Hi colski

If you receive any calls or letters, refer them on to your Trustee. Hopefully they can deal with things until the formal bit of the proposal is sent.

Mark

Hello Colski

I also had no missed payments prior to my Trust Deed. Robbing Peter to pay Paul then Peter was broke! So, I had no experience of calls and letters chasing money prior to that.

I was mortified even saying that I had a Trust Deed, however, as Mark says, I decided not to ignore the calls and letters which I felt like doing hoping they would stop on their own; but to be actively responsive, writing letters and dealing with calls giving date of Trust Deed, and full name, address and telephone number of Trustee. It had a double benefit - it dealt with them quickly and so they ended quickly; and it gave me a sense of control and self confidence which had been badly damaged as I approached the Trust Deed process.

This probably isn't much help, other than to say that dealing with it promptly and directly, had the best outcome for me.

Ignore, ignore, ignore! Your trustee is there to take the pressure of getting letters. If you can, change your phone number. Did you change your bank account? At least that way, none of your existing creditors can access funds. The one to watch is if you have any loans or credit cards to the same financial institution as your bank account. The phone calls and letters will go on for a while. In my case, it was about 6 months. I got into the habit of packing all the letters up once a week and sending them to my trustee. Once your deed is set up, put everything through whoever you have managing your case. They'll have loads of experience and won't be emotional about it. You will and that's something you can't help. The time will pass quicker than you think.
Good luck with the next few years.

Hi colski,

I would try not to worry about the calls and letters. If you speak with a creditor what can help is if you take a fax number and reference number and email/call or text your case administrator with the the details and they will contact that creditor to inform them of your Trust Deed. It can take numerous letters/faxes to stop the phone calls and letters.

Eventually it will all stop but the initial couple of weeks are normally the hardest.

Dont be shy contacting your Trustee if there are any problems as they are there to help.

Its hard not to worry but seriously, do not worry.

Its a feling that its all so final that got me. Knowing there was no way back and wondering if we could have just carried on struggling away. We knew that we coukdnt continue juggling 7 credit cards around.

Its a move I will never regret because we were seriously drowning in debt and had no chance of getting ourselves out of it.

Good luck.

Paul

Meant to add DO NOT allow yourself to be forced into making any sort of payment when creditors try to get heavy.

They will try all sorts of underhand tactics to get you to pay something. Hold your groubd and if it all gets too much turn the phone off!!!

Paul

Hey all,

Thanks for the feedback and tips. I'm intending signing my trust deed this Friday which will make things more fluid for dealing with these calls and demands I hope. In the mean time I will ensure I don't ignore the calls and remain firm by telling the creditors who is managing the Trust Deed (both the company and the deed manager) and giving their contact details.

I guess for me it's just very strange to be getting these calls when I have so far managed to avoid them by ÔÇ£robbingÔÇØ peter to pay Paul as highlighted above.

I fully expect things to get very difficult during the initial part of the trust deed with contact by phone happening all the time etc. I started last night accessing the accounts I could changing my contact number listed on preferences to an old sim number I hold. That way I should avoid calls late at night which will wake the kids etc. As for letters I think the idea of bundling them together and sending them once a week / month to the Deed Manager is a great way of dealing with it.

As for my banking, that's actually been the delay in the full process but thankfully is it is all open and all DD's are moved. Just waiting on my last salary hitting my old bank account tomorrow which will them promptly be transferred out and the account abandoned (is that the right term to use?).

Anyway I spoke with my Trustee last night and confirmed what we expect payments to be which they are very confident will be accepted by our creditors. First payment will be in March and will last 42 months for me and 36 for my wife keeping the payments affordable during the term for us both. So role on August 2016 for my last payment and figers crossed for the quick discharge.

Colski

PS I will put the name of the company (who is recommended from this site) which we are using once we have signed (should be on this Friday).

Your last salary going into your old account may be risky? Does the bank the salary is going into know about the trust deed??

Paul

No they shouldnt know anything about it.

I only have a mortgage and a load with them. The next loan payment is due on the 3rd of Feb and has never had a payment missed. All I have done at present is move all my standing orders and DD's from the account to my new bank account.

The new account (nationwide) supports faster payments along with my old bank (HSBC) so money will be out and crditied almost imediatly.

As far as I am concerened HSBC have not been contacted regardiong the trust deed yet (I have purposly held off from doing this incase they did arrest my pay. Nothing has been signed to start the process of the Trsut Deed etc with my chosen company so no thrid party contact should have happened out with my control).

This all came about as I was to late for the payrol cut off to move tot he new account so am having to run the risk. Im 99% positive that it will be all ok however.

Will know by tomorrow!

Totally paranoid now about my salary [:(]

It's going to be a long 16 hours to wait on the money clearing at 2AM tomorrow to transfer it out right away!

Hope your right. We got our timing wrong and the £700 overdraft with lloyds that was to be included on the trust deed ended up being frozen so we couldnt withdraw up the the limit. Fair enough on lloyds possibly but didnt half mess us up for a month or 3!!

Timing is critical. Good luck. Best move we made in a long while.

Paul

Im hoping the only thing which would internaly allert them to issues would be the loan payment. The standing order for this is still live on the account.

In effect my full sallary is goign to be transfered out the account as soon as it hits which is still 3 days before the loan payment.

I will transfer it as a "payment" which are non returnable for the bank. Only after this has happened and the money showing as being in my new account will I then cancel the loan payment and sign for the trust deed.

Your right about timeing... Its critical in situations like this...!

Didnt mean to panic you in any way!! We were too late to change salary details and as I said ended up snookered to the tune of 700!

Dont know if its relevant but if you get child allowance(or any other benefits) you need to let them know well in advance or risk it going into closed accounts,although tsb actually sent us a cheque for the full monthly amount of child allowance plus £25 goodwill for not allowing us access to our child allowance money!! Amazing as they were our biggest creditor and wrote off £30k plus!!

Paul

Cool

Thanks for the heads up on the child payments. I have confirmed with my wife that they are being moved etc...