Welcome to the forum lilone.

I think you should just answer any questions honestly in respect of whether you've been in a trust deed before. You may well not be asked about this and, if you were, I wouldn't think having been in one eight years ago would make any difference at all.

In terms of stopping direct creditor payment, you'd be expected to do this when your trust deed is signed.

Your trustee will be in touch with your creditors about you signing a trust deed after this has happened.

Have you been through all of the options available to you? Trust deeds are often a good choice, but for some people other options could be more suitable.

Thanks for the Quick reply!

I think am just worried as even tho my unsecured debt is high ive always paid on time never missed an payments not making any feels a bit daunting.

The company I am dealing with is KPMG i dont know if anyone else has dealt with them before? they did give me options and worked through everything I was paying and doing a trust deed would give me some surplus to live with out worrying. i dont have a mortgage as ogf yet but with the hope of getting one once this is over

Many Thanks
Nadia

Hi Iilone, I'm in pretty much the same situation and just signed off last week. All my payments were up to date and I had a good credit score, but every month I would pay off my debts and then be leff with very little to pay for food or petrol for work so I would just use my credit card. It was when I realised that I needed to pay my council tax with a credit card that I decided to take action. I went through various emotions of relief when I spoke to people on the phone who said they could help, to panic when I realised it was all happening. I decided to sign the paperwork when it felt 'right' and now I'm waiting for 5 weeks, feeling a bit nervous, feeling a bit like the world feels slightly different now. I'm always checking my e-mails and had my first creditor letter last week so I'll expect more in due course.

Hi roverrunner!

Thanks for your message!

Its all very daunting,i just hope am
Making the right choice, like you i was paying everything but reusing credit as i
Never have enough for the month! Myself and husband want to start a family and i didnt want let this be hanging on me for then!

Let me know how you get on! Hope all goes ok!

Hi roverrunner!

Thanks for your message!

Its all very daunting,i just hope am
Making the right choice, like you i was paying everything but reusing credit as i
Never have enough for the month! Myself and husband want to start a family and i didnt want let this be hanging on me for then!

Let me know how you get on! Hope all goes ok!

It is a big change for you, switching from struggling to pay everything as it falls due to stopping making payments - it is bound to feel unsettling. Try not to worry, just keep reminding yourself that this is sorting your situation out.

A good credit rating is only useful if you want to take further credit, which is probably the last thing you need right now, so don't worry about that. In the long run your credit rating will most probably be a lot better having been through this rather than continuing to try and juggle your debts.

If you feel a second opinion would reassure you at all, then feel free to contact one of us experts on here and we'd be happy to discuss your own circumstances in more detail.

Thanks Kevin That's very kind and re-assuring!

I think my initial worry is the whole setting up of the trust deed, and the impending letters and calls otherwise i do feel am making the right decision based on my current situation

I was surprised how polite and seemingly understanding my creditors were when I phoned them to inform about my trust deed. I've only had about three creditor letters, which have now stopped, and they no longer phone me. I was expecting to come home and find piles of letters on a daily basis but it all seems very professional. I signed off my paperwork three weeks ago so two more weeks out of the 5 to wait. I still get anxiety at times but I know I just have to hold on. Going to work keeps my mind off things.

hi roverrunner76

am glad it hasn't been too bad for you! I contacted some creditors and the loans put a 30 day breathing space on my accounts until they receive the letters required the credit cards didn't seem to be fussed as all payments were up to date its when you miss one they call they advised. My advert went in last week so everything is waiting until 22 nd dec so we will see how this goes.. no payments will be missed until into December now so might have timed it ok for me not to get to harassed, although i am actually feeling better about things now so slowly and surely i hope it will be a quick 48 months [:)]

As long as you communicate with the lenders about your situation then they tend to be understanding and will put the account on hold for them to receive paperwork regarding your Trust Deed.

The issue sometimes can be the debt collection companies who pursue you and know nothing about the Trust Deed. If this happens let your Trustee know and they will contact them and deal with it.