Hi Kerry

What is your total debt? If you're in a DMP and paying as agreed and it's risen by £6k then it's not working. The DAS may be an option.

On the job front, are you studying to be a chartered accountant, certified accountant or generally to do accounts?

Mark

hi kerry, i had the same problem, i was with a dmc after my marriage broke up for 5 years and it was going nowhere, i paid monthly by d/d and never missed a payment all that happens is the companies that you owe money to get paid a token ammount to keep them at bay, however the debt grows and you end up owing more as some off your creditors dont stop adding the intrest and so you end up oweing more than the original debt, i took a trust deed 3 years ago and just had my final installment on the first off july, so im now just waiting on my discharge which should be on its way soon, dont worry about your job you will be better off in a secured trust deed, if you stay with the dmc things will only get worse, get a trust deed in place, and no one will know your in one employment wise , andy

hi mark, sorry to intrude just a quick point if you can help on my discharge, i called the trustee when my last payment was in he said that the d/d should stop automatically and that was the final payment my trust deed is finished, i take it that until i get my discharge letter im still in one, as the last letter i got from them said date off conclusion july 2011 ie (finishes ) thanks andy.

Hi laroone.

You make a really good point about not persisting with a debt management plan that isn't working.

There are some occupations that are tricky to get into if you're in a trust deed at the time. Often this relates to the "professions" such as accountancy where membership of professional bodies is required. Some of them have rules related to the personal finances of members.

On your question about discharge, it will normally take a few weeks for the final work to be done and your discharge completed. You may therefore technically still be in a trust deed right now. Congratulations on completing your payments though, it must be a great relief and satisfaction to have reached this point?

hi yes your right there im in sales but i got a few frights along the way hoping that the trustee would not have to contact my employers at any stage off the trust deed, can you through some light on the above as to when i will get my discharge thanks , andy

hi thanks for that its been a long haul with lots off learning along the way, in fact 8 years including the 5 years off debt management.

Hi again.

You'll need to ask your trust deed provider by when they will have completed the work that will enable you to be discharged.

As mentioned, it should only be a few weeks after the final payment but some site members have reported that a minority of firms are taking quite a long time over this because they have got behind on this part of their work. I do hope that your discharge will be imminent though.

Hi Andy

If you signed after April 2008, then there should be nothing to prevent the discharge. Your Trustee should send you Form 5 and i can see any reason for the delay. Once this is sent, the Trustee can still proceed to close the case as they are not discharged.

Mark

hi mark, thanks to you both for the reply, the trust deed was signed 20th june 2008 and last payment was 1st off july 2011 , i called and they said received my final contribution and that was the final one, the d/d he said will automatically be cancelled no more payment would come out my bank, so hopefully i will get my discharge soon,!!

Hi Mark,
My debt is around 32k at the moment. I am studying towards becoming an accounting technician (AAT) with a view when this is completed next year to then go on to study with the ACCA (association of Chartered Certified Accountants) or CIMA (Chartered Institute of Management Accountants).
Andy, with regards to having my work know, that is not the issue rather it is to do with my membership to the accounting bodies and if I will be able to practice in the future. If anyone has any comments on this or knows the answer, I would love to hear.
Many Thanks

Hi kerrysmith7

I think this is something you willneed to check with the professional bodies mentioned. I know ICAS may have issues with the Trust Deed, but not sure on the other 2mentioned.

Mark

I was speaking to somebody who is a member of CIMA recently and who was looking into signing a trust deed. I advised them to ask CIMA whether signing a trust deed would cause a problem, which he did and subsequently decided against signing.
I think their answer was that it could potentially be a problem. A bit woolly, I know! His debts were manageable through a DAS so he decided to go for that rather than risk problems professionally. I guess if he was in a much bigger mess then he may well have gone for the trust deed and taken the chance.

ok, thanks. I'm going to call them tomorrow and see if i can get further clarification.

Hi Kerry

i have had a couple of clients were in the same position as you, and it is the governing body who can cause a problem. Neither had a problem. Their advice from ICAS was that it was only a problem if they were qualified and wanting to hold a licence.( they do prefer to know) If you start now, you could be finished your TD before you are qualified. Check with your professional body.