Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
5
Users
0
Reactions
1,487
Views
Topic starter
17/06/2012 8:36 am
Hi there
I played the stock market for last 3 years doing ok managing to get along making payments on my card and loan. I am self employed in another field so monthly wages are quite a bit erratic. Sometimes nothing so I have lived off my earnings from market.
However it was all bought on credit. I borrowed cash from several of the cards 29.9. % for last 3 years some of them. Been an idiot really. Total debt is now around 32k.
The pot has now ran completely after some bad turns and Very soon will no longer meet any payments. Barely meet what I pay to my partner at her house.. I rent out my flat at the mo which is roughly -5k negative equity.
So I have left around 14k which I am hoping would make a one off full and final ( don't care if it's a partial. Credit score I have no concern over ) just so the debt is payed in full.
Do these people (29.9% honestly!!!) take into consideration that you have missed no payments over the term so far and, in some cases, payed back in as much interest as the amount borrowed??
Just think a monthly plan would be difficult for me on a self employed unreliable basis .
So people do apply for trust deeds while being upto date?
Cheers for your help
Marty
17/06/2012 9:54 am
Hi Marty
It's a frequently asked question as to whether creditors accept proposals where payments are up to date.
The vast majority of creditors are dealt with a a single body The Insolvency Exchange and payment history does not appear to be part of their criteria. They key is putting together a proposal which creditors will accept.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
17/06/2012 1:44 pm
I was up to date with all my payments when I applied for a Trust Deed and that was accepted by my creditors.... Which was relieve as I was weeks ago from starting to default on payments.....
Topic starter
17/06/2012 3:18 pm
Is it very difficult as a self employed person to get
On to a trust deed. Different wages every month IF ANY!!!
Is a cash full and final settlement attractive to debtors in this case?
Any examples of how much and how long it can take?
Do you really need to be on default for a F and F offer to be accepted?
Thanks again
Marty
17/06/2012 4:51 pm
Hi Marty72.
If it can be demonstrated that you have very little (or no) disposable income there is a very good chance that your creditors will feel that a settlement funded by a lump sum makes commercial sense for them.
You certainly do not need to be in default, many of the people we advise aren't. Lump sum trust deeds can and do work.
Would it work outside of a trust deed? That may be more difficult and the fact that you're not in default may be more relevant. Not impossible though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
18/06/2012 12:58 pm
As trust deed assistant says, it'd probably be difficult to arrange lump sum settlement outside of a trust deed if you have not defaulted - your accounts will not be being handled by a department that will have that kind of discretion. It is usually only once you are with the debt collection people that this might be an option.
However, with a trust deed it is different - there is no reason that a lump sum offer would not be accepted. The only uncertainty is whether you would be able to be discharged sooner, or whether you would have to wait the full three years in case work picks up and you are able to make further contributions. Your trustee may be happy to canvass your creditors opinion in this regard and act accordingly.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
