Welcome to the trust deed forum carole.

The usual advice on this subject would be to take guidance from your own trust deed firm. They have detailed knowledge of your case and the likely timings of events so their insight would be valuable.

Quite often trust deed firms advise clients to cease making payments directly to clients at the point that they are committed to going ahead and the start date can be foreseen.

Every case is different though so best not to assume this necessarily applies to you.

Have you had a face-to-face meeting with the firm yet?

Have you signed the trust deed yet?

Is there a date that you anticipate these things happening if they haven't already?

My advisor told me that it was really up to me whether I continue to pay or not. I am awaiting the forms to sign and return.
Should I maybe email my creditors to tell them I am applying for the trust deed?

I'm not sure there's any need to do that carole, though I'm sure it wouldn't do any harm if you did.

Once your trust deed is signed details of your proposals should be sent to your creditors by your trustee pretty quickly anyway.

It might be useful if a couple of our members that have been through this stage already shared their experience of this with you...

Do most people tend to stop paying right away though?

When I took out my trust deed I was advised to stop paying anyone , as it might be seen as giving preference to one creditor if I paid some and not others. Though when I spoke to the companies they wanted to try and help before I had the deed protected. So get the best advice you can before agreeing to anything and most importantly signing anything. Plus get everything in writing , I wish I had done so at the start as my trustee keeps moving the goal posts , also look at fixing any equity in your property now which could result in a static equity sum for the length of your deed . I am no expert , so seek the best possible advice and then decide.

I don't own a property so that is okay. It was just that I was worried that I will go into arrears if I just stop paying. To be honest, it would help if I did not make any more payments. I was wondering if the trust deed was not accepted, I will be in arrears? Thanks.

I continued paying until the date I signed TD paperwork which stated I should cease to make any more payments to my creditors.

Did you tell your creditors that you were applying for a trust deed? Thanks.

Hi Carole

Strange as it is a question which has been more frequent recently.

I think the general feeling is that if you stop paying, then creditors will somehow not accept a Trust Deed as you were previously paying to date.

This is not the case. I think there is no absolute clear guidance on this and the decision should be yours. If you make no payment, I cant see any issues.

Mark

Thanks, but would you recommend that I tell them I am applying for the Trust Deed? Also I wanted to ask for my partner. Do you have to have a certain amount of creditors to apply for a Trust Deed?

Hi carole

My advise would not to advise. Even if you did, legal action would be a long long way away, so dont worry.

As for certain amount, I am unsure if you mean debt total or creditors. There is no creditor amount ie you could have 1 creditor and debt wise, there is no minimum amount.

Hopefully this helps.

Mark

Thank you. I was just worried that I would be in arrears if they did not accept the Trust Deed.

Hi carole

Any decent firm will know beforehand that it will be accepted, so dont worry. It will be fine.

Mark

Thanks, much appreciated.