Hi Domino, I would speak with some of the experts on here first before signing up with Payplan - I strongly recommend you do.

Speak to another company. Payplan are a bit robotic in their attitude to customers.
Any further ppi money coming in after the trust deed is signed will go to the trustee to split between all your creditors. Will you still need a trust deed after the ppi payouts reduce your debt as its something you should avoid if possible?

Paul

Thanks for the replies. I think I will still need a TD even after this initial payout. But I think what you are confirming is that I can use any further PPI BEFORE TD is signed to pay other debts if I can?
What's the issue with PayPlan - I had a recommendation to use them and I must admit, to date they have been very helpful.
Thanks.

Domino

I'm sure they will be helpful to you have signed, but I've read time and time again it's all down hill from signing on the dotted line. I would recommend calling the recommended experts on here first. Have a face to face meeting, ask all the question, and get all the agreements in writing before signing anything.

Hello Domino99 and welcome to the forum.

I'd urge caution about paying off a single debt very soon before signing a trust deed. It probably will not do you any good and it could very possibly damage your interests. You shouldn't be seen to "prefer" certain creditors over others when you have identified that you may need a trust deed.

In terms of the claim money I'd seek advice from your chosen trust deed provider as to what you should do with it, even if it arrives before you sign.

On the part of the site we don't make comment about firms other than the four that we choose to recommend here (represented on the site by Mark, Kevin, Rob and David).

What I would say is that, from years of reading thousands of threads on this forum, a face-to-face meeting before you sign a trust deed (with whichever firm you choose) is the single best way to reduce the potential for issues to arise further down the line.

The second important suggestion I'd make is to get certain big issues clarified in writing before you sign. This might include (depending upon your circumstances) exactly what will happen with your home, car, overtime, bonuses etc. You'll know where you stand and you'll have something to refer back to if there is a dispute later.

Thanks TDA.
I'm only expecting smaller amount from new claim - hoping it will clear bank overdraft as I wanted to avoid having that as part of the TD as they are also my mortgage provider.
How long does it take for the TD to become 'protected'?
It would be good to get a face to face meeting but it seems PayPlan Scotland are actually based in Grantham!!
Thanks.

Domino

Hi Domino

Generally if you sign the trust deed, then any sums should be notified to the Trustee.

I always advise of a face to face meeting. Nothing too scary, honest. Once the meeting takes place the trust deed can be set up as quickly or as long as you wish as the docs are all very much standard. From signing to protection, is normally around 6 weeks, however any decent firm will know before the proposal is sent whether it will be accepted or not, so it should be a matter of concern as long as it meets the criteria.

Mark

Hi Domino99,

Thank you for your query.
Whilst you are in the process of entering a Trust Deed, it is always best to declare any assets or potential assets to your Trust Deed provider.

As Trust Deed Assistant has correctly stated it may be seen by your other creditors as preferential treatment if you single out a creditor and pay off the balance of the debt specifically to them.

Whilst Payplan do not offer face-to-face meetings, we have a dedicated team who are contactable via telephone and e-mail if you prefer information in writing, you will receive comprehensive details and explanations of your Trust Deed documentation as a matter of course.

Warm regards,

Samuel Jepson

Hi Samuel
I spoke with my case officer who sought advice from IP and we have come to an agreement.

Thanks.