Trustee could seek his discharge and leave you to start a repayment plan yourself.
But dont worry, I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/01/2011 5:15 pm
Thanks yet again Mark.
Just trying to cover all bases!
DFW
