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what to say to creditors during the 5 week wait?

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 FF36
(@ff36)
Trusted Member
Joined: 12 years ago
Posts: 90
Topic starter  

Will my creditors stop calling and sending letters requesting money as soon as I've signed or not until it is protected? If they do phone can I tell them I've signed a trust deed or again not until I know it has become protected?

Protected 2014...due to finish 2018...early finish after selling house!


   
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(@alphab)
Trusted Member
Joined: 14 years ago
Posts: 79
 

Hi FF36,
Well done on taking the leap into sorting out your debts, the calls and letters from your creditors will stop but it may take longer than the five weeks. It was certainly in my case a good 3 months after signing that the letters stopped, they are easy to deal with just send them to your trustee.

After months of trying to avoid telephone calls from creditors I finally started to enjoy them because I knew no matter how nasty they were they couldn't do anything. All you have to tell them is you have signed a trust deed and give them the contact details of your trustee.

Don't be alarmed if they don't know what you are talking about, I found many of the call centres don't have a clue about insolvency in Scotland but that I their problem not yours.
There is no need to enter into conversation with them over the telephone, if they want more details ask them to put it in writing and you will pass it to your trustee.

They will stop contacting you, they are just not very good at passing information between departments. Don't worry about it.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi FF36.

You can tell them that you've signed a trust deed.

You could also refer them to your trustee.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

If you have signed the Trust Deed, then all matters should be referred to the Trustee to deal with. The vast majority of creditors are dealt with by one or 2 groups, so updating them on the position shouldn't be an issue.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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