Hi
I couldn't say what the best solution would be, one of the experts will comment on that.
As far as having everything up to date and robbing Peter to pay Paul, that is the situation I was in, and like you ran out of credit doing that. Being up to date on your payments doesn't prevent you from having a trust deed.
Make sure you get proper advice on all the solutions available for you and your circumstances.

Hi youngrio

You'd be surprised how many times the question is asked. Whether you have arrears or fully up to date with payments will have no effect on the Trust Deed.

I've never heard of the company you mentioned and as saabrina says, ensure you look at all options before deciding what's best. You need to make the decision on what's best, not a company as that's how they make their money.

Mark

I think that StepChange (sic) is CCCS' new name.

And I agree with the advice given by Mark and Saabrina.

StepChange is CCCS rebranded.

Contact at least 3 sources of info to ensure you get the best advice (I went to my local citizens advice bureau).

I was also up to date with everything.

Paul

Many Thanks for to all of you for your advice, I think the best course of action will be to sit down and discuss it face to face with one of the recommended firms on this site to see what the best solution will be.

Thanks again.

Best of luck YoungRio. Presumably you don't own any assets of any significant value that might cause a complication?

I was up to date with everything and then I got a letter from 2 of my creditors saying they were halfing my available credit which when interest was added on, put me over my available credit. You may be up to date at the moment but creditors can and will review your account and may decide on this course of action. Like others have said, get different opinions on this and don't do what I did and phone the best looking advert in the Yellow Pages. Before you make any decision you need to review how much you owe and to whom, what you have coming into your account every month (don't count debts) and value of any assets as anyone you talk to will want to know all of this. Also have a rummage through this forum and see what questions come up most so you can ask them directly to who-ever you talk to. It sounds like a lot and a bit scary but you'll get through it and the time will pass quicker than if you were bricking it, waiting on letters to come in. I used to avoid the postman by walking the dog in the morning then peaking through the door to see what had arrived. Daft, I know but rational thought wasn't happening.

Hi Youngrio,

The positive thing is that you have a number of options available to deal with your debts from a Trust Deed, the Debt Arrangement Scheme and even Sequestration.

As Mark said, you don't have to be in arrears to consider a Trust Deed. Each one of your creditors will probably not be aware that you have additional borrowings with other companies. When a Trust Deed proposal is sent to your creditors this includes a list of your debts which will show each individual creditor that it's not just their debt that you have but additional borrowings that you are struggling with.

This isn't really a factor when creditors decide to accept or reject the Trust Deed proposal. This normally comes down to your income and expenditure, the level of contribution you can afford to pay, the estimated return to creditors and the level of a firms fee. A good advisor will be able to advise you on all of this.

Make sure that you ask loads of questions and get everything in writing before you proceed with whatever option you feel best suits you.

Hi

Does the list of debts / creditors get sent to all potential claimants in a sequestration too?

Just wondered if it makes any difference that creditors are not asked to ok a sequestration?

Thanks again for all the advice, really appreciated,

Kevin, no assets whatsoever,(unless a clapped out y reg Ford Focus counts!), currently renting so no equity on my home to help out.

Gillian, Thanks for your response, Good to hear the thoughts of people who have been through the same thing.i am trying to do some forward planning ,as although things are up to date at the moment,It is just a matter of time before the proverbial hits the fan!
Chris, Thanks for the info on how things are looked on by creditors, My fear was that they would be apprehensive to agree anything, Seeing as i had been up to date and not in arrears. I have heard stories of Creditors refusing to look at anything until the client had missed a payment or went into arrears!Wheres the logic in that?? I will defo be looking to arrange an appointment with someone next week to look at my options.

Another thing to think about when you decide on who to talk to. If you have a look through the forum for posts that look like they want to discuss getting into a trust deed or debt management, look at the responses from our lovely experts. None of them will volunteer the response of 'call my office and we can have all this sorted out in a few days'. Something to consider when you're looking for firms to talk to. Had I known about this forum when I entered my trust deed, I'd have opted for one of them rather than the company I went with. Time from contact till signing paperwork was under one week with only one very tear-stained face to face.

To RBSB - yes a list of debts/creditors is sent to all potential claimants in a sequestration too. Is just for information purposes really, so they know how much they might expect to receive back towards their debts - obviously the level of other creditors may be a significant factor in this.