Hi tweet2

No the only options would be for the trustee to petition if you failed to co-operate ie stopped paying etc.

Was sequestration, DAS etc not fully discussed with you?

Mark

Sorry meant to say, if it doesn't become protected, then sequestration will be the next step anyway.

Mark

RSM Tenon are my Trustees. I have received nothing from them since I sent back signed documents. I didn't meet anyone, it was all done by post. Should I have received a copy of the proposal that went to my creditors? Should I have been made aware of what their fees will be? I would also like a copy of the budget we agreed, will that be possible? Tomorrow is D day, that will be 5 weeks, keeping everything crossed that my TD becomes protected.

Hi Sabrina

You should be copied into the creditor circular which gives all the info.

Remember the 5 weeks is from the Gazette date, not the signing date.

Mark

I signed the TD in May Mark. Tomorrow is 5 weeks from publishing. Any clues as to why I've not been given copies?

Thanks Mark,

My trustee only briefly mentioned LILA but I wanted to pay my debts, I felt sequestration was like running away from my debts. I wish I had known about their fees before signing the trust deed as I would have avoided it, it just doesnt seem fair on my creditors. I guess all I can do is wait and see if it does become protected although I wont hold my breath!

Hi saabrina, Im not sure I would have thought that you would have received some papaerwork as they have to write to your creditors just after they advertise your trust in the paper? I received a copy of my trust deed notice from the paper and a copy of my creditors letters a few days after the notice was advertised.

Hi Mark,
Can I just clarify if trust deed doesnt become protected, then is it my trustee who will set up sequestration?

Well now I'm really worried. I haven't received a thing. Nothing. Not even a confirmation to say that the documents were received. The only reason I knew it had been in the gazette was because I checked myself. Don't know what to think now. Phoned trustee last week to see if any objections had been raised so far. I was told none, but if they were going to object it would be at the last minute. Again, I was told that everything would be fine and I would get a call tomorrow to confirm if TD had become protected or not. Think I'd rather have the documents than a phone call.
Mark, could you please reply to my other questions re being told about the fees and a copy of the budget. Thanks.

Hi tweet2

if i was you id ask my trustee to justify the £5650 they are charging.
the guidelines on fees by companies recommended on this site are between £2500 AND £4500.If you only owe £15000 then i cant see the reason you are being charged this much presuming you only owe a few creditors it is on the high side.

As regards the trust deed becoming protected ,the trustee must know what they are doing by offering your creditors such a low amount.

If it doesnt become protected i think you can petition for your own sequestration by filling in a form, might be a better route for you...good luck

Hi Saabrina

No, you should have been copied in. Best phone and have it re sent.

Mark

Hi tweet2

Yes, he will organise that for you.

Please keep us posted on how things go.

Mark

I got a call from RSM Tenon today to say that there had been no objections to my TD. I was really worried that of my £23K debt most of it was with the bank between CC, loan and overdraft and I thought they'd object.
With regards to being copied in on proposals to creditors and notification of fees, for whatever reason I didn't get them, they are geing resent.
Trustee will now prepare documentation to have TD protected.
I will sleep much easier tonight than I did last night.

That's wonderful news saabrina. Congratulations to you.

I hope you had a good sleep last night?