Notifications
Clear all
Scottish Trust Deed Forum
7
Posts
4
Users
0
Reactions
2,045
Views
Topic starter
26/10/2014 9:57 pm
I was so relieved in Feb 14, to finally get what seemed like helpful and practical advice from a debt charity organisation, which advised me the best route was Scottish trust deed. They allocated me an insolvency company, looks reputable and we had a joint meeting. I was fully upfront that my employment was seasonal and though I'd always previously managed to find employment during winter it was not easy and not guaranteed. Id been previously told by another company that you had to be in fairly secure employment to be accepted for a trust deed and raised this, told all was fine and just try to make payments (alarm bells in hindsight when one mentioned perhaps I could borrow money from my elderly mother, not an option) the payment is a struggle, only just about manageable in summer 7 month season, but only because I work 6 day week and very very basic of outgoings. I had asked if this could be lower, but it was a lot less than what I was trying to pay. The person I now liaise with from head office who I had been keeping informed as I was anxious about not being able to make payments is sending new expenditure forms but from the tone I can tell their not happy, and now anxious I have gone from frying pan into the fire, Have I been misadvised ? I had been prepared for sequestration if necessary but told a gamble as wouldn't know how much Id be ordered to pay and that this was the best step
Topic starter
26/10/2014 11:25 pm
Should have clarified that I have been lucky in this very rural area to continue in this good employment though now on reduced winter hours now get £90 per week , TD payment £150 per month, benefits applied for, best paying job in this area
27/10/2014 7:16 am
I think it's about doing what you agreed to do when the TD was set up.
Any deviation from this is at the discretion of the Trustee and possibly Creditors.
27/10/2014 8:25 am
Hi HAPPYATSEA,
If you are unable to afford a suitable contribution towards your Trust Deed this it's likely that this won't be able to complete as agreed.
Sequestration could be the most suitable option for you based on your circumstances and income. Under Sequestration your contribution is based upon a thorough income and expenditure and whatever you have left over after paying your bills then this is all you will be asked to pay providing your budget is within the guidelines expenditure figures which we use. The payment can be as a low as £20 to £40 per month and if it's determined that you can't afford a payment then you would be required to make one.
Until you enter into Sequestration you won't actually know what you will be asked to pay but a good knowledgeable advisor who has experience dealing with Trust Deed's and Sequestration should be able to give you a very good idea of what you could be asked to pay.
When you receive your expenditure form I would take your time and complete this as thoroughly as possible to show that you are financially struggling and cannot afford to make the payment of £150.00.
If you are struggling at the moment and cannot afford to make your payment then you should prioritise your budget and bills. I would always advise someone to maintain things like rent, council tax, gas, electricity and so on as a priority above everything else.
You want to check with your relationship manager what will happen to your Trust Deed if you cannot afford to pay the payment per month. As Diamond Chap has advised it really comes down to your Trustee what will happen with your Trust Deed.
In a situation like this communication is key to finding a solution that works for everyone.
David is not currently posting in the Trust-Deed.co.uk forum
27/10/2014 9:49 am
I think David may be right - it sounds like Sequestration may have been the most appropriate route for you all along.
I think you should complete the review form they are sending you and make it clear that you cannot afford to pay what was originally agreed. Most likely result is that they will terminate the Trust Deed without discharging you from the debts, after which you will be able to apply for sequestration instead.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
27/10/2014 4:50 pm
Hello, Thank you everyone, think just got in a panic as have never defaulted on anything before and never been out of work, and worried what consequences could be ,not being able to keep up with my side of agreement of TD which I take seriously, also spoke with my advisor this morning (theyd just had an off day, which is fine we're all human) and reassured that we can work together for a good resolution for both sides.
28/10/2014 8:35 am
Hi HAPPYATSEA,
Looks like things have worked out ok for you and your relationship manager has been a bit more understanding.
David is not currently posting in the Trust-Deed.co.uk forum
