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

By mcar
#39271 Hi

I signed a Protected TD nearly 3 years ago which is due to expire in July this year.

At the time I was advised (now realised ill-advised) to keep one bank account and credit card open. This was a student account with £2,000 limit and credit cards £3000- Both were at limits at time and still are. I also had a catalogue account with a £1500 balance, now £2000.

I was at university at the time and hoped to be in a position (by now) where I was earning a decent income and would be in a position to pay of these debts by myself.

However, due to illness and childcare commitments i am only working PT. I can afford to pay TD contribution, but am unable to pay other debts at agreed terms. I am hoping to return to FT work in about 6 months and be in a much stronger situation financially.

I have also used a cheque cashing agency and owe £400 on a payday advance which I have just beign paying interest for the past 10 months

I have been advised to enter into some form of debt managment plan (by Debtline), although nthey are unaware of my TD.

I realise how stupid I have being, but unsure what exactly to do?

Do I tell Trustee- what will they do

Will my creditors know i have a TD and not accept any offer made to them?

please advise
By GR
#39286 Worst case scenario is the trustee could force you into bankruptcy. Who advised you to maintain the credit card and overdraft? This totally contradicts the guidelines of a TD.

Can't you contact the bank direct and find out if you can sort something out in the short term, with lowered payments? If you could manage to stall the bank until July then you would be in a better situation financially to deal with that debt head on.

Why not contact CAB and tell them everything and see what they advise?