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Just Joined

1 Posts

Posted - 22 September 2019 :  19:47:31  Show Profile  Reply with Quote
Hi guys,
Hope your all well!
I am new on here , I am a day away from signing the papers to hopefully put our trust deed in place if creditors agree. We have agreed to a 6 year trust deed due to the equity in our home and to keep our home safe. In one mind I am actually so thankful we may have this chance to sort our lives out but on another hand I'm worrying sick about if the creditors will accept the amounts... I only have £176 left per month on a £35000 debt and think why would these creditors ( about 10 different ones) accept such small amounts! I pray that they do and can almost hope for that day to get my life back on track but I'm worried it goes wrong or I somehow loose my house! It's such a contrast of emotions. Does others feel like this?
Sorry and thanks.

Paul McDougall
Trust Deed Expert

48 Posts

Posted - 23 September 2019 :  08:17:14  Show Profile  Reply with Quote

Thank you for sharing your story with the forum. Everyone will share the same feeling and emotions as you before entering into a trust deed.

It is a big step.

Creditors are given the opportunity to review the proposal. Your trustee would have reviewed the position and would only put a proposal if they believe there is a good chance of it being accepted.

All the best.


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David Tannock
Trust Deed Expert

2347 Posts

Posted - 23 September 2019 :  09:54:03  Show Profile  Reply with Quote
Hi Molly123 and welcome to the forum.

Well done on taking the brave decision to deal with your debts.

A Trust Deed can be a very effective way of paying back an affordable amount with the rest being written off. Everyone is always worried about the Trust Deed being accepted but we work with criteria set out by the lenders. The vast majority of Trust Deeds are accepted.

Trust Deeds are normally over a 4 year period and then an extension after this to pay over equity that someone has in a property. To hear that you are on a 6 year Trust Deed is a little unusual but I do see other firms doing this occasionally. This can be down to the fees that the firm charge or even the amount of equity you have.

Do you know how much equity you have in your property?

If you havenít already signed the paperwork it could be an idea to seek a quick second opinion from another expert about your options and the timescale involved in a Trust Deed. I try to approach things from the point of view of how can I get someone in and out of a plan as quickly as possible and something which the creditors are happy to accept. It could be possible to do a Trust Deed over a 4 or 5 year period rather than the 6. I along with the other experts on the forum would be happy to help with quick second opinion if you wanted.

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TDA (Debt Adviser)
Trust Deed Expert

13293 Posts

Posted - 23 September 2019 :  21:15:55  Show Profile  Reply with Quote
Welcome to the trust deed forum Molly123.

I can sense your relief at reaching a point where a plan is getting put in place.

As already mentioned by David, six years is a long time for a trust deed to run. This may be justified by your creditors acceptance requirements, but a second opinion might be worthwhile before you become committed. It's generally better to make the right decision than a quick decision.

Whatever you decide, best wishes with everything.

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