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Scottish Trust Deed Forum
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Topic starter
19/06/2009 10:17 pm
Hi,
My wife and I recently found yourself in financial trouble and ended up robbing Peter to pay Paul with Loans and credit cards. It quickly got out of control and we realised it was getting serious when we lived of our savings to keep things under control.... with them exhausted and credit cards maxed it was clear we could no longer maintain payments going forward. I was advised to enter a trusted deed and my wife who gave up her job to look after the kids was advised the only course of action was Sequestration.
As of today it looks like the TD was protected with only one objection from a credit card company "X" who I owed in the grand scheme of things very little. Is there any particular reason why they object? From where I stand they only gain from this..... by forcing me to going bankrupt they would get zero (and I would more than likely have to resign from my job) as were are in mega -ve equity thanks to the fantastic state of our economy. Part of the reason we are in this mess.... I shall never again bet on money coming in that I do not have in the bank! Nor will a credit card, Buy now pay later or any other quick buck cross my hands.
While I know this is all my fault and have no one but myself to blame, the credit card company should take stock of what they are doing by making credit so easy to come across.... "another cheque sir to transfer your balance". Why not.....
We are getting used to the phone calls now from the creditors... they are chasing now, we changed our number as it was ridiculous. MBNA are a nightmare. If I have to explain the situation once more to the offshore team, I think I will scream. Not so bad for me as I can explain I am part of a TD and they kind of get this.... as for my wife, call barring is a wonderful thing.
Any indication of when they are likely to hit my wife for a charge for payment? This is the next phase I am not looking forward too.
Also Is there any reason why the IP will not allow your partner into your TD. I wanted to take on my wifeÔÇÖs debts (our debts), however due to an unsecure loan they would not allow this.
Sorry kind of rambling on....
TT
22/06/2009 9:34 am
Hi TT,
If the objection is from a creditor who was owed very little it hopefully will not affect the "protected" status of your trust deed. Approximately what percentage of your overall debt is owed to them?
Sorry to hear your creditors have been giving you a hard time. I hope our trust deed experts will be able to touch on some of your other points shortly......
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/06/2009 7:35 pm
HI,
It was from a card company I owed little too. I find it odd that they would have objected to this. fortunaly this was not enought to make the TD fail. I should find out tomorrow if its protected. I find I have to do alot of chassing with these people. They have not been very helpful given us bad advice and it was only via our own investigation did we get things cleared up with them.
I hope its protected. Fingers crossed. Will post and let you know.
23/06/2009 10:11 am
Fingers crossed for you TT.
As we have seen so many times on this forum the choice of Insolvency Practitioner to handle a Trust Deed is very important.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
