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Scottish Trust Deed Forum
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Topic starter
03/05/2016 12:12 pm
Hi
After many reservations but determined to resolve debt problem I stupidly signed up for TD after being very strongly advised by advisor at Varden Nutall and debt charity advisor together to take up TD as 'best route' which apparently other advisors have now told me in no way was I suitable candidate, and had my circumstances been checked correctly, ie eligible for tax credits, there were other routes that would have been appropriate, apart for being motivated to pay my debts there was a very high chance of it failing which it did as after 7 mnths, (seasonal worker on tourist island with variable low income)I was unable to make payments and had the worst winter of my life as due to making payments I was unable to set aside funds for essential payments and barely afford food during winter and there was only P/T work available then, after much chasing I was finally recently discharged so back to square one and now creditors letters to deal with. Am trying other agency, but its difficult as I budget monthly/annually but Scottish Stautory Procedure ? deals with last 13 wks payslips, I'm currently on the cusp of inbetween winter/summer income, and so will only match my budget for a couple of weeks,other wise it looks like I earn a lot or a little for the rest of the year, it is a bit scary and Ive lost faith in advisory services, does any of your team know decent advisors who could help, otherwise I will have to go with this which doesnt feel right as all based on timing.
Please note Varden Nutall went into adminstration last month, strong feeling of being taken for the fool I was, and the charity debt advisor office along the corridor from them !!! Any advice greatly appreciated
03/05/2016 2:32 pm
Hello HAPPYATSEA.
Could you remind us, are you a property owner?
Do you own any other significant assets (such as a vehicle)?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/05/2016 5:41 pm
Hello
No property or significant assets, car £1,500 debts orginally 16,106 but now look like 16,800 awaiting updated figs and hope interest etc can be frozen, 6 creditiors, budget checked with CAB, (limited rural service) and living responsibly well within guidelines
Thanks
03/05/2016 6:51 pm
Have you considered bankruptcy (sequestration) HAPPYATSEA?
You wouldn't be expected to pay anything during months when it's not reasonable for you to do so - so your seasonal income need not delay completing such an arrangement.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
03/05/2016 10:55 pm
Hi HAPPYATSEA,
As TDA has suggested Sequestration might be a more appropriate solution for you. You only pay what you can afford and the payment can be adjusted depending on your income and circumstances at that point in time.
Its something which you should discuss with an Expert.
David is not currently posting in the Trust-Deed.co.uk forum
04/05/2016 3:14 pm
Hi
I'm looking to see if you can't pay your Trust Deed. As I'm benefits now. How long does it take for a company to release all your deeds back to. Once you have sent them all the paper work they need.
04/05/2016 3:31 pm
Hi Raymor,
I think this really comes down to individual organisations and their priorities in terms of work flow. There isn't a set timescale and therefore can vary from firm to firm.
Ideally we try to complete this type of process within 8-12 weeks of receiving the evidence that an individual has suffered from a change in circumstances and is no longer in a position to continue with a Trust Deed.
Can I ask what your intentions are when you are released from your Trust Deed to deal with your debts?
David is not currently posting in the Trust-Deed.co.uk forum
04/05/2016 3:40 pm
Hi David
Thank you for the advice. The CAB office said it could be right away.
04/05/2016 3:42 pm
quote:
Originally posted by Raymor
[br]Hi David
Thank you for the advice. The CAB office said it could be right away. If I'm going in a sequestration.
04/05/2016 4:54 pm
Hi Happyatsea. If you time it right, ie when your income is low, then you may qualify for a MAP sequestration. It stands for minimal asset process and is a cheaper and quicker form of bankruptcy.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
04/05/2016 6:04 pm
Hi
Thank you Kevin, from what I understand the MAP would be a good solution, so aiming for good timing, fingers crossed, and hope for no delays, seems a crazy way for what is such an important thing, but best I can hope for at moment.
I was prepared for sequestration or the then LILA previously, just dont want to make payments again from what looks like a high weekly wage in summer but is really needed to be set aside for winter essential payments, i.e electricity, I suppose I would have to try and reflect this in budget if there were delays. Will just have to trust agency to help correctly Thanks anyway
