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Trust Deed Impending and Stress

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(@susie)
Eminent Member
Joined: 15 years ago
Posts: 36
Topic starter  

Hi everyone

I signed my trust deed 3 weeks ago and am waiting on trust deed being set up. Ive been advised by my trustee that it is very unlikely that any of my creditors will object to my trust deed however nearly 3 weeks on and am still no further forward advert going into gazette on friday and creditors starting to get nasty already - dont know how i am going to get through next 5 weeks - finger nails chewed to shreds cant help thinking td is going to fail for some reason or another - how does everyone cope?


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi susie

3 weeks, sorry nearly 4 weeks for the Gazette ad? This should be sent or faxed 'forthwith', remembering that the 5 weeks starts with the date of the Gazette.

The 5 week period is only part of the process. All calls, even at this time should be referred to the Trustee as you are unable to deal with these after signing the Trust Deed.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@susie)
Eminent Member
Joined: 15 years ago
Posts: 36
Topic starter  

thanks Mark but was advised they would only get involved if treatment was extreme - no point in sending letters to them because it costs time and money to deal which I kind of understand - just feeling very stressed


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi susie,

We all understand that this can be a stressful period. I do hope that some of our forum contributors that have been through the same "wait" for protection will share their experience and support with you.

A lot of the calls and letters that you might receive in the interim period are automated and continue to flow even though the creditors have been notified about the Trust Deed.

While annoying, please try to ignore them unless they become serious in nature (for example the prospect of legal action). If they do become serious your trust deed company will, I'm sure, intervene on your behalf.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@susie)
Eminent Member
Joined: 15 years ago
Posts: 36
Topic starter  

Hi trust deed assistant I have already been threatened with legal action over one missed payment of ?รบ23 - just doesnt seem to be any room for manouvre with some creditors


   
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(@porcupine)
Estimable Member
Joined: 15 years ago
Posts: 206
 

Having just went through the 5 week wait, I can understand your stress.... But I was fortunate to be able to divert my creditors to my IP when they contacted me and he dealt with them (Well his trusty sidekick did). You must remember part of your monthly payments go towards you IP costs, so make them earn their fee and let them deal with your creditors....

Fortunately my advert was placed in the Gazette days after I signed mine, the extra weeks must be murder......

Anyway hope it goes ok for you and remember make your IP earn their fees and let them take the stress...........[:D]


   
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(@susie)
Eminent Member
Joined: 15 years ago
Posts: 36
Topic starter  

thanks porcupine and the extra weeks are murder but feeling positive as i couldnt go on the way i was I am sure my trustee will come good as r very reputable


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi susie,

I think the legal threat is most serious if you hear from a solicitor firm rather than a collections department or a debt collection agency.

Lenders are often very quick to threaten legal action but almost always retain it as a last resort.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@susie)
Eminent Member
Joined: 15 years ago
Posts: 36
Topic starter  

thanks tda - very reassuring advice having never been in this position all these things are very scary at the mo


   
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(@ghostofricco69)
Eminent Member
Joined: 15 years ago
Posts: 27
 

Susie,

I totally know how you feel !We had to switch off our home phone and contend with pressure phone calls from creditors for a long time after the 5 week period. Please believe me that once your Trust Deed becomes protected the calls will subside but the whole process will take about 4 months until everything settles and the calls stop.

I know it is hard, many stressful times were had but it will be worth it.

Stick in and stick by your guns !

Best wishes

Mark


   
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