The trust deed should go through but please find someone else to go with. If you read this forum you will see that most people problems are with this company that you plan to go with.
Do the trust deed but go with another company...

Welcome to the trust deed forum bessibobs.

You have correctly identified that this single large creditor could reject the trust deed if they wished to (so long as a third or more of the total debt is owed to them). Hopefully this was made clear to you?

That doesn't mean that they will reject it though. They'll have criteria by which they judge trust deeds and, if you meet them, the trust deed should become protected. You should perhaps ask your contact at the firm you're using to go through their acceptance criteria with you so you can reassure yourself on this side of things.

I'm always concerned when trust deeds seem to be presented, or understood, to be "easy". For many people they are effective and appropriate, but they also require a lot of determination and focus from those that sign them throughout the term of the trust deed. That's not meant to put you off, but I think it's reflective of the views of many of our members that write in this forum.

Hi bessibobs

For it to be accepted, you need more than 2/rds in value and 50% in number of creditors.

I am slightly worried when you said the paperwork had been posted out. Have you sat down with someone and ran through all the options/points etc and had all this fully confirmed in writing? If not, I would certainly suggest you do this.

Regards

Mark

Thanks to everyone for your replies.

Mark, sorry, you misread my comment, I have filled out the forms but have not yet posted them. I've just been reading other comments on the forum about Wilson Andrews and am now quite concerned. I should perhaps go with another company but I have creditors breathing down my neck and really want to get this sorted out quickly. Really don't know what to do!!

Hi bessibobs

Despite what people say, the Trust Deed (if thats the best option) can be set up in no time at all.

My advice would be sit face to face, get it all backed up in writing and then if you want to go ahead, then proceed to sign in the knowledge that there are no hidden parts. At a push, this could be 24-48hours.

If you sign based on what someone has posted, then you have no confirmation how things will go re assets, bonuses, overtime, reviews, period of Trust Deed etc.

Belts and braces!

Mark

I signed my trust deed as it was posted to me and wish I never. Yes I would still have entered into a Trust Deed but after having spoken face to face with someone as this would have been so much better and answered all my questions. I would take the extra couple of days to arrange a meeting with someone who is willing to do the trust deed and speak to them face to face. Your debt is not going to get any worse for a matter of 2 or 3 days..

Tompie1980 makes a good point; one which has been repeated many times of the years here. I think one of the major sources of some of the problems that are written about in this forum is a lack of good communication and understanding at the start of a trust deed.

A meeting seems to be the best way to avoid these types of problems, as does written clarification on the key points before progressing with signing a trust deed.