Hi all,

Just wanted to give a quick update on my situation.

I had a meeting David Tannock before Christmas to discuss my debt options. I decided that the best option for me would be to enter a Trust Deed. I have since signed all the documentation and waiting till 27th January to find out if my Trust Deed will become protected...fingers crossed.

Dealing with David/Wylie and Bisset has been very positive and hassle free experience so far. All my questions have been answered fully and everything explained well. Thankfully at no point have I felt pressured into anything either 🙂

Now it's a waiting game for another week!!

Hello Flyinghigh.

I do hope that the next week passes quickly and fingers crossed that you obtain protection on your trust deed.

Well done on taking the next step towards being debt free. I wouldn't worry too much about the 'protected' status becoming fact, these things are engineered to meet the requirements of the creditors.

Hi FlyingHigh,

Thanks for taking the time to come back onto the forum and post an update on your situation and for the positive feedback.

Not long to go now until the 27th. I'll contact you on Tuesday to give you an update on your case but so far everything is pointing towards your case being accepted and becoming protected.

Try not to worry too much over the weekend!

My Trust Deed is now protected!!

Got a call from David on Wednesday morning to tell me that everything has gone through as planned and I'll be debt free in 4 years! Massive weight off my shoulders and now I can begin to live a life without a massive debt cloud over me!

I was a bit sceptical about Trust Deeds after reading about so many peoples negative experiences but so far everything I have experienced has been positive. Hopefully the next 4 years will run as smoothly 🙂 I'd also like to personally thank David Tannock for all his help and advice from when I made first contact on the forum, he's been great to deal with.

Congratulations Flyinghigh. I'm glad it all worked out well and as expected.

Congratulations also to David and his colleagues for helping you to reach this point.

Hi Flyinghigh,

I always enjoy making the ÔÇ£protection phone callÔÇØ to my clients. It's the part that most people are nervous about as much as I try to reassure them about it.

I think it's only natural that any kind of forum will attract negative reviews as people will seek answers if something isn't right. Many thousands of people per year successfully complete a Trust Deed without any problems.

Thanks for taking the time to come back onto the forum and post an update and for the positive feedback. Customer service is a big part of the role that any relationship manager should have with their clients.

Try to relax now, don't worry about your debts and focus on safe take offs and landings! I'm sure the 4 years will flyby

Hi Flyinghigh

You had stated that you were paying back £900 per month

How much are you paying now via the trust deed?

Thanks David! Nice flying puns haha 🙂

Hi Hoopsah,

In reality it was more like £1000 purely on debt repayments, all min payments. I am now paying an average of £200 per month over 4 years. Due to my circumstances I am paying slightly less for half the term them more the other half but it averages at £200 per month.

That sounds good

At the moment I am paying just over £500 to service my debt but was looking at a 7 year loan that would bring that down to £350.

Trust deed might seem a better option then

Hi Hoopsah.

As I'm sure you're aware, a trust deed payment (or most other types of debt solution payments) will be calculated based upon affordability according to your own income and expenditure.

The key point might be, if you haven't already, to work through your income and expenditure with an adviser. You'll then have a better idea regarding the amount that appears to be affordable for you.

If you can get a consolidation loan on reasonable terms with a monthly payment at or below the calculated affordable amount then great. You'll avoid having to enter into a debt solution with some of the associated negatives.

If you cannot, and your current contractual repayments are in excess of the affordable amount, then attention might turn to the other options. These are likely to include trust deeds, sequestration or the debt arrangement scheme depending upon your circumstances. Quite possibly you'd have a choice between two or more of them.

Hi Hoopsah,

It all comes down to affordability. If you are finding the £500 a month a stuggle at the moment then it might be a good idea to speak with someone and work through your options.

You could look at the long term consolidation loan, how much the payment would be per month, how long it would be for and importantly how much interest you will pay back. To take an unsecured loan out over 7 or 8 years is a long time.

You can then balance the consolidation loan against what a Trust Deed would cost you along with a Sequestration and a Debt Arrangement scheme. The payment to all three options should work out the same as its based on affordability. You can look at the pros and cons of all the options and then decide which one to proceed with.

Plenty of options available to you to deal with your debts and that's the positive thing to remember.

I'd suggest working through your budget with an experienced adviser before making any decisions, hoopsah. The most important thing is that whatever route you take is realistic and suitable for your circumstances.