Hi Louise, not sure if you would have a problem with Nationwide if it is just a basic account. These accounts are made for folk in our situation so it should be fine. My experience with the Coop has bee fairly positive.

Good luck[:)] It's a bit daunting at first but you will get there - plenty of good resources out there like this site if you have any queries. I am due to make a last payment this month and will hopefully be discharged before the year is out.

Well done Cif
It will be a hard 3 years but worth it to get a good nights sleep!!!

Louise

That's great luby - you sound very positive and reassured.

As I've previously mentioned I think that Nationwide account is very vulnerable to a sudden closure.

Hi luby,

Well done on taking steps to deal with your financial difficulties and enter into a Trust Deed.

As TDA said, you sound a lot more positive and reassured about things now which is good to read.

I'm sure your Trust Deed will sail through without any problems. The 5 weeks should pass pretty quickly, you just need to try to forget about it all now and look forward to the future and completing your payments.

Best wishes for the future.

Hi luby

No problem at all re the questions. The more the better I say. It makes things a lot easier as there is a lot to take in sometimes. The questions and the post meeting review notes generally makes things clearer for both sides.

The 5 weeks will fly in and if I time it just right, will finish on Boxing Day. Ha! Just kidding.

I don't see any issues whatsoever, so don't worry too much.

Mark

I remember these five weeks, the longest five weeks of my life. But once you are finished your trust deed, u will look back on it and say the time went in really quick. How do you feel? better I hope! knowing things have or are being sorted. It's great having a trustee to pass on these annoying creditors too (sorry Mark).

That's one of the things they're there for sparky1!

Proactive trustees welcome these letters being sent through as it provides them with the opportunity to reduce the stress or annoyance that their client is experiencing from continued debt collection activity.

Hi Sparky

Don't worry, we have an office in Ireland and they chase all our creditors, agree claims etc and I get all the credit for it!!

Mark

Brilliant!

Hi Sparky,

Have lots of mixed feelings from relief that I have at last done something about my debt(its only taken me 3 years) I was so sure I could sort it myself and just got deeper in. Still feel a little embarrassed and have not told anyone apart from my husband that Im going into a trust deed. The main reason for this is because I was in finance myself until 4 years ago when my business went bust. My friends and family always came to me for advice now I feel so useless and just cant tell them how bad things have been for me the past 3 years. When I had to sell my house and car 3 years ago I said it was to downsize as the house was too big. That was the biggest lie as it was our dream house, but hey it was only bricks and mortar. I also helped my 3 sons by giving them money of the house sale, stupid I know as it left me short to clear my debts. But every parent will understand. None of them are in any kind of position to help me as they all have young children. Ive sworn my husband to secrecy as I dont want them to know I have had to go into a TD, its not just because Im a bit ashamed the main reason is I dont want them to feel bad at taking the money 3 years ago.

Sorry this is a bit long winded but I have really had time to sit down today and go over again all my finances, its made me feel better that in 3 years time I can start again with a clean slate. My husbands loan will also be finished then so we really should be better off.

So to anyone out there please make the right first steps by contacting one of the Trust Deed Experts on this forum for some sound advice. Wish I had 3 years ago and I would be debt free by now!!!

Can any of the TD experts on here tell me if my mortgage lender would allow me to change products whilst in TD. Im not looking to borrow any money I have 16 years left and want to take out a 4 year fixed rate so my payments wont increase whilst Im in TD.

Thank You

Louise

It's so easy to say I should have done something earlier in regards to debt, but the past is the past and that cant be changed. Some folk in my close family didn't know I was in a trust deed, which is now over and I'm actually better off than they are now - financially :o)

Signing a trust deed is the tip of the iceberg, things will get better now.

Creditors will become a nuisance now by contacting you. During my phone calls, I asked for the creditors (name - the actual person who I was speaking to) and department telephone number + extension, fax number, email address so my trustee could target them directly as there is loads of departments in these big banks.

Good luck, let us know when your trust deed becomes protected.

P.S don't worry about the threatening letters the creditors send saying they are going to do this and that, send them to Mark he loves them.

Hi luby,

The majority of people that I help and provide advice to always say that they wished they had taken advice earlier and they would now be free from a plan. Hindsight is a wonderful thing but I think people need to be ready to take advice and do something about their financial difficulties and this is normally when they do ask for the advice.

Sometimes I speak with a client who just isn't ready to deal with the debts at this point but in 3-6 months time I see them back and at that point they are ready to deal with it. There can be different triggers for this, it could be a drop in income, I'll health, legal action or the threat of this or even a relationship break up which pushes them to take some advice. I wouldn't beat yourself up about thinking you should have done something sooner or that you should have kept more money from your house sale to pay your debts. That's the past, just focus on the future and making all the 36 payments which I think when you say it like that really doesn't sound that long. There are a lot more people in debt that what you would think but you just don't realise as it's a very private and personal thing.

As you say, in 3 years you will be at the end of your Trust Deed and financially in a better position.

Sparky1 gives good advice regarding what to do if your creditors contact you and this will happen for a period and they start to reduce. Don't let them intimidate you if you do speak with them.

You will find a lot of support now from the forum and also from Mark with regards to any problems, questions or worries that you might have.

Thank you Sparky and David,

Well I signed my trust deed today!!! Still feel a bit apprehensive but reading all the posts I know this is natural. Can you tell me how long it will take to go into the Edinburgh Gazette? Is it 5 weeks from the date it goes in, until I will hopefully be protected? Will I receive a copy of the Edinburgh Gazette? Will I be on the AIB register or do I have to wait until it becomes protected.

Sorry for all the questions, my mind is buzzing today with so much I have spent all day cancelling my d/d and s/o from my BOS account and setting them up on my new account.

Thanks again for your comments

Louisex

Well done on taking control of your situation, Louise. Don't worry about firing questions at us - that's what we are here for!

I would imagine the GAzette advert will be within a week or so of signing, then it is a 5 week wait for protection to be confirmed. You won't receive a copy of the Gazette, though can easily see the entry on their website. Placement on the Register of Insolvencies only comes once protection is achieved.

I hope the next 6 weeks or so flies in for you.