Hi Adam202.

Have you actually signed the trust deed document?

Has it either been advertised in the Edinburgh Gazette or recorded on the Register of Insolvencies (it will be one or the other - both can be checked online)?

The fact that creditors have called you does not mean that the process isn't underway. Often they employ agents to deal with trust deeds so they might not have been made aware that you're starting one.

The reason provided why a payment has been taken from you is, in my opinion, pretty weak. However some firms want to get the payment routine up and running as soon as possible; with the benefit to you that you might be finished a bit sooner.

In terms of whether they can rightly take the payment, that all depends upon what you consented to them doing when this was originally covered with them.

What company represents you?

Paul

Hi TDA

Thank you for your reply.

I have signed the trust deed documents and just checked the Edinburgh Gazette there. Its states my documents were published in 29/11/13 (despite knowing this would happen its a wee bit scary to see all my details on such a page :S).

Going on what the practitioner and yourself have said; its does seem like the right hand is not taking to the left hand (Lets be honest this is standard practice in banks in my experience) so i'll be patient and see what happens in the next week.

In terms of the payment I was told when signing the documents no payment would be taken until the trust deed would be fully live and i would be told the first payment date. The person I spoke to at the practitioner's today said this is incorrect and i was mis-informed by the rep. who sat with me. I asked him where I stood with this and got the standard typical response - it was said face to face, so its my word against her's and therefore they take the stance I was told payment would taken promptly to show my creditors I can afford it.

plasticdaft - Knightsbridge

I made first payment 2 weeks after signing paperwork. IP was fine with that.

i've just made my first payment and my 5 weeks isn;t up yet either...i was aware this was going to happen though and just thought it was normal practice because even if it doesn;t get protected would you not still have to pay the same monthly amounts for sequestration?

Hi Adam202.

It sounds like you could be told at the end of tomorrow, or early next week, whether your trust deed has become protected.

Hi Adam202,

I am with Knightsbridge too. I signed my Trust Deed on 12th September and made my first payment to them on 1st August which was agreed by myself.

Your creditors will probably still keep chasing you, mine did for a good while. I had called Knightsbridge and they had sent out all information, they even re-sent out info to one particular company for me, as their calls were constant everyday. As Trust Deed Assistant mentioned, it could be their agency's contacting you, mine certainly were and they didn't seem to talk to each other or put a note on my account saying that I had entered into a Trust Deed. Once I became protected, the calls stopped.

Another Knightsbridge person...good to see there's lot's more with them! Have to say Knightsbridge have been so nice...so far, i know it's only at the very, very beginning of the whole process, but can;t see any problems and the contract has everything clearly written down including the equity issue.
Don't know if it's just because of Christmas and New Year time, but i seem to have been really lucky with creditors getting in touch with me. I've got quite a few creditors and only a couple have phoned me in the last month and both were so nice about me signing a trust deed and just explained to me that i would need to give them the reference number (which you get when you become protected i'm guessing). They also explained to me that even though they had made a note of me signing a trust deed that they would be calling again until they had reference number as it was their policy...which is fair enough i suppose if they don;t have any actual proof that i have signed a trust deed yet.

I'm with Knightsbridge too and they've been fairly good. Trust Deed went into Gazette 1st November, first payment was taken 1st Dec and showed Protected on ROI as of 17th Dec.

Only slight glitch is that Knightsbridge's system has not yet been updated with Protected status (is just as well i checked the ROI website!).

I've had some calls and letters from creditors. Does hassle from creditors normally cease when TD shows Protected on ROI or when my Trustee lists me as Protected?

Hi Adam,

Creditors will always chase, just explain to them you have entered a TD and not to call you regarding the matter as it's in the hands of your TD. You need not explain anymore.... Some will need to be told more than one and a letter to that effect normally does the trick. They can also check AIB web site. It's will stop eventually. It's not a nice process but, ignore the letters! Just fwd to your TD and let them deal with it....

Good luck.

TT

Hi everyone.

Sorry for the delay is replying but thank you very much for the responses. Im feeling out of my depth with this whole process but its good to see that what Im experiencing is the same a many others, so that has put my mind at ease.