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Scottish Trust Deed Forum
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Topic starter
06/12/2013 3:47 pm
My Trust Deed has not obtained protected status as creditors have objected on the grounds my Budget allowance is too favourable. My Debt Adviser who has been great, is negotiating with them to get this lifted.
I have been mulling this news over today and just wondered if, within this forum there was a sense of how likely this is to happen. Do Creditors generally stick to their objection and force an alternative route such as sequestration, or is there a high success rate of objections being removed?
anyone had similar experiences?
06/12/2013 4:06 pm
Hi Dharmapunk.
We've seen a few examples here where creditors have objected to something. Typically that comes down to either the trustee's fees or the expenditure allowances used.
From memory the majority have been resolved and protection achieved, though of course in this instance that might rely on some flexibility from you regarding your expenditure allowances.
I do remember one where this didn't happen, but I think that was down to the trustee not being prepared to reduce their fees (so isn't applicable in this case).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
06/12/2013 7:22 pm
Hi Dharmapunk
As TDA has stated it all depends on what the creditors are prepared to except. It may mean that you will either have to increase your contribution or Trustee adjusts their fees to get the approval, hopefully it goes through ok and there is a compromise that doesn't mean you having to contribute more.
Michael
Michael is not currently posting in the Trust-Deed.co.uk forum.
07/12/2013 6:14 pm
This happened at the start of mine. Think from memory, they weren't happy with the "miscellaneous" element of expenses. I had to contribute an extra £20 per month.
Topic starter
09/12/2013 12:23 pm
Thanks for the replies folks, appreciated.
09/12/2013 12:27 pm
Hi Dharmapunk
Sometimes the Trustee just needs to expand on the reason for a specific cost ie high fuel costs as the person lives in a rural environment & uses oil etc.
More often than not, these can be resolved.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/12/2013 8:11 pm
We increased the contribution and it looks like the objection has now been lifted so big thanks to Paul at Wylie & Bisset.
13/12/2013 9:54 am
That sounds really positive Dharmapunk.
I'm glad to hear that it has all worked out.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
