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?