I am so scared...signed this Trust Deed and now i'm scared the creditors won;t agree and it's going to be 48 months before it's finished...is there a cooling off period where i can change my mind or is that it done and i can;t do anything?
Protected 2014...due to finish 2018...early finish after selling house!
Hi FF36
Welcome to the forum.
There is no cooling off period.I'm sure that all would have been explained and whether your creditors are likely to except or not. If the the creditors do object, at that point your Trustee will be in touch to see what the next step is for you. Hopefully everything will be ok and like most people on the forum you will be debt free in 48 months.
Michael
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Hello FF36 and welcome.
As Michael says there isn't generally a cooling off period (though I know of one firm that operates something similar for a period of one week).
If it's any reassurance we get remarkably few visitors on here complaining that their trust deeds didn't become protected. Your trustee should know already exactly what your creditors will and will not accept and have factored that into the proposal they've sent to them.
Thanks, think I was just getting bit panicky...I know what a serious thing it is too get into...48 months or 4 years send such a long time and anything could change. Hopefully nothing will, not expecting it to.
Reading loads on this forum has made me feel a lot better, I'll be keeping an eye on this forum for more info.
Protected 2014...due to finish 2018...early finish after selling house!
Great - please ask if you have any other questions FF36.
Plenty of our members have experienced nerves and worry during that five week period waiting for protection. Things generally work out well but I do appreciate it can't be fun waiting to be sure.
Hi FF36
Love the name....duno If it's related to what I think (if it is my name should be HH38??)
There was no-one any more anxious than me at the start of our TD journey, I spent ages before we finally signed researching the whole process. Like you, I was beside myself with worry it wouldn't become protected, thankfully it did & we have now made all our payments. I am sure it will be just fine.
Glad to read stories of people who have finished TD and come out ok.
The name...means fast forward 36 months, but then it was changed to 48 months haha!
Protected 2014...due to finish 2018...early finish after selling house!
I hope your four years goes in quick, but don't wish your life away. Why was it decided that a trust deed should be extended from three to four years? To benefit the creditors?
hi FF36, Trust Deed Assistant is correct in her statement that generally Trust Deeds do become Protected and in most cases the Trustee (or his/her Staff) have already assessed the likeliehood of Protection before the Trust Deed is signed - hopefully that is the case for yourself.
Some firms do adopt a cooling off period and between signature of the client and then approval by the Trustee and we consider that a good practice to adopt.
Hope the 5 weeks passes without any problems.
David T
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