Hi FF36.

The main factors are:

Does your offer meet their acceptance criteria in terms of dividend and expenditure guidelines.

Does your trustee's fees meet their guidelines.

Surely the trustee knows what fees are allowed and won;t put too much for it not to be accepted?

do they look at how much you owe and then how much you're going to pay back to them, just asking becasue the amount i owe and the total amount they will be getting paid by the end of it isn;t that much...but i'm hoping again the trustee knows what to put there? i feel kind of guilty about not paying more back...in fact i would have preferred to do something like a DAS and pay it all back, but unfortunately that was not an option as it would take too long to pay back.

Looking up this forum and various other info, the fees the trustee are asking for isn;t above what the average is, so i;m not too worried about that.

Also do they look right into your account at everything you bought on credit cards etc cause i;m kind of worried that in June this year i used one of them to pay for a caravan for a weeks holiday...it was an offer and only cost about £350 and i honestly thought i could have paid it back at the time...will they take things like that into consideration?

i do not know how i am going to survive the next 5 weeks! i am so worried in case it doesn;t get protected and then they're going to make go bankrupt.

The major creditors communicate their fee, expenditure and dividend expectations to insolvency practitioners FF36. So, yes, your trustee should be aware of what's expected.

Your creditors can choose to take your conduct on a credit line into account if they choose to.

I doubt that a transaction of the size you mention from several months ago will be an issue, but obviously I should remind other readers to be cautious about their use of credit once they've identified that they're unlikely to be able to repay their debts.

I remember asking my Trustee about conduct. I was worried mainly about my NRAM loan, as it was linked to my mortgage. I was only 24 months into out (out of a term of 300 months[:0]). My marriage broke down two years before and I inherited a lot of debt from that. It didn't take that long for things to spiral.

The only thing my Trustee said, was that they could refuse it if you knew you or ought to have known your debts could never be repaid. In other words, if you deliberately made yourself insolvent.

Not sure if all Trustees do this but he put a bit of background into the letter he wrote to creditors. I suspect it is common practice but one of the guys will be able to confirm it.

Good luck and let us all know how you get on.

Hi FF36

We actually work to a set criteria. The majority of creditors are dealt with by one company and they will allow a maximum figure for fees and also a minimum dividend to creditors. As long as this is achieved, then there is a 99.9% chance of the Trust Deed achieving protected status.

Mark

Minimum dividend...is that the amount you'll be paying back to the creditors in total by the end of it? If it is, looking on this forum and other sites, it suggests they are looking for 10p for every pound owed? Maybe I've read it wrong, but if not I've worked mine out and would be paying back more than double that and that's taking into account the fees too.

In that case you should have nothing to worry about, FF36.

The other factor that creditors assess which I don't think has been mentioned yet is you income/expenditure breakdown. If creditors feel that some of your expenditure items/allowances are too high/generous then they may object on that basis.

Again, any decent insolvency practitioner will work within set budget guidelines in order to ensure this problem doesn't arise.

Yes they definitely do work within budget guidlines as they made most of mine go up...for example food i had said £40/wk for a family of 5 and they said the minimum was £200! maybe that was for a month actually...wouldn;t it be lovely to be able to spend £200 on food per week!

This forum is GREAT. I feel so much better after reading these posts, thanks.

I wouldn`t worry too much, although I did worry a lot before I got protected. I had good few grand on CC a few months before going into trust deed and a refinanced loan from March 2013 for 12k and signed TD in Sep. The CC had online gambling transactions as I was getting a bit desperate and trying to recoup some money ( bad idea ). My TD works out at 14p in the £ and was accepted. The whole time I thought I had no chance.

That is really encouraging to hear Kdog7, feeling a lot more positive. Wish i had known about this forum before as i have done nothing but read it the whole weekend!

I think the majority of people have concerns that the proposal wont be accepted, but as long as the Trustee sticks to the criteria set by the creditors, then there's little or no chance of it failing.

It's always easy for us to say don't worry, but in my experience 99.9% go through without any problems.

Mark