Hang tough! I too felt that I had taken a huge step towards resolving my problems once I had signed a Trust Deed and feared that it would not get Protected status - given I had around 10 creditors and in the region of £45k owing my view was "how could anyone want to sign up to the proposal from my Trustee?" You should hold the thought that your creditors wil accept x% of something than y% of nothing! That was the mantra I held onto from my Trustee during those 4 weeks of waiting and the result is....my 36th and last payment is due next month!

Hi Indebt999

Without giving the game away, creditors provide IP firms with criteria for accepting Trust Deeds, so IP's should know in advance if a Trust Deed will be accepted or not before sending the proposal.

If its any consolation of the last 100 Trust Deeds I have sent, we have had 100 agreed. Of the last 200 sent, 200 agreed etc etc.

I'm sure it will be fine.

Mark

Thank you guys!
Charlie 1958 ~ well done! I'm so happy that things are almost sorted for you! It's a terrifying time for me but it is good to hear that others are or have been in the same boat! Good luck with the future.

Mark ~ thank you. It's going to be a very long 4 weeks. I don't know if my health can stand it! It's great for my weight!
I'm just super worried. It's just a nightmare when you have told family and admitted the problem an then wham bham it's taken away from you! That would just be our luck!! Thanks again

Too kind! Just let us know the outcome and draw comfort from the success rate experienced by Mark and the "good news" stories that populate this great forum.

I can't believe my time is coming to an end but being able to go into 2012 with a clean slate (and no cards or debt) is a dream come true - you just need to appreciate your time will come too and remind yourself that the legislation is there to help you, not punish you further.

Given that the vast majority of my debt was a build-up of interest payments when robbing Peter to pay Paul (or in my case, taking funds from Visa cards to pay Master Cards - sound familiar to anyone?) the guilt trip about not meeting my commitments to financial bodies quickly vanished. Yours will too when that PTD is in your hand!

Just to back up what Mark says, any decent insolvency practitioner should be able to tell you with a good degree of certainty whether what you can afford is likely to be accepted or not before you sign up. The vast majority of usual creditors have set criteria which they stick to so the chances of failure are very small.

Thanks again guys. I have been told that is it likely to go through but there will be that anxiety until we have been told for sure! It's such a rubbish feeling! You would think I didn't have enough stress in a very stressful job with uni and everything else!! Argh!

Hi Indebt999

I was in exactly the same situation as you 6 weeks ago and thought why would any creditor allow my trust deed to become protected. I had seven creditors but my two biggest amounts would have been enough to blow my protection out of the water if they objected and they were both owned by the same parent company.

Luckily, I received no objections and my protected status was registered on the ROI this week. Five weeks does seem to take forever to pass but there is nothing you can do now but wait, I'm sure you will be ok and this time next month you will have your protected status.

I know it's easier said than done but try not to worry. I am a worrier too and went for weeks without proper sleep and all it done was made me ill. All I can say is hang in there, tell yourself it's in your creditors best interest to accept it. Best wishes

Same here, I had about 10 creditors and over £100,000 in debt! Same fears - they would gang together and the majority would object - in the end I received NO objections whatsoever!!