Hi Stephanie

No, the ad needs to be placed in the Gazette and then it is 5 weeks from the date of the ad unfortunately. If it's any consolation, any decent firm will know if it will be accepted beforehand as we normally all work to a specific criteria.

Mark

Thank you Mark, the sleepless nights are just exhausting !

Hi Stephanie

Honestly, don't worry 99.9% go through with no problems.

Mark

Hello Stephanie.

Just thinking about it, I cannot remember a post here for quite some time where an individual didn't find that their trust deed became protected.

The last one we had was probably 4 years ago and it was an exceptional case where the opposing creditor was due about £700k, so it needed their consent.

Mark

Yes, I'd second that - objections are few and far between as long as your trustee sticks within the standard guidelines. Even if any objections are received, they would have to be from creditors sufficiently large to mean that protection does not happen. And even then there would still be the possibility of negotiating with objecting creditors to try and get them to withdraw their objection.

So all in all, the chances of a trust deed not becoming protected is very small as long as you have a trustee who knows what they are doing.

Stephanie,

The Insolvency Practitioners and creditors are very transparent these days about the acceptable criteria of Trust Deed proposals. It is in the best interest of everyone involved to get these proposals right for time and cost reasons.

It's early days in your case but you are right, no news is indeed good news.

You will receive a letter from your Trustee advising that the Trust Deed has been protected. I would hope you may even receive a courtesy call at the 5 week deadline aswell.

Thank you all so much, that helps a great deal, my husband and I are both worried sick about it all, it'll be such a relief to just start the payments and see an end in sight. Thank you x

My wife's was rejected,dunno why, but she was sequestrated while mines went through as a ptd.

Hi Stephanie,

My wife and myself are roughly at the same stage as yourself. Our ad was in the estates gazet on the 5th of Feb and first circulars were sent out on the 8th.

The way we look at it is simply that it's out our hands for the time being. Our Account Manager at RSM has been in regualr contact which does help as it at least gives the feeling things are happening. Basicaly until she hears back we wount know what is happening although both the Account Manager and the Trustee Euan who set up our TD are very confident that we will be protected as (as highlighted above) they follow set criteria with the creditis who are all well know to them and they know what will be needed to make the TD become protected.

Try and if possible not worry about things for the time being. Easy to say but hard to do (trust me I know this). If the creditors do come back and for soem reason the deed does not get protected (which is highly unlikly) then I belive there are still opts under the TD. For example extending the term marginaly or upping the monthly payments marginaly.