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Scottish Trust Deed Forum
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Topic starter
28/05/2012 9:01 am
Hi, i've been reading the forum for a while and decided to join for some help.
Ok, here goes. Debts are in the region of £32k. All in my name except an overdraft of approximately £200. We own our home, but the equity is likely to be minus £8k-£10k. I called a couple of the numbers from the TV ads, but to be honest both felt like a sales pitch and when I asked any specific questions, the answers were extremely vague.
I have used an online income and expendituire form and calculate that i could easily afford £300 per month.
Based on the above, any advice would be welcome.
28/05/2012 9:11 am
Hi arabest
The problem with any form of advertising on a bigger scale is that the people who man the phones would need to have fairly extensive experience to be able to answer more technical points. The majority of these are farmed out to call centres and with that you tend to get commission based problems.
From the information, I think the only realistic options are DAS or Trust Deed. I would discount DMP and sequestration. DAS would take 9 years whereas the Trust Deed would take 3 based on £300 p/m.
If there is no equity in the property, please have this confirmed before looking at the Trust Deed option and please ensure you dont get involved in a firm looking for £500 to 'protect your equity'
I think once you sit with someone and run through all the points, it will provide a claer way forward.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
28/05/2012 9:27 am
Hi Mark
many thanks for your response.
I think you are right about the call centres. The problem is that I was searching for which way to turn and the natural thing is to answer these ads, when in fact I should have carried out a lot more research. I now have no doubt that whatever my circumstances, I would have been guided towards something with them.
Its good to narrow the options down to 2 and as you say, to get everything clarified.
28/05/2012 11:42 am
I would tend to agree with Mark in relation to your options given that the return to creditors, in particular, those creditors represented by The Insolvency Exchange, would be sufiiciently greater than they would be expecting and are therefore unlikely to object to the Trust Deed proposal. Whereas the Debt Arrangement Scheme (DAS) will result in a full return other than Distribution/Administration costs (under 10%).
Chris
Chris is not currently posting in the Trust-Deed.co.uk forum.
28/05/2012 2:23 pm
You may need to look into getting a new bank account opened, if you haven't done so already, arabest2012. Do you have any debt with you bank account provider?
I am sure any of the experts on her would be glad to advise you personally if you wish, though of course there are plenty of alternatives out there - such as your local authority money advise centre or CAB.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
