Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

ByAnne77
#34233 Hello Everyone - Happy new year!
I am new here although I have looked at the forums before and I do find it comforting to know that other people out their are going through the same things as me. Not that I would wish debt problems on anyone but it just makes me feel less isolated.
Anyway I am 28 years old and have debt of around £17,000 (including student debt of £3500 which is currently deferred, an Egg Loan, Egg credit card, an overdraft with lloyds TSB of £600 and an HP with Dixons of £202). I have been keeping up payments with some difficulty for the past 2 years and now have spoken to a debt advisor who has said I would be able to go for a trust deed. However although I feel at the moment I don't really have much choice but to apply for a trust deed I have some questions about them.

1. My major creditor is Egg and I owe them around £12,000 pounds does anyone have any experiance of how Egg respond to requests for Trust Deeds?

2. Like some other people on this forum my debt is a total secret from my boyfriend and my family and I really do not want them to find out about my debt or the trust deed as I believe it would severely damage my relationship with them. I am very worried that by applying for the trust deed I will start a ******* of letters and phone calls to the house where I still live with my parents so that it will no longer be a secret from them. More importantly I am very, very worried that my taking out a trust deed could cause problems for my parents if they apply for credit in the future as we share the same address. My Parents were in debt many years ago unable to get credit anywhere and worked very hard to improve their circumstances and hate myself to think that I may have done anything that could affect them adversely. The same concern goes for my boyfriend who is keen for me to move in with him once he has bought a new flat, would my sharing the same address with him affect his credit rating.

3. Will it be possible for me to open a bank account with a direct debit card if I have a Trust deed and if so should I set up my new account before applying for the trust deed baring in mind that one of my creditors is my current bank. I am worried that if I try to change over the payment of my wages to a diffrent account that the TSB will freeze my account and take anything that is in it to go towards my current overdraft. Do you think they could do this.

4. One of the items that comes under my trust deed is an HP for an Ipaq which I bought for a previous job. I no longer have this item but am still paying for it. If I enter into the trust deed with Dixons excpect this item back and what will happen when they discover that I no longer have it?

5. Is it possible to keep one credit card with a low limit if you have a protected trust deed? I only ask this as I do most of my shopping for christmas presents online and I am aware that it is not as safe to use your debit card online as a credit card. I know that losing these advantages is part of the price you pay for getting into trouble with debt but I just wondered.

I got into debt by a combination of stupidity and unfortunate circumstance at a time when I was young and naive. I have given myself such a hard time about my debt that at times I have just wanted to die. I know that what ever I chose to do it is going to be another very hard time ahead and that the best I can try and do is not let my foolishness impact on those I care about. At the moment I still feel that I have ruined my life because of this but I still have some hope this can change.

Many thanks for reading this, any advice whats so ever about any of my questions is greatly appreciated.

Take care all,
Anne.
Bykiltedscot
#34286 Hi Anne,

I totally understand how you feel, all the questions and the uncertaintity of it all.

I am by no means an expert, but like you am in the same situation, and have a lot of questions answered by the great bunch of people here.

Before you do anything go and see somebody like the citizens advice bureax, and a debt specialist, who will have more info than lil ol me.

1. I think a lot depends on how on how much they get back, the p in the £. You have to have a I £ E statement.

2. Tell them, i told my wife as oon a we met, and i am glad, from what some posts say it is a relief to tell them, be honest they might surprise you, and from i understand, it is your debt, not your family, so nly you are affected.

3. Open a account with a non creditor bank before yu go for a trust deed, the TSB will prob freeze and keep to clear O/D.

4. Cant help on this one.

5. You cany have any creditcards or credit at all, you have to tell your trustee everything.

Please anyone if i wrong, please tell so I know for myself.

[quote]I got into debt by a combination of stupidity and unfortunate circumstance at a time when I was young and naive. I have given myself such a hard time about my debt that at times I have just wanted to die. I know that what ever I chose to do it is going to be another very hard time ahead and that the best I can try and do is not let my foolishness impact on those I care about. At the moment I still feel that I have ruined my life because of this but I still have some hope this can change. [/quote]


We all make mistakes and I felt exactly the same, and still d at times, it only debt, and they will give grief for few weeks, but the trustee takes all the letters, and all communicatin away from you to them, that alone is a big relief, not feeling scared t see what bad letters are at door. Your life is more precious, and will recover. with a proper budget you allow for things like christmas, and the mot, and car tax, and for once i even have a little somethng for me, not much but it helps.

Hope this helps.

KS
ByJLP
#34449
Anne77 wrote:Hello Everyone - Happy new year!
I am new here although I have looked at the forums before and I do find it comforting to know that other people out their are going through the same things as me. Not that I would wish debt problems on anyone but it just makes me feel less isolated.
Anyway I am 28 years old and have debt of around £17,000 (including student debt of £3500 which is currently deferred, an Egg Loan, Egg credit card, an overdraft with lloyds TSB of £600 and an HP with Dixons of £202). I have been keeping up payments with some difficulty for the past 2 years and now have spoken to a debt advisor who has said I would be able to go for a trust deed. However although I feel at the moment I don't really have much choice but to apply for a trust deed I have some questions about them.

1. My major creditor is Egg and I owe them around £12,000 pounds does anyone have any experiance of how Egg respond to requests for Trust Deeds?

2. Like some other people on this forum my debt is a total secret from my boyfriend and my family and I really do not want them to find out about my debt or the trust deed as I believe it would severely damage my relationship with them. I am very worried that by applying for the trust deed I will start a ******* of letters and phone calls to the house where I still live with my parents so that it will no longer be a secret from them. More importantly I am very, very worried that my taking out a trust deed could cause problems for my parents if they apply for credit in the future as we share the same address. My Parents were in debt many years ago unable to get credit anywhere and worked very hard to improve their circumstances and hate myself to think that I may have done anything that could affect them adversely. The same concern goes for my boyfriend who is keen for me to move in with him once he has bought a new flat, would my sharing the same address with him affect his credit rating.

3. Will it be possible for me to open a bank account with a direct debit card if I have a Trust deed and if so should I set up my new account before applying for the trust deed baring in mind that one of my creditors is my current bank. I am worried that if I try to change over the payment of my wages to a diffrent account that the TSB will freeze my account and take anything that is in it to go towards my current overdraft. Do you think they could do this.

4. One of the items that comes under my trust deed is an HP for an Ipaq which I bought for a previous job. I no longer have this item but am still paying for it. If I enter into the trust deed with Dixons excpect this item back and what will happen when they discover that I no longer have it?

5. Is it possible to keep one credit card with a low limit if you have a protected trust deed? I only ask this as I do most of my shopping for christmas presents online and I am aware that it is not as safe to use your debit card online as a credit card. I know that losing these advantages is part of the price you pay for getting into trouble with debt but I just wondered.

I got into debt by a combination of stupidity and unfortunate circumstance at a time when I was young and naive. I have given myself such a hard time about my debt that at times I have just wanted to die. I know that what ever I chose to do it is going to be another very hard time ahead and that the best I can try and do is not let my foolishness impact on those I care about. At the moment I still feel that I have ruined my life because of this but I still have some hope this can change.

Many thanks for reading this, any advice whats so ever about any of my questions is greatly appreciated.

Take care all,
Anne.



See before I answer your questions Anne-can you tell me

1. What agency is dealing with your debts (you can pm me if you like)- have they discussed any other options with you apart from Trust Deeds?

2. What your surplus Income is per month (after all your essential bills are paid)

3.How long will it take for you to clear your Debts on your Repayment Programme?


Once I have that info I will be back to advise you better.May sound strange requests but I need to know that a Trust deed is your best/only option before I can help further. Not slagging your Debt Advisor-but I always get worried in case they launch into advising Trust Deeds without exploring other options.



PS-Student loans cannot be cleared or written off by Trust Deeds


Thanks



JLP

xxxx
ByAnne77
#34563 Thank you both for your replies, JLP I have PM'd you with the info you asked for.

KiltedScot thank you for the advice about the Bank Account, credit cards an so on. I will look into setting up a new bank account as soon I am clear that I will go ahead with the Trust deed. I have spoken to a debt advisor and to a counseller at the CCCS but not to the Citizens Advice Bureau perhaps I should just to make sure I have all bases covered and have as much advice as I can get.

Could you tell me if you have had to open a new account for your trust deed which bank you found best?

Also could you tell me if after you applied for the trust deed (assuming that is what you have) if you recived a lot of letter and phone calls to your home.
This worries me most of all as unfortuantley in my instance telling my parents and boyfriend is not an option and I am terrified they will find out.

Thank you also for your kind words of support, I do feel very alone and angry at myself a lot of the time but of course worse things could happen and it does help to come here and know that others have been through this before and survived.

Thanks again!
Anne.
Byscottishdebtor
#34643 Nationwide are excellent. Also Bank of Scotland.

If you receive letters now, it is likely you will keep receiving them until the TD is in place and possibly even later until it sinks in with your creditors that the TD is in operation.
ByAnne77
#35067 Hi Scottish Debtor,

Thank you for your response.

I have applied for an account with the ethical Co-Operative bank hopefully it will be accepted and I will be able to take this oppertunity to make another positive change in my banking habits.
I am not recieving letters at the moment but when I spoke to the CAB who were v helpful they said I would probably recive a few letters and calls but not the ******* I had feared and that once they knew about the TD they would then refer to the trustee.
I hope this is true!
Anne
ByJLP
#35186 See PM Anne.
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