Notifications
Clear all
Scottish Trust Deed Forum
7
Posts
3
Users
0
Reactions
1,112
Views
Topic starter
15/07/2011 11:56 am
I am in a TD but struggling to pay. I stupidly took out a few payday loans to help with this and now I am in even deeper. In order to pay my TD I have to get rid of these PD loans. The interest is crippling me. I have been burying my head in the sand for the last 6 months and am embarrassed that I have got to this point. No one knows about any of this and I really need help. I have been seriously ill over the past year and desperately need help and advice. Any suggestions please.
15/07/2011 12:13 pm
Hi nmwilson
It all comes down to your circumstances and in particular if you have any assets ie car, your own home etc. If you provide a wee bit more info, I can hopefully assist.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
15/07/2011 12:26 pm
Hi nmwilson.
Please do provide the information Mark requests.
It might also be useful to know how far through your trust deed you are so far.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/07/2011 2:42 pm
I have only made a few payments but have been in it for about a year. I have no assests. My car is 9 yrs old. My house has no equity as I have a secure loan which cancels this out.
15/07/2011 3:01 pm
You may wish to weigh up whether a trust deed is still the right option for you nmwilson.
The payday loans taken after the start of the trust deed cannot be included in it, but the budget used for your trust deed payment will not include any provision for you to repay the payday loans. That clearly leaves you in a very difficult position.
With few assets, sequestration may have become a better option. That's not something you'll be able to do though unless your Trustee enables it to happen though. If you health isn't good I'd hope you'd get a sympathetic hearing on this subject from them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
15/07/2011 3:45 pm
What is a sequestration?
15/07/2011 3:56 pm
Sorry, I should have been more clear.
Sequestration is more commonly known as bankruptcy.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
