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Scottish Trust Deed Forum
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Topic starter
11/04/2011 9:15 pm
Hi everyone,
I currently owe 10,700 to two creditors and called a company about a trust deed on Friday. After a lengthy interview by phone they said a TD would be the best option for me. They've already sent the paperwork and I'm looking through it. My worries are - I haven't defaulted or missed payments to either creditor, so would they agree to the TD? Also, if the TD was unprotected, can I be forced into sequestration? As I haven't missed payments, would I be better just calling the credit card/loan and explaining? The CCCS say they wouldn't freezed interest or anything as I haven't missed a payment- I feel so stupid to have gotten myself into this mess and feel really desperate and hopeless, I'd really appreciate a reply to my questions, many thanks in advance for your help
Topic starter
11/04/2011 9:47 pm
Forgot to say - the papers say I need a recent contact letter or statement from my creditors. But I don't have this (loan papers lost in a housemove, and credit card run online, no paper statements), will this matter?
11/04/2011 10:16 pm
Desperate, my advice is don't sign anything till you at least met them and discussed things face to face and get it all in writing..... I almost went with a company who done it all over the phone, but found this site before signing it and through this site found a trustee who talked me through everything then give me all in writing before I signed my Trust Deed...
Also regarding getting protected a good Trustee knows what your creditors are looking for so they'll be confident in getting it protected.... As for recent paperwork am sure as long as you know who ur creditors are and have the account numbers that will be ok or it's just a matter of writing to them asking for the info...
Finally I had not defaulted on my payments either but all my creditors allowed my trust deed to get protected......
11/04/2011 10:40 pm
Hi Desperatetimes and welcome to the forum.
As always, Porcupine's advice on these issues is sound.
Did CCCS suggest the option of the debt arrangement scheme at all? It's in some ways quite similar to a debt management plan (as might be provided by CCCS) but carries additional legal protection and guarantees on interest being frozen.
How much did CCCS and the trust deed company feel that you could afford to pay towards your debts each month?
A lack of actual account statements need not be an issue. As Porcupine says, it's the account numbers and balances (which you should be able to get online or by phone) that are most important.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
12/04/2011 7:09 pm
Hi thanks so much for replying, both of you, I read the replies this morning and was really grateful. TDA, I haven't spoken to CCCS, this was just the info off of their website. The trust deed company worked out a payment of 200 per month over 36 months, which I am happy with.
12/04/2011 8:49 pm
Hi desperatetimes
Welcome to the forum. You know my thoughts on firms who post documents with the 'everything will be fine' style of advice.
I have no doubt things will work out ok.
Regards
Mark
PS Good advice as always porcupine. 1-0 for getting there before me!
Mark is not posting regularly in the Trust-deed.co.uk forum.
