Hi Marty72

I think around 99.9% go through.

The lump sum will have no effect on the contribution as this is based on income less expenditure.

Mark

Hi Marty72.

The major creditors tell insolvency firms the criteria they use to assess trust deeds. So long as those criteria are stuck to the prospects are very very good.

If there is a potential problem it can normally be pointed out in advance so that a calculated decision can be made whether or not to proceed.

What would the source of the lump sum be?

If the lump sum is an asset it would probably be captured by the TD as well as monthly payments.

A good IP knows what acceptable by creditors so they dont waste anyones time proposing something which wont get accepted.

Paul

I have an amount in an new account I opened with coop so to keep out of reach of my present bank whom I have a loan with.

Minefield all this. Surely an IP could offer the money I have as a lump sum trust deed. I am about to sign on and am returning to my flat which I have rented out for couple years. It in neg equity I am self employed.

If I am up to date with payments ( just) can you go into a trust deed like that.?Don't need to be completely humped for months in arrears?
Does that help if you are in defaul or not?

Marty, I was up to date with all my payments to my creditors when my Trust Deed was protected......

I was just working out that of my 7 different companies nobody has the 33% by themselves. Hope that might be a bonus if I decide to trust deed.
What percentages of debt owed have people generally paid back with monthly payments over 3 years?

Is there a benchmark that companies accept? 10p in pound or more?

Cheers

I made a one off lump sum payment but it had to come from a 3rd party and i had to prove were the money came from.I Paid just over £11,000 and that was for debt of £48,000.Also I had to show I could not pay a monthly payment on my income.Hope this helps you.
Lucy

I was up to date with all of my creditors when my trust deed started and while I didn't pay a lump sum at the beginning, I paid three lump sums when I received bonuses from my employers. This didn't affect the monthly payment in any way.

Good luck

quote:

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Is there a benchmark that companies accept? 10p in pound or more?

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At the conclusion of my TD (all Ip fees paid etc) the payment was 26p in the pound. Dont know if this is high or low.

It generally needs to be expected, at the start, that at least 10p in the £ will be returned to creditors after the trust deed fees and costs are accounted for.

How much are the debts and how much is the lump sum?

If you have no disposable income a lump sum funded trust deed could be possible.

I have debts of £36k and lump sum...well I have 10k left from investments in a safe account. But I could get hold of another 5 or 6 k form third party.
But I don't want to be coming up with lump sum and then be saddled with monthly payments. I am about to sign on for first time in a while. Was spending over 12k a year making minimum payments and that money came from investments in stock market. ALL GONE now.
Will my 10k be gobbled up instantly by my IP or be part of my lump sum?
That would be a nightmare if it was taken and not allowed as part of my lump sum payment. does it depend in the IP I choose?
Hope so....sure they must differ in the approach sometimes

Marty

Lucygirl

Was it a rea a real slog getting the lump sum td set up? How long have you had it? Where you released right away? Or several months a year?

Cheers

Marty

Hi Marty

There are never any guarantees. However the proposal you state I think would be accepted with little or no objection.

Mark