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Scottish Trust Deed Forum
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Topic starter
09/09/2012 4:03 pm
Hi
I've been drowning in debt for several years (about £30k unsecured) and been paying £50 a month in a DMP and about £65 direct to a debt collection company but no end in sight.
Since I got in to trouble financially (Divorce, lost job twice in 12 months)I've been trying to weigh up what options I have to try and clear my debt.
I've re-married and moved into the house my wife owns. All the debt is mine and pre-dated my new relationship. Would a trust deed be suitable for me?
We have kept our finances totally separate due to my financial problems and when we married I signed away any right I had to her property should we split up in the future.
Would a trust deed be suitable? I presume sequestration would mean losing the house but not sure since its not mine.
I have no assets other than my wage since I can't get credit (I presume, I haven't tried for years)
Any advice would be appreciated.
09/09/2012 4:11 pm
HI Chillster-experts will comment I'm sure but if it gives you any comfort, your wife's home or equity in it cannot be considered an asset for the purposes of your debt solution. Whether your circumstances dictate that a trust deed or sequestration is best (or Other options)you can only contribute what YOU have int erms of assets or income.
09/09/2012 4:12 pm
Welcome to the trust deed forum chillster.
Protected trust deeds or sequestration only take into account assets that you personally own.
You seem to be paying £115 in total each month towards your debts right now. How much do you think you could afford after all of your reasonable expenditure is taken into account?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/09/2012 4:15 pm
I would say about £150 to £180
09/09/2012 5:28 pm
Hi again chillster.
On those figures a trust deed for £30000 of debt may be tight. It would be best to work through the income and expenditure figures with an adviser to confirm the position.
Sequestration will be a viable option either way.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
09/09/2012 6:43 pm
Thanks, its the house I'm worried about. It is my wife's but I am just scared she may lose it because of me
09/09/2012 8:03 pm
Hi chillster.
If you don't own the home there is no issue, either with a trust deed or sequestration.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
10/09/2012 9:35 am
I think a trust deed should be viable based on the figures you have given, chillster - though sequestration would be another alternative to look at too.
As others have said already, your wife's house would not be affected under either procedure.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
