Hi sarah95,

With regards to the objection criteria, it needs to be a majority of your creditors in number or 1 third of the total value of your creditors objecting for it to prevent your Trust Deed becoming protected.

We work to a set criteria from creditors and a good knowledgable advisor will know what proposal will be accepted by your creditors.

Normally creditors will object if your income and expenditure is excessive, the fees are too high or if your payment isn't high enough to give an acceptable return.

Try not to worry too much, one you sit down with an advisor I'm sure you will start to feel a little better as they will cover all of this in detail for you.

Thanks David,

I'm still finding this really confusing. HSBC have 8 and the rest all about 1 k each. In order for it to fail there would need to be a lot of objection from these ones? or am I reading this wrong?

Any advice appreciated.

Hi Sarah95

Around 95% of all creditors we come across are dealt with by 2 companies. TIX and GT who make decisions on their behalf.

Al long as we stick to the criteria they give us, the we can pretty much assure that the trust deed will be accepted. We work to a set process and that generally keeps everyone right. Generally we have 99.9% of trust deeds accepted because of this.

Mark

Hi sarah95

Yes, the rest of the creditors would need to object for it to cause a problem. As we work to a set criteria though it's extremely unusual for there to be a problem with a Trust Deed proposal.

For everyone that I deal with it's always a pretty confusing and worrying time to begin with. Once they sit down and talk it through face to race it then starts to sound simple and straight forward which in fact it really is.

Is there anything else that is worrying you about your situation?

Thanks Mark, yes David, only what I said before I had all the debts that I will include in my trust deed for over a year however I have used one account to replace a broken appliance quite recently. I am probably too honest but just thinking that they will think she must have been thinking of applying for a trust deed! in totalling it up though they owe 2k of a £13.5 debt. When I ordered it I hadn't even thought of a trust deed but had a panic attack when I added up all my debts.

Hi sarah95,

It's always the same when people sit down and work out how much debt the have and it comes as quite a shock. A lot of the time it's not until they sit down with me and we work through it that they actually truly know how much debt they have as they have never attempted to before.

The vast majority of the time your creditors won't look at past and recent transactions on the account to decide if they are going to accept a Trust Deed or not so try not to focus and worry too much about that.

You will find a lot of support on the forum from other people who have been in a similar situation to you so your not alone and as I said try to focus on the positive which is that you have options available to help you deal with things.

Hi sarah

I think anyone would be surprised at the actual cost/totals of things if we wrote them down.

The key is always to look at the options and see what best suits your own individual circumstances. There are always options available and if you can plan a clear way ahead, then you have a start date and an end date and you know exactly how things will pan out, with no surprises!

Mark

Hi Sarah
Whilst the creditor who had loaned you the funds very recently couldn't stop the trust deed achieving protection, they would have the option of petitioning the court to have you made bankrupt instead if they felt strongly enough about it. They can do this right up until your trust deed becomes protected.

I would be very very surprised if this happened, however, so please don't worry!! I just thought that I should point this out for the sake of giving you a full answer, rather than suggesting that it would actually happen in practice.