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Topic starter
23/07/2009 3:40 pm
Hi there, I am so annoyed and upset with myself, due to myself and husband applying for a trust deed as we were advised that this was the right thing to do. Well, to cut a long story short we applied back in December 2008 for a Trust Deed, waited and waited, the ad was put in the Edinburgh Gazette before we were advised, then weeks later heard nothing so i called the IP to ask what was happening, to be told that we had been refused and they would send me out the bankruptcy forms. At this point i panicked as both myself and partner are self employed so this would obviously cause a lot of problems. Not to mention the fact that we had payed 2 months fees to the IP to be told we would not be getting those fees back, which meant another 2 months behind in our bills. What a nightmare!! Sorry if i have went on a bit, but really feel we were lead up the wrong path and still have all this worry 7 months later.
[:0]
Thank you
23/07/2009 4:48 pm
Hello sososad,
Welcome to the Trust-Deed.co.uk forum.
Were you given any reasons why the trust deed did not go forwards?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/07/2009 4:52 pm
Hi thanks for your quick reply, they just said that not enough creditors agreed to it therefore it was rejected. Also, i asked the receptionist if i should cancel the direct debit as the 2nd payment had not been paid, she said yes, so i did but i was too late when i asked for this payment they said no i could not have it as this was part of the fees for setting up the trust deed.
I really feel that it put me further into debt rather than helping to solve it.
Thank you
Topic starter
23/07/2009 4:59 pm
Sorry forgot to mention that i am now on a dmp which is apparently going to finish in the year 2022, wow!! What i cant understand is why the IP put us through all the worry took ?ú500 (2 payments of ?ú250) if he thought it was not going to work. Not to mention the DMP who put us in touch with the IP said that we should have been entitled to this money back which indeed would have been 2 payments towards our creditors, it made us worse of as it meant we were getting bank charges for being overdrawn as we were advised not to make any payments to our bank.
Thank you
23/07/2009 5:31 pm
Hi sososad,
Sorry to hear that your trust deeds weren't successful. Unfortunately it does happen occasionally - though I'd agree that the IP would normally have a good idea if the proposals are likely to be rejected and certainly should have warned you of this possibility before signing.
Not much you can do about the payments made I'm afraid if the IP is not willing to reimburse you, except chalk it down to experience I guess...
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
23/07/2009 7:33 pm
Thanks for your reply. When i applied for the TD the IP only requested that we pay back ?ú250 a month which was refused. When I went to a dmp we pay them ?ú315 which i would have been quite happy to pay. (Strange!!)
Thank you
