Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,387
Views
Topic starter
25/05/2012 10:48 pm
Hi, I'm new to this forum and wondered if I could pick someone's brain. Sorry if this is daft question but here goes.
I have unsecured debts of probably 20000 or so, have mortgage of about 80000 left with market value of my house about 135000. I can't release equity from house to pay off my debts due to my income being low, only 15k salary plus maintenance and tax credit usual income, even getting mortgage of 80000 by myself was a plead with the bank at the time.
I really don't want to sell my house as me and kids would lose it. would I be able to qualify for trust deed as I'm not sure where I would stand with the equity in the house with my debts.
Any advice would be greatly appreciated.
Thankyou,
26/05/2012 10:15 am
With 55k equity floating around a debt arrangement scheme may be a much better solution as at no point would the house be at risk,it may take longer to repay your debts as their is no write off in a DAS but it would allow you more time without getting charged interest and late payment charges etc to clear the debt.
If you went for a trust deed at some point creditors would want the equity(or at least some of it),and without a remortgage the only way to free the equity would be to sell up,clearly something which you dont want to do.
No questions are daft,so dont worry about asking anything. You could do worse than contact one of the insolvency professionals who post on here to run through your options,but please dont sign up to a trust deed,before talking to a couple of firms.
Down the left hand side of the page is a tab for debt arrangement scheme,have a little look at that for extra info,if anything doesnt make sense,let us know.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
26/05/2012 10:29 am
Hi Kazibee.
Good advice from plasticdaft. Your description suggests that your home may well be in peril if you signed a trust deed.
If you can afford to pay towards your debts each month the debt arrangement scheme sounds as though it could be a better option.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
