Hi Quangie5,

Try not to beat yourself up too much. It’s a lot more common than you realise finding yourself in debt again and having to consider another Trust Deed.

It’s great to hear that your husband is sticking by you even although I’m sure he’s annoyed. I’m sure this support has helped you in what has been a difficult time.

The best thing to do is to reach out to an Expert for some one to one advice on both your options. If you have run up debts in your husbands name he may need to consider a plan too. A good knowledgable Expert will be able to work through everything and then outline your options.

If you don’t have much equity in the house then that shouldn’t be at risk. Do you have any idea how much equity there may be?

Also, are both cars on finance?

Try to remain positive. Hardest thing is to reach out for advice and open up to your husband and you have done both so now it’s about making a plan to deal with it.

On the gambling have you thought about reaching out for help or attending GA?

Thank you for your reply. It’s hard to think people are making judgements on you. The house was 155k 4 years ago. Balance now 108k after 25k deposit and £600+ per month monthly. Debts run up in husbands name via online credit card applications without his consent. My car is paid for value approx 6k. His car paid for approx 5k value. His car is needed. Mine could be sold but would not have much of an input on debts plus insurance and fuel matches the price of a monthly bus card. Don’t know where to turn now that I have assets. Last time it was forces housing and 1 car worth 2k.

Hi Quangie5.

I'm very sorry to hear that you find yourself in this difficult position.

Reaching out for professional debt advice is the first step to take here. There will be a way to start making things better.

Angela,

I've been in your position, Trust deed in 2006 (50k Gambling) + Trust deed 2015 (58k Gambling). I only have 6 months left of my second trust deed, I am so happy i did it, more than happy to offer support on the trust deed or the gambling.

Don’t worry about people on the forum making judgements on you. This won’t happen. It’s a great support network so you should receive support from people who have been in a similar situation just as np785641d has advised.

In terms of your options to deal with the debts, the amount of equity in your property could make it tricky to facilitate a second Trust Deed.

In a Trust Deed a Trustee needs to establish the equity and then ingather as much of this as possible for the benefit of the creditors.

Also if you both have vehicles and these are worth more than £3,000 then they would be regarded as an asset in the Trust Deed.

If the equity is a lot then it makes a Trust Deed difficult and a more suitable option might be a Debt Arrangement Scheme. A DAS has nothing to do with any assets that you own and is based on repaying all of your debts.

If your total household unsecured debt is approx. £80,000 then to repay this over a period of 10 years using a “free agency” it would be a payment approx. £667 per month.

Best thing you can do is reach out to an expert to go over everything and look at all of your options, discuss your assets and the potential equity and then you can decide on the best way forward. Kevin or Sharon the two experts on the forum I'm sure would be happy to take a look at things for you.

Thanks for the reply’s. You say 80k over approx 10 years would be approx £670 per month? Surely it’s worked out on your income and expenditure? I have so many questions I need to ask. Can you point me in the direction of a “free agent” please?

Hi Quangie5,

Your correct, it is worked on based on your income and expenditure but at the same time the longer the proposal runs for i.e. longer than 10 years’ experience tells us that there is an increased chance that the lenders will reject the proposal.

Most organisations will try to work towards a 10 year plan timescale if possible. How much do you think you could pay per month to a plan and afford to live and pay your bills?

Plans can be proposed over any length of time. You also need to consider your age and the age in which you can retire. If you wanted a plan over 20 years you would be approx. 70 years of age.

A lot of factors to consider which is why it’s a good idea to speak with an expert. Free organisations to use would be your local citizens advice, Stepchange or Payplan. As far as I know the experts on the forum also give free advice so no harm in reaching out to one of them as well.

Total income per month jointly 3615 (embarrassing I know as some get nowhere near to that. Household expenditure currently at 2935 leaving a balance of 680 but this needs to cover food, fuel for 2 cars, birthdays,xmas, haircuts, Mot/service for 2 cars etc. I really don’t know where I will stand or how they will view it.

Within the expenditure of £2,935 does this include your debt repayments?

Yes. All debts included.

Ah ok. Remember when you enter into a plan then you don't pay your debts.

Your budget should be based on your living cost costs excluding your debt repayments as you would stop paying these. This will probably free up quite a chunk of money.

A thorough income and expenditure is key to working out what you can pay per month.

How much are your debt repayments per month in total?

£1630 over 1 loan and 8 cards, 1 catalogue. A couple are still on 0% but not for long. I am 50. Hubby about to be 50. I’m not in the greatest of health as I have COPD, High blood pressure and high cholesterol. I’m worried about dying before I clear up my mess!

That £1,630 will stop if you do proceed with a plan so will free up some more money.

That means that a payment around £667 per month might be possible on a DAS if that’s the option. Obviously I’m saying all this not knowing your full budget but just trying to help as much as I can over a forum.

An advisor should look at the value of your house, to calculate the equity and also look at the value of both vehicles. Once this is known and they know your budget they can give you some advice on a Trust Deed or Debt Arrangement Scheme.

Thank you so much. I’m guessing a trust deed won’t be for us as the house prices have stayed much the same around here in the past 4 years meaning approx50k equity sitting on it if not more as we had a brand new fully fitted kitchen put in and a 26ft workshop built in the garden. I am cringing right now writing this down as we were in such a good position 4 years ago, it’s embarrasing what we had and now what we don’t have and it’s all down to my idiocy.