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Morto
Just Joined

1 Posts

Posted - 13 March 2019 :  23:11:51  Show Profile  Reply with Quote
Hi,

Im very anxious about taking out a trust deed. I have gotten myself into a complete mess financially and mentally. I can't go on with the stress of the continuous juggling of accounts and payments without even making a dent in things. I'm annoyed that i can't pay them off in full, as I am an adult and knew what I was doing, sometimes it was the last resort. Im worried about paying the company my instalments as I am trusting them to pay my creditors. Maybe because I've been in such a state of pressure keeping everything just a float that handing it over is hard. I will get a call tomorrow go through verification and hopefully I will feel better afterwards.

Thanks
Im very anxious about taking out a trust deed. I have gotten myself into a complete mess financially and mentally. I can't go on with the stress of the continuous juggling of accounts and payments without even making a dent in things. I'm annoyed that i can't pay them off in full, as I am an adult and knew what I was doing, sometimes it was the last resort. Im worried about paying the company my instalments as I am trusting them to pay my creditors. Maybe because I've been in such a state of pressure keeping everything just a float that handing it over is hard. I will get a call tomorrow go through verification and hopefully I will feel better afterwards.

Thanks


Morto

Sharon Toal
Trust Deed Expert



338 Posts

Posted - 14 March 2019 :  08:49:36  Show Profile  Reply with Quote
Morto

The important thing I want you to understand is that is help available and you have made the first step in getting this sorted.

I am confident that once you speak you will have a better understanding on the solutions available and will hopefully made you feel that there is light at the end of the tunnel.

Thank you being open and honest.


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TDA (Debt Adviser)
Trust Deed Expert



12834 Posts

Posted - 14 March 2019 :  08:51:06  Show Profile  Reply with Quote
Welcome to the forum Morto.

I think many people reading this will have experienced the same fears and anxieties when working out how to deal with their debts.

There's no need to fear handing over money to a licensed insolvency practitioner handling your trust deed. They're highly regulated, your money will be segregated and audited, and if the worst were to happen it's also insured.

My suggestion would be to take your time and make sure you understand everything before you make a decision to proceed.

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Kevin Mapstone
Trust Deed Expert



3689 Posts

Posted - 14 March 2019 :  10:57:59  Show Profile  Reply with Quote
Hi Morto

I always think that this is the hardest part of the process. It sounds like you have probably been trying so hard to keep on top of payments etc that to "give up" and switch to an insolvency route such as a Trust Deed is quite a mental hurdle to overcome.

Take your time, ask plenty of questions, and keep in mind what the alternatives are. It may feel that changing tack like this is wrong, but is it really realistic to carry on struggling without a clear end date?

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Swandog
Advanced Contributor

161 Posts

Posted - 14 March 2019 :  13:37:26  Show Profile  Reply with Quote
Hi Morto and welcome to the forum.

Well done in reaching out for help and advice to deal with your debts. As others have said thatís often the hardest thing to do.

How much debt do you think you have in total?

Also, do you have any assets?

Try not to beat yourself up too much about having debt and considering a Trust Deed to deal with this. For the majority of people that find themselves financially struggling I think it just comes down to life. Having kids, changing jobs, reduction in income, ill health, redundancy and also cost of living and zero hours contracts are all factors.

The positive thing is that there are solutions available to help you manage the debt and give you a more affordable payment per month. Remember that a Trust Deed is a proposal made to your creditors so they get the change to say yes or not. My point here is even although you want to pay it all back the lenders are happy to accept a reduced payment per month and write off the remaining balance as long as your proposal meets their criteria. The majority of Trust Deed proposals are accepted as firms know what lenders like and don't like.

In addition to the Trust Deed there is also the Debt Arrangement Scheme. This would repay all of your debts so you do have options.

The most important thing to do is talk about all of your options, make sure any payment you agree to pay is affordable and you understand everything. There is also no harm in seeking a second opinion and Iím sure one of the experts here would be happy to help.
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