That's interesting that the TD company have such a high value on the car compared to your figures. Where did they value it?

I would consider finding a few local examples of the same car (millage, make etc) on autotrader to provide them with details of what your car is likely to fetch on the open market. I would also use something like motoring.co.uk which will give you a free estimate of the cars value. Remember, because a car is valued at a figure doesn't meant to say it would sell for that hence using examples from autotrader to show what cars are ACTUALY selling for in comparison to yours.

With regards to a TD I think the experts will need more information before they can direct you about going onto a TD. What I would say is make sure you have spoken to a number of companies before you enter into one if that's what you decide to do. The experts on here are all free to speak to and will give fair and honest answers with regards to their companies and TD's. Make use you cover off the key matters in the TD regarding house equity, bonuses, wage rises, car value and change of circumstances and get the agreements on each in writing before you agree to the TD!

Welcome to the forum notntodeedyet.

I think colski has provided some useful information and advice.

Other than the car, do you have any other assets? For example, are you a homeowner?

The company is **** and they use two car companies to value one being parkers and another which i cannot remember. I dont own my house (council tenant in my name only) Is this the best company to go for?

Hi notntodeedyet.

The site isn't going to comment on firms other than the four that we choose to recommend (represented here by Mark, Kevin, Rob and David). Others members may offer a view.

A trust deed might be the best option for you, but it isn't possible to fully confirm that without going through a detailed fact-find with you directly.

Sequestration and the debt arrangement scheme appear (on the surface of it) to be valid alternatives that you should also consider. I assume that the firm you've been speaking with have told you about them so that you can make an informed choice?

They did but didnt think they were a realistic option and felt the TD was the way to go. I feel totally overwhelmed by the whole experience. I suffer from depression and cant remember the last time i was truely happy ( hence the build up of debt) Sorry about mentioning the firm I have deleted the name. If you were me would you go down this route or look at other options?

Choosing the company to go with is all about personal choice. KPMG have mixed reviews from what I foun out about them when I considered them for my TD. For me I spoke to 4 / 5 companies and settled on RMS Tenon (represented on this site by Kevin). Most of the companies with the exception of one were more or less the same and in the end I decided on RMS as they fitted my circumstances and requirements best.

The best advice I can give is don't rush it and speak to several companies. It doesn't cost you to speak to them and the more you speak to the better you will feel about the company you choose. If you're at the stage of needing to do something about your finances a few weeks / month more at that stage will not make any difference. Just make sure and cover off the points I mentioned in my first post and get the agreement in writing before you sign anything! If the company won't confirm what will happen with regards to bonus for example then walk away as this should all be agreed and confirmed before you start paying!

As I said don't worry about taking a few more weeks to work all this out. I was heavily in debt (still am technically) but had never missed a payment. I was petrified about not making a payment while I was investigating the TD but it turns out there was no need. I was given the advice to tell the creditors who were call asking for money etc that I was speaking to a financial advisor regarding monies owed and my personal circumstances and they will be in touch shortly This bought me breathing room with the creditors effectively getting them off my back while I looked at my options.

Hi notntodeedyet

It is always difficult to comment on best options without a full review.

It's interesting you mention being overwhelmed, as this, in my opinion, is one of the main factors in all trust deeds I have dealt with. The fear of the unknown is the killer and that is why an absolutely clear and defined solution is key to everything. You should look at all the options and then see what is best for yourself as this gives you back some control.

Whatever decision you decide should give you a start date, an end date and no surprises inbetween.

Mark

Try searching through the posts I have put up on the site. Most should be quite informative for you and help you see the steps I took when deciding if a DAS or a TD was the best option to go for and the advice I received on each area

Don't panic about it all. You have taken the first positive step to getting your finances back on track and (while it might not seem like it right now) the financial pressures your facing right now will quickly get much better.

currently on phone to debtadvisory scotland hoping they can give me advice. i have looked through posts on this site and to be honest i am so so scared. what if i make the wrong choice?

Don't panic, take a breath and don't rush this! You're not going to take care of it all in a day.!

If I can take care of £60K of joint debt through my TD then you can get through whatever you are facing here. Key is to take your time and speak to as many people as possible. Don't let them push you into signing anything until your happy and have all the facts / details. My advice as someone who's been where you are very recently is to speak to the companies represented on here along with the companies you are presently speaking to. Make your decision only after doing this!

Hi notntodeedyet and welcome,

Colski has posted some great information on what you need to do when considering which firm to deal with and what option suits you best. Don't feel rushed into anything as taking an extra day or week(s) to decide. Nothing extreme should happen in terms of legal action because you have not paid anyone and taken your time so don't feel like you need to decide right this minute.

When you speak with an advisor you should come away from that meeting with a plan of exactly how things are going to work for you for the next couple of years. As Mark has said it's the fear of the unknown which is the killer for people.

When valuing vehicles we use 2 website, wisebuyers and parkers. We tend to go on the ÔÇ£poorÔÇØ condition of the vehicle. If we are unable to agree on a value of the car (which is extremely unusual) we will then have an auctioneer take a look at the car and put a value on it.

You won't make the wrong choice if you speak with an advisor in person and have all of your options explained to you. Once you know exactly how a Trust Deed, Debt Arrangement Scheme and Sequestration work you will be in a better position to decide what option suits you best.

Everyone feels exactly the same as you at this stage. It's only after the meeting(s), then following protection of their Trust Deed that they start to feel a weight has been lifted from their shoulders.

the debt advisory people state on the same figures of £168 per month over 3 years

Your contribution should be calculated based on your affordability after a thorough income and expenditure has been completed.

Did they value your car and confirm the position with that?

Also, have you arranged an appointment to discuss things in person with them?

They spoke about the value of the car and they stated that the payment term when agreed will be agreed at the outset and not changed at the end of the term which from reading posts is important. Due to logistics i.e not living on mainland scotland a home visit is not possible nor a face to face one