Trust deed - Scotland

[Kegimus]

Hi, I was just wondering if anyone on here has ever been in a trust deed? I’m currently about to finish year two and just wanted to know if anyone else is on one? Thanks 

[AndyOrch]

Thread moved to the appropriate forum...  Scotland Financial Legal Issues please continue to post here to your thread.

 

Regards

Andy

[Kegimus]

Hi,

I was in a bad situation nearly 2 years ago,

I had loads of debts and probably racked up about 18-20k,

didn’t know where to turn too

 

I ended up going down the Iva route etc and I am now in a protected trust deed for 2 years with 2 more to go and it has reduced my monthly bills by a big margin

 

my repayments to them aren’t extreme

I still have enough money left over each month,

 

after the 4 years are over then the rest of the debt gets cleared but will wait till the deadline and see what happens from there,

 

I know it’s not the best option to choose but I live in rented accommodation so I have no issues of anything being taken away etc and have never had anyone come to my door etc, hopefully you find a solution and things start getting easier for you x

[Kegimus]

Ok thank you would never have found the correct area!

[dx100uk]

hope you checked all the debt were enforceable before putting them around your neck in a trust deed.

what were they 

 

[Kegimus]

What do you mean

[London1971]

Here are my statistics

 

Link Financial 10k

Coop Loan 3K

NAT West OD 1k

HSBC Loan 5K

HSBC Credit Card 8K

Numerous old Utility Bills

 

All of the above  I ignored, and are statute barred years ago and off my Credit File. No IVA, No DMP, NO repayments. Not one penny. Nobody ever came to visit.

 

That is why IVA's are such a bad idea for consumer debt, it's literally throwing money away.

 

 

[Kegimus]

Ok but some of us don’t know that and I was in too much worry not to do something about it and couldn’t chance the luck so hopefully everything works out but thanks for the input.

[London1971]

Oh I agree, but it should be the law that independent advice must be given before entering into an IVA, so that people who are feeling that worry, can't be taken advantage of.

[Kegimus]

Ok no problem, I’m halfway through mine now so no going back just going to wait it out and see what happens.

[Kegimus]

@Halpert87 thank you and I will do, I’m only young so I panic and just try and get something sorted before checking all the details but iv read about Iva’s and they aren’t all negative and because I live in Scotland I’m only in a trust deed for 4 years (I think that’s correct) but I will keep you updated especially when it is all over and let you know my status x

[Kegimus]

@Halpert87 Iv said this to myself aswell, iv definitely learned from my mistakes and once this is all over I won’t be making any more stupid mistakes in future and I can look forward to enjoying my life slightly better and have more money for myself each month x

[Halpert87]

@Kegimus That's the dream. I want to be debt free and living within my means. I don't want to go broke trying to look rich .

Fingers crossed it's not too late for me to be able to get myself out of this mess x

[dx100uk]

most consumer credit debt sold to powerless DCA's turn out to be totally unenforceable esp if these were prior to 2007 take out.

 

dx

[Kegimus]

Oh right no idea, just did what I had to do, I’m now stable so just going to leave it at that. Thanks and take care.