Hi SandyF.

Different firms seem to approach this in different ways, and the most important thing is that you actually have the money to pay it of course! Typically the payment will be set up on a date around the time that you are paid for this reason.

I'm glad to hear that your trust deed will now run for three years.

As I've written lots of times here, anyone "quoted" a period of more than three years for a trust deed really needs to take a step back and look into the reasons why. Would another firm charging a lower fee handle the trust deed over three years? Would the same company be prepared to reduce their fee so that a trust deed could run over three years?

Very true, trust deed assistant - although it must be said that sometimes there is no other way of getting the figures to work and the trust deed protected other than proposing over a longer period.

We sign today and have been asked to make our first payment at point of signing. I'm assuming this is a fairly standard approach. I am having mixed feelings about the whole thing - guilt at not being able to cope with my own mistakes, anticipation at finally doing something about it and worry that it won't all go as smoothly as I am hoping. Good luck SandyF.

You're right of course Kevin, and I should have pointed that out in my post.

Too often though we read here about people starting five year trust deeds and when you dig into the detail the extra time is just there to fund above-average fees.

To clarify my post, I'm not saying that there is intrinsically anything wrong with a trust deed that lasts longer than three years.

I am saying that some checks should be done to ensure that you're not in a trust deed for longer than most people because you're paying higher fees than most people.

Hi worriedme.

There are some firms that ask for the first trust deed fee at the point of signing. As I said in my reply to SandyF, different firms seem to go about things in a slightly different way in that respect.

I hope today goes well for you.

Hi sandyf

I think most firms look for the 1st payment on signing. This allows us to collect the final payment on month 35 and use the remaining week to close the case by month 36.

Mark

That's a great point Mark.

I suppose the sooner you start the sooner you finish.

Ah well, all done now. Wasn't helped by our income dropping as the Government have changed the Family Tax Credit Threshhold from 42K to 32K and hence we are now losing about £50 a month from next month. We'll just have to find the £50 somewhere, or else the TD could not go ahead. My car which I had valued at around £1,500, is actually only worth £650 according to the IP, good thing I'm sure.
Just got to wait until first week in May to see if it becomes protected.

Fingers crossed for you SandyF.

I do hope that the next few weeks pass quickly for you.

Well done SandyF. I'm at the same stage as you, signed yesterday. Just wondering why you have to wait until May before knowing if protected? Is it not only 5 weeks until you know?

Hi SandyF I signed just recenty too , and like worriedme was wondering why you have to wait till May ?? I thought it was 5 weeks too !!

Kitty

Hi all

Its a good point. I think May is a bit of a wait.

The law states the Gazette should be forthwith after the Trust Deed is signed (max 1 week I would guess) and the proposal within 7 days from the ad.

I'd double check the timing.

Mark

Five weeks from now is the first week in May. Ad will go in Gazette tomorrow or Tuesday. As my IP said if anyone objects it only means they will get less money.

You're a bit ahead of yourself. 5 weeks from now is the first week in April!