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Scottish Trust Deed Forum
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Topic starter
14/06/2014 3:15 pm
Hello guys. I,m looking for some advice for a friends relative.
Relative is 78. Has a joint mortgage with £25000 left to pay. House is worth about £110,000.
They have credit cards mounting up to about £20,000. 2 cars on HP.
Basicaly what happened was they went into business and it went bust. Hence the reason for the credit.
Is a trust deed the answer or can we negotiaite with the credit cards..?
This forum is great for help like this. thanks in advance..
14/06/2014 8:35 pm
Significant equity may mean a trust deed isnt the best way forward. It may be worth negotiating directly with credit card companies.
paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
14/06/2014 10:34 pm
Hi materialgirl
From the info provided, no I don't think a trust deed would/could work.
Trying to raise money from the equity would appear to be the logical, but not the easiest answer. Failing that DAS seems to be the next option.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/06/2014 9:36 am
Forgot to say, the couple have been seperated for a couple of years now.
The relative has no say over the house and because the age the bank will not allow them to take any more equity out.
15/06/2014 11:17 am
Hi materialgirl
The separation won't really have any effect on things as such.
The options appear to be to try & negotiate a repayment plan with creditors and hope that they agree to freeze interest. If not, this may not be a viable option. The other option would be the DAS option which would freeze interest & allow repayment over a specific period of time.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
