Yes it's allowed. I know a few folk that have been in two trust deeds over a period of time

Thanks.... They also asked my childrens full name and dob? This has me so worried

Hi Chellec and welcome to the forum.

It’s a lot more common than you think whereby someone needs to enter a second Trust Deed so don’t worry about this.

When we send a proposal to creditors we need to provide them with the age of your children as this can have an impact on your income and expenditure. For example if you have young children then your expenditure for them will more than likely be lower than if you have teenagers. Don’t worry about this, it won’t affect your children.

Have you met with an advisor to discuss everything in person? Also, did they go over all of your options and not just a Trust Deed?

Is there anything else that your worried about?

Welcome to the forum Chellec.

I'm sorry to hear that you're experiencing financial difficulty. As Gordy411 has kindly pointed out, there is no restriction on entering a trust deed more than once.

In terms of being asked for information about your family, there's a perfectly reasonable explanation for this and I don't think you should be alarmed about it.

Expenditure guidelines apply when you enter a trust deed or other formal debt solutions in Scotland. These guidelines may vary in some instances according to the age of a child, or when a child becomes an adult. It wouldn't be possible to make the necessary adjustments unless there was awareness of the exact age of the children.

Writing at the same time David - you beat me by 6 seconds!

Hi, thanks for repyling. This has all been done over the phone. I have a hmrc debt that they have told me trust deed might be rejected because of this

Hi Chellec.

If you give us a few more details we might be able to share a bit of feedback regarding that HMRC debt.

How much is owed to them?

What type of tax liability is it?

How much do you owe altogether?

Has any monthly trust deed payment amount been discussed or agreed as yet?

It is £14,000 but told is not fraudulant. It was for tax credits. I have £24,000 in debt

Hi Chellec,

It’s rare that my firm experience any problems with HMRC and dealing with debt that is owed to them. I know some firms can experience problems with different creditors and this could be a reason why you have been advised that HMRC may reject the proposal because it’s coming from a particular firm. This why it’s a good idea to speak with a couple of firms/advisors as things can vary from firm to firm.

Have you actually signed any paperwork for the Trust Deed yet?

Also, did the company you are speaking with explain the alternative options to you if your Trust Deed proposal is rejected?

In the event that a Trust Deed proposal is rejected and this is enough to stop it going ahead then you could also consider Sequestration to help you clear your debts within a 4 year period. This is more commonly known as Bankruptcy but is actually a lot more straight forward than you may think. It doesn’t need to involve the court, no one finds out about it in terms of newspapers, you still have a bank account and control your money and actually it can be very similar to a Trust Deed. Some firms don’t actually handle Sequestrations and will only do a Trust Deed whereas my firm are currently the number one provider of this service to the Scottish government.

Try not to worry too much as you have a number of solutions to help you with your debts and we can help guide you through the process.

Hi, No i am awaiting the paperwork and someone is coming to my place of work next week to witness me sign. I dont think it was explained in the way that it should have been but its also a lot to take it. The person i spome with on my final call last night was not sympathetic just very straight to the point and its this that has me very worried. Thanks for your help

Hi Chellec,

Try not to worry and over think things. From what you have told me your circumstances are straight forward and I can’t see any reason why a Trust Deed proposal would not work with my firm. I’ve done this for 13 years and have helped hundreds if not thousands of clients over this time.

That’s disappointing to hear that they were not sympathetic or understanding. It’s a very worrying and stressful time and most people don’t know where to turn so I think it’s vital that an advisor is sympathetic and understands the problems that someone has.

I agree it’s a lot to take in but actually it’s the job of a good Expert to explain it in a way that is non jargon and easy to understand. I always remember that for me it’s probably the 1,000th time I have explained it but to a client but it’s their first time of hearing about it so I need to ensure that they understand it. I always think of my mum and think if I was explaining it to her would she understand? She doesn’t have a clue about finances or money or something like this.

Can I ask why someone is coming to your place of work? Are you comfortable with this happening? Did they offer a home visit or even for you to go into their office?

Also, is the person that you are meeting with the actual person that you have been speaking with and will deal with for the next 4 years?

The way that my firm along with Kevin the other Expert on the forum works is that we are the ones that speak with you, meet with you and then generally oversee your case from start to finish. You get one point of contact which i think works great. If you’re looking for second opinion then Kevin or I would be happy to give you some further advice to reassure you. Explaining this to you will help you balance things up and give you something to compare to.

We say this to everyone but it’s important to take your time, make sure you discuss everything and receive everything in writing regarding the Trust Deed and how it will work and importantly make sure you are comfortable with the advisor and firm you are dealing with as once you sign up your tied to them for the next 4 years. If you do that then your Trust Deed should run smoothly and without any problems.

Hi Chellec.

Whoever you choose to use, please remember that you have a choice.

Going ahead while still worried and uncertain isn't a good starting point.

I wouldn't advise anyone to go ahead unless they feel they have sufficient knowledge about how everything will work as well as sufficient confidence that the process is likely to work.

To put it another way - it's generally more important to make the right decision rather than a quick decision.