Hello dev00100.

£5000 is the minimum (though some firms might need it to be more) and there is no upper limit.

Being a registered keeper of a car is irrelevant here, what's relevant is who owns the car. These are two different things.

If you're the owner then it's an asset that might vest in your trustee. If your daughter is the owner then it will not.

thank you so much for this information just need to maybe make an appointment to speak to somebody and see what my options are from here

quote:

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Origisnally posted by Trust Deed Assistant
[br]Hello dev00100.

£5000 is the minimum (though some firms might need it to be more) and there is no upper limit.

Being a registered keeper of a car is irrelevant here, what's relevant is who owns the car. These are two different things.

If you're the owner then it's an asset that might vest in your trustee. If your daughter is the owner then it will not.

---

That's no small step to take dev00100.

People writing here often say things get easier once that first step has been taken.

Hi dev00100 and welcome to the forum,

Firstly well done on taking positive steps to try and deal with financial difficulties. For the majority of people this is normally the hardest step to take.

The best way to proceed is to sit down with a qualified advisor and work through all of your options. A good advisor will work through a very thorough income and expenditure, go over your debts and what assets you have and then outline all of your available options.

As TDA has advised, being the registered keeper do not mean you own the car. In addition any car worth less than £3,000 is automatically not regarded as an asset.

The most important thing is that whatever option you decide to proceed with you need to make sure that you receive in writing exactly how this will work and you feel comfortable with the advisor you are dealing with.

The positive thing is that you have solutions to help you become debt free.

How much debts do you have?

Hi dev00100

Sounds like you are asking the right kind of questions. It is a bit of a mental hurdle to take that first step, but my advice would be to take a deep breath and make that contact. If you are struggling under the weight of debt that you can't afford then you should at least know what your options are and then you can size up which one fits best for you.

Hi dev00100

Just to add to the posts above, there is no upper limit as such, although certain criteria would need to be met for the vast majority of Trust Deeds for them to be accepted.

Depending on the total debt figure, creditors would normally expect a certain percentage return, so the level of contribution/other assets would need to be looked at the ensure that minimum figure is achieved.

Mark

hi david and everybody else who replyed to me, david i think the amount is about 35,000 but not 100% sure would need to add them all up

quote:

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Originally posted by David Tannock
[br]Hi dev00100 and welcome to the forum,

Firstly well done on taking positive steps to try and deal with financial difficulties. For the majority of people this is normally the hardest step to take.

The best way to proceed is to sit down with a qualified advisor and work through all of your options. A good advisor will work through a very thorough income and expenditure, go over your debts and what assets you have and then outline all of your available options.

As TDA has advised, being the registered keeper do not mean you own the car. In addition any car worth less than £3,000 is automatically not regarded as an asset.

The most important thing is that whatever option you decide to proceed with you need to make sure that you receive in writing exactly how this will work and you feel comfortable with the advisor you are dealing with.

The positive thing is that you have solutions to help you become debt free.

How much debts do you have?

---

Hi dev00100

The figure is probably about average to be honest. Even as a ball park figure it gives a good starting point. It's always best to look at all options and see what best suits your own circumstances.

The main areas to look at are affordable contribution amount, any equity within property and any other assets. The car as mentioned before has no value if it falls below the £3,000 value and even if you are on the V5, the registered keeper is not necessarily the registered owner.

Mark

Hi dev00100,

Thanks for getting back to me.

In terms of a Trust Deed, your creditors are required to accept the proposal and some creditors can have different acceptance criteria. Are you able to give me an idea of who you owe the majority of debt to or who is your biggest individual creditor?

Based on having £35,000 of debt and to give you an idea of what payment you would need to pay to meet the minimum creditor requirement, you could be looking at a payment around £180 per month for 48 months. How your payment would be calculated is by working through a very thorough income and expenditure to determine the exact payment. I'm only giving you an idea of what you would need to pay as this is what everyone wants to know. If after working through an income and expenditure it looks like you can afford to pay more than £180 then you can be asked to pay more. If this size of payment is too high for you then you could consider Sequestration instead of trying to reduce your expenditure by too much. People can try to reduce their bills too much and it can make things difficult for them. It's really about finding a balance and having an affordable and sustainable payment per month to a plan.

Under a DAS, if your debts are £35,000 and if you paid £180 per month then it would take 16.2 years to repay your debts if you used a free advice agency i.e. citizens advice. If you used a private company there would be a monthly management to be paid so this can have an impact on the timescale.

As I mentioned above, you could consider Sequestration which is the Scottish term for Bankruptcy. Under this, your creditors are not required to accept a proposal. The payment can be based on your budget and if you can only afford to pay £100 per month for example then this is all you would pay for a 36 month period.

All of your options really come down to your income and expenditure and discussing what assets you have with a qualified and experienced advisor. This will show you what options you have available and you can then take it from there.

quote:

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Originally posted by David Tannock
[br]
Hi dev00100,

Thanks for getting back to me.

In terms of a Trust Deed, your creditors are required to accept the proposal and some creditors can have different acceptance criteria. Are you able to give me an idea of who you owe the majority of debt to or who is your biggest individual creditor?

Based on having £35,000 of debt and to give you an idea of what payment you would need to pay to meet the minimum creditor requirement, you could be looking at a payment around £180 per month for 48 months. How your payment would be calculated is by working through a very thorough income and expenditure to determine the exact payment. I'm only giving you an idea of what you would need to pay as this is what everyone wants to know. If after working through an income and expenditure it looks like you can afford to pay more than £180 then you can be asked to pay more. If this size of payment is too high for you then you could consider Sequestration instead of trying to reduce your expenditure by too much. People can try to reduce their bills too much and it can make things difficult for them. It's really about finding a balance and having an affordable and sustainable payment per month to a plan.

Under a DAS, if your debts are £35,000 and if you paid £180 per month then it would take 16.2 years to repay your debts if you used a free advice agency i.e. citizens advice. If you used a private company there would be a monthly management to be paid so this can have an impact on the timescale.

As I mentioned above, you could consider Sequestration which is the Scottish term for Bankruptcy. Under this, your creditors are not required to accept a proposal. The payment can be based on your budget and if you can only afford to pay £100 per month for example then this is all you would pay for a 36 month period.

All of your options really come down to your income and expenditure and discussing what assets you have with a qualified and experienced advisor. This will show you what options you have available and you can then take it from there.

---

hi david
sorry its took me a day or so to get back to you but things are getting stressfull and didnt know what was the best thing to do however i have decided to seek help and will be in contact shortly
thanks soo much again for the advice so far
peter
my biggest individual creditor is bank of scotland , thanks so much

quote:

---

Originally posted by David Tannock
[br]
Hi dev00100,

Thanks for getting back to me.

In terms of a Trust Deed, your creditors are required to accept the proposal and some creditors can have different acceptance criteria. Are you able to give me an idea of who you owe the majority of debt to or who is your biggest individual creditor?

Based on having £35,000 of debt and to give you an idea of what payment you would need to pay to meet the minimum creditor requirement, you could be looking at a payment around £180 per month for 48 months. How your payment would be calculated is by working through a very thorough income and expenditure to determine the exact payment. I'm only giving you an idea of what you would need to pay as this is what everyone wants to know. If after working through an income and expenditure it looks like you can afford to pay more than £180 then you can be asked to pay more. If this size of payment is too high for you then you could consider Sequestration instead of trying to reduce your expenditure by too much. People can try to reduce their bills too much and it can make things difficult for them. It's really about finding a balance and having an affordable and sustainable payment per month to a plan.

Under a DAS, if your debts are £35,000 and if you paid £180 per month then it would take 16.2 years to repay your debts if you used a free advice agency i.e. citizens advice. If you used a private company there would be a monthly management to be paid so this can have an impact on the timescale.

As I mentioned above, you could consider Sequestration which is the Scottish term for Bankruptcy. Under this, your creditors are not required to accept a proposal. The payment can be based on your budget and if you can only afford to pay £100 per month for example then this is all you would pay for a 36 month period.

All of your options really come down to your income and expenditure and discussing what assets you have with a qualified and experienced advisor. This will show you what options you have available and you can then take it from there.

---

Hi Peter,

By speaking with a qualified advisor you will probably start to feel a little better about your situation straight away.

Often just speaking things over with someone, going over the options and how things will work and actually having someone confirm that they can help you deal with things can make a big difference and reduce a bit of the stress.

Try not to stress too much, like I've said you do have solutions to help you deal with your financial difficulties and there is plenty of help available to you now that you have reached out.

hello
this is just to give people a wee update as to my situation now 1 week on ! since making the initial contact on this forum (which is the biggest step you will take ) i have progressivly been feeling better about my situation due to the helpful and very understanding people on here, today i had a face to face meeting with david tannock who went thru all my options and gave me some very good advice ,hopefully now everything we discussed will work out good , i would just like to say to anybody reading this , i know from experience how hard it is to make that first contact however EVERYBODY i have dealt with thru this forum has been amazing , not once have i been judged , and david tannock ! thanks for the support
peter [8D]

quote:

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Originally posted by David Tannock
[br]Hi Peter,

By speaking with a qualified advisor you will probably start to feel a little better about your situation straight away.

Often just speaking things over with someone, going over the options and how things will work and actually having someone confirm that they can help you deal with things can make a big difference and reduce a bit of the stress.

Try not to stress too much, like I've said you do have solutions to help you deal with your financial difficulties and there is plenty of help available to you now that you have reached out.

---

That's great dev00100.

It's lovely to hear you so positive after such a short period of time. Well done for taking the steps that made this possible.