- Fri Mar 10, 2006 8:15 pm
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!!
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!