Bankruptcy/Trust Deed help in Scotland please

[peapod01]

My partner has a trust deed, we were forced into debt by a set of very unlikely circumstances, we both became very ill because of it and we decided to go down the bankruptcy road, we were advised to think about a trust deed.

 

After looking at it he decided to do the trust deed, for us it has improved our lives no end, when you enter a trust deed, you cannot accumulate any debt, but you pay an affordable payment based on you current income and required outgoings, its a monthly payment for 3 years, he still has a bt phone but he pays it monthly, same with electricity and other regular bills.

 

We also no longer have letters and phone calls bombarding us, no threpts no demands and if we get anything we just call our trust deed people and they kick ass for us.

 

We own our home and the and of the td the only downside is that when we come out of our trust deed they may make us sell our home to release the equity but its not looking likely due to economic down turn, however we are prepared and the upside is, regardless of what happens we are both much happier, we have between 1 and 2 holidays per year (not big expensive ones) we can afford to go out for a nice meal or day out, we can do fun things, we get on better and our health has improved so much that my doctor has stopped treating me for high blood pressure.

 

Trust deeds are not for everyone but for us it has been up to now the best thing we could have done.

 

If you think you may want to do a trust deed my advise is to shop around for a really good company, take a very long list of written questions, we stayed for 4hrs asking questions when most preople take lest than an hr, dont be pushed into anything, dont be afraid to ask your questions and leave to think about it, you need to remember that this is a bussiness to them and they make money from your debt.

 

They take a payment, alot of it goes to them, the rest goes to the other creditors, so you are a customer of theirs as well they will be there when hour ready.

 

Good luck and try not to worry, if your in Scotland there is alot more protrection for you, make sure you get really good help from the best companies you can, if any of them try to rush you, run, if they are happy to do all they can for you good, if you go into a trust deed you are signing up for 3 years, you dont want a people you dont trust working for themselves and not for you.