I'll phone them tomorrow but unfortunately the person dealing with my case is off until Monday, so I think I'll be being told to wait till then. Does a trustee have to lower there fees? Would it not be more benificial for the trustee for sequestration?
Thanks everyone for your help

Hang on in there , we are all with you to find the best possible solution . Think your trustees fees might be the problem .
If you can find another firm with lower fees before giving your X on the spot then go for it .
Maybe the experts here might give an idea of fees to help you further [8D]

If you call tomorrow ask to speak with a manager or someone else regarding your case and don't allow them to fob you off till Monday. The Trustee doesn't have to reduce their fees but in normal practice we always would as long as it makes commercial sense and there is normally scope to do so.

Don't allow yourself to be pressured into a Sequestration by your Trustee if this isn't something you are keen on although as we have said its really not as bad as you would think.

Were you advised before you entered into the Trust Deed that there could be an increased chance that your creditors would not accept it as you appear to have the majority of your debt with NRAM? A good advisor should have been able to advise you of this potential problem.

Thanks chris I will do that. After speaking to yourself and the other guys on his page I'm feeling a bit more confident about sequestration but m not going to give up on the deed.

Sequestration is not nearly as bad as you think, I was sequestrated in May 2011, I too, was not happy that I was declined for a TD but on reading this forum regularly, there appears to be very little difference, actually it does seem easier to go for sequestration. The only difference it would appear is the stigma. It is not an easy option by any stretch of the imagination but as I am nearly approaching the 2 year point, I can see light at the end of the tunnel. Good Luck [:)]

The Trustee will be well versed in dealing with objections. They should have had alarm bells ringing as soon as they heard NR were a creditor and prepared you for the worst. If they have a majority debt then I would imagine any negotiations would be unsuccessful as they are fairly combative. He IVA Watch who represent them are however a lot more practicable but do answer to NR at the end of the day. Could be a number of things the objection relates to - dividend, expenditure, duration, fees, referral fee, age of car etc.

I think the easiest solution would be to find out who objected and why. If your trustee is unwilling to provide the information or is unwilling to adjust his figures to allow acceptance, I would have serious concerns on moving forward with sequestration with the firm.

The objecting creditor would have faxed the objection and the reason. In this scenario we have lifted the phone and had any objection overturned within 2 minutes with either an explanation or simple adjustment. Personally I find TIX who act for most creditors and IVA watch incredibly easy to deal with and cannot think one one occasion where they have not rescinded the objection.

Mark

We also don't have any problems in dealing with TIX and IVA Watch either and as you say Mark, a quick phone call to them when an objection is received to discuss the objection and for adjustments to be made or further information to be supplied will normally result in it being rescinded.

As Mark has said find out the reason for the objection and discuss this with your Trustee. If they are not willing to provide the information or even consider reducing their fees in order that NRAM (IVA Watch) will rescind their objection then think long and hard if you want that firm to deal with your Sequestration.

Once you speak with someone today you may find that they are happy to provide the information and also reduce their fees.

Best get on the phone to them early and as I said, don't wait on your case manager returning on Monday, ask to speak with someone else re your case.

As most of the others have said, Northern Rock/IVA Watch are not difficult to deal with as long as the TD proposals meet their criteria.

If they have objected then, knowing their criteria, I think it is likely to be the level of the trustees fees relative to the amount being paid in in total that is causing the problem. This should be easily enough remedied if the trustee is willing to reduce their fees, or if you are willing to extend the term of your trust deed a little, or a bit of both.

I think this is 2 trust deeds we are talking about - one for you and one for your partner? So I'm presuming that only £250pm is beiong paid to each trust deed and two sets of fees apply. Nevertheless, I don't see why payment at the level stated should not have been acceptable all along if the trustees fees were set at a reasonable level.

As an aside, I'm afraid I must disagree with Rob about the powers of a trustee in a protected trust deed in relation to a family home. A trustee has the same powers to take possession and sell a property as a trustee in sequestration these days. I am sure that this is a very rare occurrence, but the power is there.

Fingers crossed for you Big Chap.

With a week to go before we reach the protection status part im starting tio get quite nervous now that there will be issues with our Deed's becoming protected.

So nervous infact I just sent off an email to our Administrator to ask what comes she has had back regarding protection etc.

ALthough I do have to go back to our initial conversation with Euan at RSM. When going through our debts (and we have substatialy more debt than you) Euan explained they have worked with all creditis and know what typicaly is classed as acceptible for them based on previous experance and has based out TDs arround this to ensure the best likley hood for the TD being accepted while still staying afordable for us.

If a trust deed doesn't become protected, is it possible for the client to go to another firm and go through the whole process again? It seems strange that if the firm you are with has been involved in trust deeds for a long time that they wouldn't know what criteria and level of fees would be acceptable to the main creditors. Hope it all works out okay.

Well..... Spoke to them today and they say they will speak to my case manager on Monday as there the only ones dealing with it. I think you are right With what you say about the fees I believe that they are probably are more than 50% but do not know this for certain. Do you think they will lower there fees ? As if I go down the sequestration route they are more likely to make more money?? I may be wrong on that hmmm . What are the standard % fees? I know this is a vague question but it would be good to know and have some background on this for my conversation on Monday

Gillian a v good question. Wish you will Thebigchap on Monday.

In reply to Gillian's question, though TheBigChap's trust deed is not protected it is still binding on him, so if he wishes to go with another firm he would need to wait for the trustee involved to be discharged. May take a few weeks.

If he wishes to opt for sequestration but with another firm then there is nothing to stop him doing so as soon as he receives confirmation that the trust deed failed to achieve protected status.

TheBigChap - it is hard to say what a "standard" level of fees might be for you. It will probably vary quite a bit from firm to firm and is likely to depend upon the complexity of your case (eg number of creditors, existence of owned home).