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 twig
#47505 Hi again, I have made some progress since I last posted and now have an appointment with an IP next week (CSSS recommended name)

I have also got my I&E forms from CSSS who agreed Trust Deed was my best option.

Am now at the scary bit of changing my bank, calcelling standing orders, and just kind of generally having a panic attack about getting thngs in the right order. Also still scared about calls at work etc because I kow the minute I stop paying they will start. Any advice at all greatly appreciated. Thanks again, Twig.
By GR
#47590 Hi Twig,

First of all calm down! :) Everything will go swimmingly well. There will be moments of stress due to your creditors, but in no time it will all be over and you will be stress free!! :D

1. Get a new bank account. This allows you to pay your salary into it without any hassle.

2. Next find the IP you want to set up the TD with. Get him to explain everything to you - including how much equity is in your house and your options to buy it back. (If you own your own house. If not, no problems there.)

3. If you are happy with your IP arrange to to sign a TD.

4. Cancel all your DDs to your creditors. This is when the hassle will start. You will get all sorts of letters. Ignore them. You will get phone calls. Tell them you are only willing to discuss the matter via post. They will make all sorts of threats - ignore them. You are nearly home and dry.

5. Sign the TD.

6. Wait 5 weeks for it to become protected.

7. Maintain your payments for 36 months.

8. Get discharged and get on with the rest of your life.

Sound too easy? Trust me it IS that easy. A huge financial decision, but one that will give you a second chance. Also one that hopefuly you will learn from!

Be brave - you will coast it! :wink:
By twig
#48099 Thanks for that GR - you make it sound almost OK and I can't tell you how reassuring it is to 'talk' to people who understand. The IP is coming to see me next Friday - he sounded really understanding on the phone, and was recommended by CSSS so he should be OK. I've cancelled all my payments today and made a note of all the addresses I need to write to and going to spend tonight getting it all done. I'll update after Friday's visit, thanks again all, Twig
By JLP
#48692
twig wrote:Thanks for that GR - you make it sound almost OK and I can't tell you how reassuring it is to 'talk' to people who understand. The IP is coming to see me next Friday - he sounded really understanding on the phone, and was recommended by CSSS so he should be OK. I've cancelled all my payments today and made a note of all the addresses I need to write to and going to spend tonight getting it all done. I'll update after Friday's visit, thanks again all, Twig


You will be fine Twig and much more confident after Friday........ :D Just ride out the phone calls etc until your TD becomes protected.
By 95K
#48695 Hi twig

I havent paid any of my creditors since christmas, I kept getting letters and just ignored them, then i got phone calls and explained situation, some creds were understanding, some were sh**ty and insisted on a token payment, i just told them sorry im not in a position to make any payments, they told me it would go against me in the IVA vote if i didnt pay them anything. Well I didnt pay them anything and IVA got approved yesterday and guess what the creds telling me that it would go against me actually voted to accept my proposal. They are just call centres trying to get payment in any way they can, dont worry about them and dont pay them anything.

Good luck

95k
By JLP
#48704
95K wrote:Hi twig

I havent paid any of my creditors since christmas, I kept getting letters and just ignored them, then i got phone calls and explained situation, some creds were understanding, some were sh**ty and insisted on a token payment, i just told them sorry im not in a position to make any payments, they told me it would go against me in the IVA vote if i didnt pay them anything. Well I didnt pay them anything and IVA got approved yesterday and guess what the creds telling me that it would go against me actually voted to accept my proposal. They are just call centres trying to get payment in any way they can, dont worry about them and dont pay them anything.

Good luck
95k


Go against them in an IVA/Trust Deed decision.....LMAO. These decisions get made by MUCH more Senior people than the phone monkey op ( when I worked for creditors, it had to go to our Head Office)

These people are so lowly- they have to get Head Office authority for a new pen- and QUITE rightly so........... :D :twisted: