Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,418
Views
Topic starter
23/02/2009 9:37 pm
Hi,
I am in debt by ?ú39,000 and have just asked Debt Advisory Centre to help me. It all seems fine but have enver had to entertain the thought of havin to do this before so therefore a little scared of what to expect.
They have said their charge is included in the monthly payments I make - is this correct?? Is there going to be more charges after the 3 years?
I have savings so have opened another bank account with A&L and will transfer the my savings to them - can they touch this?
They said I was to do this as if I kept them with RBS who my loan is with then I would loose it and my salary would need to be paid into another account as RBS would not want me.
And lastly - After the 3 years, do I have a clean bill of health??? I ask because I have always kept a credit card for emregencies (really - never used unless absolutley nescessary) and would probably want to get another one.
I just want to know the reall pros and cons.
Any inpute appreciated.
[:)]
Iain
24/02/2009 1:49 pm
Hi Iain and welcome to the forum.
You should be informed of your responsibilities prior to entering into the Trust Deed. Provided that you meet these responsibilities there should not be any further costs. The charges for handling the Trust Deed should be included in the amounts that you pay monthly.
If you have any assets (house, car etc) you will want to make sure you are clear at the start of the Trust Deed as to how they might be affected.
You should inform your Trust Deed company about your savings; it's likely that they will need to be contributed towards the amounts due to creditors.
The advice about changing bank accounts is good and would be provided by any debt advisor.
After three years, provided you meet your responsibilities, you will be clear of unsecured debt. The actual Trust Deed itself will remain on your credit file for six years and is likely to affect your ability to secure credit and in particular cheap credit. You may however consider that this is a price worth paying to get a fresh start away from unaffordable debt levels.
Given that it's such a big decision you may wish to consider speaking with more than one Trust Deed advisor to make sure you have received rounded and complete advice.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/03/2009 9:30 am
Speak to several companies to ensure that you are getting the best advice possible.
Who are your creditors?
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
