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Frequent Contributor

32 Posts

Posted - 23 October 2019 :  20:09:09  Show Profile  Reply with Quote
I met with David today which was good to meet in person and talk about everything so forms all signed ready for Trust Deed to be proposed to creditors . However one of my creditors is Scot West and they have the largest portion of debt . Has anyone had any experience of how Scot West react to Trust Deeds ? Also if there is anyone whoís Trust Deed has been rejected by creditors and went for sequestration would be good to hear how this went for you ,ideally anyone who had no assets or anythings experience .

TDA (Debt Adviser)
Trust Deed Expert

13967 Posts

Posted - 24 October 2019 :  08:58:38  Show Profile  Reply with Quote
Hi 1985debt.

It's great to hear that you had a positive meeting with David today and that there's a plan in place. Best wishes with this.

Hopefully someone with the experience you're asking about will be able to share their thoughts with you soon.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Paul McDougall
Trust Deed Expert

156 Posts

Posted - 24 October 2019 :  09:00:53  Show Profile  Reply with Quote
Morning 1985

Creditors do have the option to accept or reject a trust deed. Credit Unions will consider each proposal under their own merits and make a decision. It is often difficult to call whether the credit union will object or not.

If they do reject and have sufficient voting powers, then one of the options at that point would be consider sequestration.

David and his team will be able to guide you through the sequestration process such as completing the application and submitting it to the Accountant in Bankruptcy.

One positive thing to take from this is that unlike a trust deed, creditors cannot object to a sequestration application.

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Frequent Contributor

32 Posts

Posted - 24 October 2019 :  18:14:43  Show Profile  Reply with Quote
Thanks to be honest whatever one ends up happening I will be relieved that Iíve at least found a solution to debts as over the last year Iíve been robbing Peter to pay Paul and waking up in middle of night stressing about Aqua cards etc . Hopefully some people will see my post and give me some idea of how things went for them although I have been reading a lot of older posts too .
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