Hello sososad,

It might be a good idea to re-read Kevin's comments surrounding some of your previous questions about your options at:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=129

The way I am reading Kevin and Mark's answers is that it isn't going to be an option to reapply though I'm sure they'll correct this if necessary.

Hi me again,

Well i have now had a response from the CAB gave them all of my details, debts etc and it is now clear that we would be able to pay of our debts within 10 years, they have made an appointment for me on Monday 14th so hopefully this will get everything sorted out. Also i telephoned the AIB and explained the situation about the Trust Deed and they have no problems with me applying for the DAS Scheme, so fingers crossed cant wait until Monday. Thanks again for all your help and advice will keep you posted.

That's great news sososad. I do hope that everything goes well on the 14th; please keep us posted.

I went to CAB on 14th they asked me to go back today with wage slips etc and advised that the DAS scheme is proving to be difficult due to the fact that it says i am in a trust deed in the edinburgh gazette!! What a nightmare, i really dont know where or what is going to happen next. Surely if the trustee resigns and sends a letter to say he has resigned and re-vested all debts back into my name, surely i can or should be able to try and sort this out without having to go bankrupt, also it states clearly that bankruptcy should be the last resort.
Any thoughts anyone?

Hello sososad,

Sorry to hear this is proving so difficult for you.

I wonder what Mark and Kevin feel the options are? If a formal scheme like DAS isn't workable would an informal debt management plan (self-managed, charity or commercial) be an option that sososad could try?

Hi Sososad

Do you have details of the creditor who objected and what the dividend to creditors was.

You should (hopefully) have received a copy of the proposal to creditors.

Mark

Hi Mark and TDA, thanks again, my IP never sent me any information on what offer was sent to the creditors all i got was a letter saying due to the level of creditors objecting the Trust Deed failed to become protected, then another letter saying he resigned and all debts re-vested back into my name along with any shares certificates etc. Called CAB last week and they confirmed that the application for a DAS would be sent by the end of the week, so now i wait another 3 weeks phew!! will let you know what happens. Thanks again

Hi sososad,

Glad to hear everything is now moving for you.

Good luck sososad.

Please do let us know the outcome as I'll be very interested to find out.

Hi sososad

I can't believe you never received a copy of the circular to creditors outlining the proposal, although judging by everything else that has went on, perhaps i can!

Just as a matter of interest, could you tell me how much you were paying per month, the total debts and who the creditors were?

Regards

Mark

Hi Mark, the debt was for approx 48k and we offered ?ú220 per month and the creditors were barclaycard, mbna, halifax and a few others. we did say we could offer more than this and were suspicious at the time but we was still stupid enough to go ahead with it. We live and learn!!

Hi sososad

When you say 'we', were there 2 Trust Deeds and was ?ú220 the total contribution? Creditors will look for a minimum of 10p in the ?ú and this would be extremely tight at this level.

If the above is incorrect, I think an increased dividend and possibly over a longer period would be okay.

Regards

Mark

Yes thats it there was 2, i worked it out that one of us would have only been offering 1p in the pound no wonder it failed, i wish i had found this helpful and friendly site before entering into one. Couldnt understand it all, it was all too confusing and when we went back to paying into a DMP we have been paying at least 100 pound more each month and extra when we can. Although none of the debt has not gone down as no one has froze the interest, i think it has now gone up just seems like such a mess. Sorry to go on but dont know what else or where to go if the DAS is not approved.

Hi sososad

I'm amazed that this ever went to a Trust Deed at the rate stated and would love to know the firm involved.

To advise further, could you let me know how much your debts are, how much your partners debts are and if any of the debts are joint. Could you also advise me how much you could realistically afford per month in total and if you have a property with any equity. I assume at 10 years for a DAS plan, you are paying approx ?ú400 p/m

Thanks

Mark