Hi nells,

Welcome to the forum. I'll be short as I think comments from other visitors currently in Trust Deeds (or having finsihed Trust Deeds) will be much more important than anything I can add.

I do hope that some of our visitors will add their own thoughts and experiences for you soon.

Hi

will i be able to apply for a company credit as i need to have one for when i travel due to business.

Will my company no that i have entered into a TD?

regarsd

Hi nells,

If your employer is applying for a card for you which they will then provide to you, and they are solely responsible for paying the credit card bill, there would be no reason to credit-check you.

Hi,

I am sorry you feel apprehensive about the Trust Deed process having signed the Documents.

It would be hard to comment upon whether you have made the right decision without knowing more about your financial circumstances.

I just hope that your Insolvency Practitioner or his/her staff have gone through all the options available.

If they have talked through the following options:

Bankruptcy (inc LILA)
Trust Deeds
Debt Arrangement Scheme
Debt Management Plan (non-fee chargers)
Other options dependant upon whether you own property with equity.

then it is likely that you have made a valued decision.

A way of measuring whether "you" have made the right decision is to look at the options and measure the length of time to repay the debts against the potential continued stress of not dealing with it or taking another option

for instance ?ú30,000 Debts with ?ú300 disposable income would take 100 months under the Debt Arrangement Scheme whereas the Trust Deed would take 36 months if you have no assets being considered. Whilst weighing up you would also have to consider future implications such as Credit Reference Agency information.

By paying off all the debts your credit rating would look ok, whereas there is a likeliehood of defaults being registered post signing of a Trust Deed. Records on Credit Reference Agency databases can remain fro 6 years from the last record being annotated.

If you wish to go over the administrative process of the Trust Deed - I would suggest you have a look at the Accountant in Bankruptcy website which has the government leaflet/guidance on Trust Deeds. The website of the Accountant in Bankruptcy refers.

Hope this has put your mind at rest but if not has given you food for thought. Knowing what level of dividend creditors will get(this should be on the circular sent to creditors and yourself) will also assist in putting your mind at rest as this is important in the "protection" process. Quite alot of the creditors are represented by the Insolvency Exchange who expect amongst other things a dividend of at least 10p in the ?ú.

The changing of banks if not explained to you could be either because:

a. Overdraft (which should be treated the same as other debts)
b. Some Banks Freeze accounts on sighting of the Edinburgh Gazette
c. You have other debts such as loans with the current Bank

thank you for the replies. The 1 good thing that i can take out of this is after 36 month i will be debt free. I think all the legal jargon bogged me down yesterday and i had not realised what a long process it would be I.E. signing of forms, paperwork, & paperwok.

My IP was good at explaing things and being patient with me when i coudnt understand some things.

If the trust deed does not go through i will not go into bankruptcy as i feel this is too much, what i will do after that im not sure.

However i will keep posting and let you guys know how im getting on and once again i do appreciate the replies as these are bringing some comfort and also giving me peace of mind that i have made the right decision.

thanks

The important thing is not to be pressurised into signing any Bankruptcy documentation if your TD fails to become protected.

I hope it does become protected and will monitor responses in the hope it goes through with no complications.