Hi
I have began the process of a trust deed and paper work has been sent to my creditors and myself this states that it is expected to be complete in July but last week I received a standing order request from my insolvency company which stated the first payment was stated is due on 26th May but is the correct if the trust deed hasn't been finalised?
I would have thought I would have only started paying when the trust deed has been agreed?
Could someone help me?
Thanks
C
Hi CK12 and welcome to the trust deed forum.
Different trust deed providers handle this in different ways, but the arrangement that has been proposed to you certainly isn't unusual in any way.
Some companies ask that the first payment be made at the signing meeting for example, whereas others leave it until later in the process.
As TDA says its different for different providers.
I imagine what they are asking for is less than you would be paying out this month otherwise?
I paid my first payment before the TD became protected as I wanted to enter it as soon as possible.
With that said I am sure there will be room for negotiation if you have reason to start payments at a later date?
When I started my TD I certainly found there was loads of room for negotiation on this very point.
Always remember that everyone wants this to succeed and that usually translates to flexibility. Dealing with your trustee is very different from dealing with creditors so don't compare the two.
IS IT IN THE TRUSTEE INTEREST TO KEEP A TRUST DEED GOING, OR DO THEY STILL MAKE MONEY FROM MAKING YOU BANKRUPT?
Hi bailey.
Where it is realistic, everyone wants a trust deed to continue to completion.
I think that the fact your trust deed provider has agreed to show flexibility during your maternity leave is good evidence of this.