Trust Deed Forum - Re-assurane and a couple of questions
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Re-assurane and a couple of questions
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

lilone
Contributor

9 Posts

Posted - 06 November 2017 :  17:19:50  Show Profile  Reply with Quote
Hello All

I am due to sign my trust deed this week (my 2nd infact although my first was only for a very small amount),after admitting my debt was taking over my life. Although hadn't gone into arrears I was left with nothing left to live and could see no way out, I have some questions below maybe some one could guide me on :

do the company need to know ive had one before it was over 8yrs ago?

they advised once its signed to stop paying my creditors am fearful of doing this and even though on my credit am not in default I will be now? dont i have to wait until its protected ?

should i call my current creditors and advise them am going through this once signed?

Thanks for reading any feedback will be greatly appreciated ive ready these forums for a long time and find them very useful! ive never felt so embarrassed in all my life due to debt so this is a big decision

Thanks







TDA (Debt Adviser)
Trust Deed Expert



12078 Posts

Posted - 06 November 2017 :  17:54:50  Show Profile  Reply with Quote
Welcome to the forum lilone.

I think you should just answer any questions honestly in respect of whether you've been in a trust deed before. You may well not be asked about this and, if you were, I wouldn't think having been in one eight years ago would make any difference at all.

In terms of stopping direct creditor payment, you'd be expected to do this when your trust deed is signed.

Your trustee will be in touch with your creditors about you signing a trust deed after this has happened.

Have you been through all of the options available to you? Trust deeds are often a good choice, but for some people other options could be more suitable.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

lilone
Contributor

9 Posts

Posted - 06 November 2017 :  18:06:26  Show Profile  Reply with Quote
Thanks for the Quick reply!

I think am just worried as even tho my unsecured debt is high ive always paid on time never missed an payments not making any feels a bit daunting.

The company I am dealing with is KPMG i dont know if anyone else has dealt with them before? they did give me options and worked through everything I was paying and doing a trust deed would give me some surplus to live with out worrying. i dont have a mortgage as ogf yet but with the hope of getting one once this is over

Many Thanks
Nadia
Go to Top of Page

Roverrunner76
Contributor

7 Posts

Posted - 06 November 2017 :  19:52:23  Show Profile  Reply with Quote
Hi Iilone, I'm in pretty much the same situation and just signed off last week. All my payments were up to date and I had a good credit score, but every month I would pay off my debts and then be leff with very little to pay for food or petrol for work so I would just use my credit card. It was when I realised that I needed to pay my council tax with a credit card that I decided to take action. I went through various emotions of relief when I spoke to people on the phone who said they could help, to panic when I realised it was all happening. I decided to sign the paperwork when it felt 'right' and now I'm waiting for 5 weeks, feeling a bit nervous, feeling a bit like the world feels slightly different now. I'm always checking my e-mails and had my first creditor letter last week so I'll expect more in due course.
Go to Top of Page

lilone
Contributor

9 Posts

Posted - 06 November 2017 :  20:21:13  Show Profile  Reply with Quote
Hi roverrunner!

Thanks for your message!

Its all very daunting,i just hope am
Making the right choice, like you i was paying everything but reusing credit as i
Never have enough for the month! Myself and husband want to start a family and i didnt want let this be hanging on me for then!

Let me know how you get on! Hope all goes ok!

Go to Top of Page

lilone
Contributor

9 Posts

Posted - 06 November 2017 :  21:05:24  Show Profile  Reply with Quote
Hi roverrunner!

Thanks for your message!

Its all very daunting,i just hope am
Making the right choice, like you i was paying everything but reusing credit as i
Never have enough for the month! Myself and husband want to start a family and i didnt want let this be hanging on me for then!

Let me know how you get on! Hope all goes ok!

Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3401 Posts

Posted - 07 November 2017 :  09:12:27  Show Profile  Reply with Quote
It is a big change for you, switching from struggling to pay everything as it falls due to stopping making payments - it is bound to feel unsettling. Try not to worry, just keep reminding yourself that this is sorting your situation out.

A good credit rating is only useful if you want to take further credit, which is probably the last thing you need right now, so don't worry about that. In the long run your credit rating will most probably be a lot better having been through this rather than continuing to try and juggle your debts.

If you feel a second opinion would reassure you at all, then feel free to contact one of us experts on here and we'd be happy to discuss your own circumstances in more detail.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

lilone
Contributor

9 Posts

Posted - 07 November 2017 :  11:18:06  Show Profile  Reply with Quote
Thanks Kevin That's very kind and re-assuring!

I think my initial worry is the whole setting up of the trust deed, and the impending letters and calls otherwise i do feel am making the right decision based on my current situation
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2017 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.