Hi melaniemax

I assume that you have received a copy of the Trust Deed circular to creditors. This should show details of the contribution, plus equity and any value attached to the car.

I think the 1st thing to do is speak with the Trustee and ask him/her for the equity calculation and also have them confirm (in writing) that no further valuations will be instructed and the equity at the start will remain. It is important that you are fully aware of the property position.

If the Trust Deed fails, then it is straight to sequestration normally as the non accepting creditors are not bound by it and could continue with legal action etc.

The position with the car should be okay if you need this for work and maintain the contribution.

Hope this help.

Mark

No, I have received nothing since the letter confirming that I signed the Trust Deed paperwork. I will give them a call and see what is going on.

Hi melaniemax

In my experience many creditors will often overturn their objections. There is no reason why your trustee cannot contact the objecting creditor and find out their reasons for objecting - it may be that some further explanation of your circumstances is all that is needed, or you could offer to improve the proposal (eg by extending the trust deed over a longer period so that creditors get a higher dividend).

Having said that - try not to worry about objections, a lot of trust deeds get protected for a lower dividend than 30p in the pound.

Hi Kevin

Thanks for that. I contacted the Trustee today and they were also reassuring and provided me with an update. I suppose, like so many people out there, having finally owned up to my problems I would like to think that I am on my way to getting things sorted out. I have been amazed at the number of people in the same boat as me, and I fear for the number who have not realised that the end of the line is coming. Dealing with all of these issues is a true learning curve! I will also have a bit of equity to find at the end of the term, so hopefully this will help things along.

I am unclear about what my partners contributions would be. He has just finished uni and is looking for work, all the debts as well as the house are in my name only and I'm not sure to what extent his finding work will have an impact on my contributions to the Trust Deed.

Good luck with everything melaniemax and please let us know how it all works out.

Hi melaniemax.

You asked about the impact of your partner finding work on your contributions. I suppose the impact depends upon how your trustee views your situation and how your current contributions have been worked out.

If you are subsidising your partner at present as he is not working, and this is reflected in your contribution (ie your outgoings are higher and your contribution lower because of his situation) then him finding a job may well mean that your trustee seeks a higher contribution from you because you would no longer be paying out as much from your income.

This should really have been discussed with you and made clear though before you signed up.

When I went to discuss the deed there was a list of things I asked about including equity, my overtime and what would happen when my partner found work. I was told that the valuation could not be carried out before the trust deed was signed as the debtor could walk away once the valuation was given.

I had already had an estate agent in, ultimately the valuation given by the Surveyor was lower than the estate agents valuation. I asked about overtime and was told that the situation would only be reviewed every six months, but nothing was said about how much of the overtime I would have to contribute. With regard to my partner I did ask about this and was told that there would be a contribution.

Everyone just seems so laid back about it, but it seems that there should have been much more formal discussions with regard to these issues. I'm tied into it now no matter what happens, I should hear in the next couple of weeks if the deed has been successful.

I took all reasonable care when selecting this Trustee, they are not part of a large company, and have a long track record in insolvancy. They are also listed on this site. I want this deed to work and to pay back as much as possible, at the moment however I feel as if I have walked into things with my eyes closed and I promise you I did as much work as possible at the start, I'm just worried that I have made a huge mistake.

Hi melaniemax,

As you mention it is very important to understand the detail of the commitment that you are making prior to signing a Trust Deed. Even though you are now signed up you could still approach the Trustee to confirm the answers to the questions that you mention.

One thing that I should mention is that the list of Trust Deed firms on this site does not constitute any recommendation of their services. It is simply a list of firms of which we are aware that directly provide Trust Deeds.

Based upon their contribution to this forum, our visits to their offices, and the feedback we have received from previous visitors (who have gone on to enter into Trust Deeds), we have no hesitation in recommending Kevin & Mark and their respective firms.

Fingers crossed for you that everything goes as you hope.

I think it is perfectly natural to worry melaniemax and there is probably not much I can say to stop you worrying, however I will try!

As I discussed in my recent blog, the vast majority of trust deeds are very successful and well-managed. You shouldn't be asked to pay any more than you can afford at any time - your trustee does have an obligation to ensure that your contributions are reasonable, from both yours and your creditors perspective.

If the people you dealt with seemed laidback, it is probably because there is actually little for you to worry about - maybe they were just trying to put you at ease? i think the fact you are worried shows that you are someone who does take their obligations seriously, but please do try and be positive because a trust deed is meant to give you relief from the stress you have been under, not add to it!

Hi Kevin, I think I mentioned that I am Scotland's worst Panic Pants at some other point. I do have faith in the trustee - I just keep talking myself out of it! I am still very happy to have taken things in hand, and whatever happens we can work through it. Many thanks to you and the Team, I am now going to have a go at relaxation techniques - all together now ohmmmm!

Hi Melaniemax,
Just noticed for thread. How did you get on with your trust deed becoming protected? I am in a similar situation. I am nerviously waiting on the 15th Dec, when my 5 weeks will be due up.

Hi mcbz9

I heard at close of play on Friday that there had no been no objections! The paperwork will be submitted to the AIB now I think. When I was in your position with a couple of weeks to go I was really shaking in my shoes, in the end it just went through - the Trustee's office were kind enough to phone me, I think they felt sorry because they could hear my knees knocking whenever I phoned them! I wish you luck, we are living on a tight budget, but it is certainly less stressful than wondering how we are going to get through the month on much less than no money!

That's great melaniemax, now have a good christmas.

Hi Kevin

Many thanks for your words of encouragment, Merry Christmas to you and all on the Forum.