A TD would probably be a good idea for you but I'll leave the rest for the experts. Just remember one thing though. Don't pay anybody for advice! some companies charge you but there a loads more that won't.

Also, well done for acknowledging the situation, this is the hardest part and things will get better now that your passed it.

Hi jess73

You have taken the 1st and hardest step. The vast majority of cases have circumstances identical to yours.

Next step is to sit down and look at ALL the options and ensure matters are all clarified before deciding what solution best suits. Once youve talked things through you'll realise there is always a way forward once you take away all the unknowns.

Mark

I always remember a thing my TD advisor said to me at my intitial meeting.

Myself and my fiance at the time (now wife) were sitting and he said "The first thing to remember about your debt is you are in control".

Now that at the time sounded crazy but in a way it was true. We owed the money and we were able to make the choice between a TD, DAS or even bankruptcy.

From the info provided you do need to get advice but please try not to worry too much!

Thanks for all the advice good to know we're not alone. I work full time and do all the extra shifts going not afraid to work but this has been coming for months. I really need to speak to someone, i'll read all the info on this site i want to make sure whoever we go to has a good reputation. I've had a company calling me telling me i would need to pay x amount over 4-5 yrs (i filled out online enquiry form) but from what i'm reading i need to look around.

Jess73

Normally a TD would run for 3 years.

Hello jess73.

How does that debt total of £32000 split up between you?

Are the car loans "hire purchase" or normal loans that you used to buy cars?

I think whoever you speak to will work our what value is required to make a TD viable for your creditors. It then depends on what you can afford to pay. If you can't afford to pay this amount over 3 years then you will probably have to increase the term. This is why my TD is for 42month and not 36

Hi,
The cars are hire purchase. The one thing that concerns us is because of where we live we need our cars to get to work public transport is very limited. My partner is a carer in the community so needs his car.
We were thinking of going to a company in "sell your house in 48hrs" but probably wouldn't get what we would need to clear the mortgage. Don't know which way to turn our heads are spinning but don't want to panic and handle it all wrong either!

Hi

If you need the cars for work most TD firms will view this sympathetically

Hi jess73

I dont see the cars being an issue. Re the house, the trust deed would hopefully stabilise matters and hopefully you could remain there. If not then you could look at movingand any shortfall in the future sale/repossession would be dealt within the Trust Deed.

Mark

Hire purchase agreements are secured on the vehicle and therefore can't be included within a TD. This is a negative if these are something that you are trying to get rid of. On the other hand, this can aid the fact that you need your cars for work as I don't think you can be forced to sell/hand them over either. I'm sure someone will confirm this.

Hi Mark,

I'm glad you mentioned re the house as I don't feel staying here is high on my list which may sound strange but we can't afford the repairs needed and as much as i like my house its adding to our stress even more. Unfortunately the most recent thing to go wrong in our house will cost at least a few thousand to repair! Moving we have already had to consider it this week and renting somewhere not so rural. My partners petrol costs for the next month could possibly exceed what he will earn! he has been trying for another job for months now.

Hi jess73

In the circumstances you describe, then the Trust Deed may prove to be a step which deals with all of the issues described.

It can certainly stabalise matters, but as mentioned earlier, best sit down and run through all the pros and cons before fling anything. Any sit down meeting you have should be a chance to ask lots of questions. The ip should then confirm all matters in writing to you, giving you both the time to sit down in your own time and decide what's best for you.

Mark

I've made contact now with a company and hopefully will get an appointment next week.
Didn't realise that trust deeds couldn't be joint i'm so glad i've found this forum and have spoken with an advisor.
Not feeling as desparate today as there will be a solution to our problems just wish i had done this months ago!