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Topic starter
13/02/2019 2:18 pm
Hi folks,
I have been lurking on this forum for about 6 months now trying to get my head around the advantages & disadvantages of the trust deed process.
My story starts ten years ago. I was in a great job making good money. Needed credit cards due to my travel & expenses etc. I have had 3 cards for around 15 years now. I am not behind in payments.
I was made redundant in 2008. My life was in a bit of a turmoil, I actually had time on my hands for the first time! I met someone in a whirl wind romance and we jetted off to Spain where her parents lived for a holiday.
Next thing I knew, my partner was pregnant. She being 45 and me 50!
I moved in with her and our baby girl was born.
Fast forward to now. My daughter is now nearly 10 years old and the years have taken their toll on my credit cards. I am around 25k in the hole. I pay the cards every month which costs me in the region of £800 a month. It just isn’t sustainable any more. By the time the cards are paid, my overdraft is maxed out and I have no money left and there is still weeks to go before pay day. The whole cycle starts over again.
I live with my partner and her Mother. The house is and has always been in my partners name. We share all of the bills as well as bringing up our daughter. I have an 8 year old car that gets me to work and back every day.
I need to speak to someone pretty quickly as the situation is beginning to affect my well being and our quality of life. My partner knows I am carrying some debt, probably no idea had bad it is though. She has her bank account and I have mine. I transfer a set amount to her to help cover the bills every month. I pay for the monthly groceries and some other bills like phone line & pet insurance etc.
I am satisfied that the professionals that post on this forum are trust worthy and would like to touch base with one of them to explore my current situation and the best way forward if at all possible.
Many Thanks….
13/02/2019 2:39 pm
Hi Edzo,
First off well done in taking the brave step reaching out for help and advice.
The important thing is to go over a very thorough income and expenditure to work out how much you can afford to pay per month. This payment is based on affordability so you shouldn’t feel like you have no money every month. It’s about a balance.
The house being in your partners name makes things slightly easier.
Do you have a car?
Also do you have debt with the bank you bank with?
If you reach out to Kevin or Sharon the experts on the forum I’m sure they will be happy to provide you with someone to one advice. They will need 3 months bank statements and payslips and also evidence of all of your debts.
If your happy with everything then you could be in a plan this time next week and not have to worry about trying to pay £800 per month out in debt payments. I’m sure this will take a big weight off of your shoulders.
David is not currently posting in the Trust-Deed.co.uk forum
13/02/2019 2:45 pm
Edzo
Thank you for sharing your story with the forum
From the information you have provided it sounds like this is not a budget issue but clearly an affordability issue.
There are many solutions to deal with your debt and as you quite rightly identified, all solutions will have advantages as well as disadvantages.
As professional advisors, our job is to ensure we outline these options to you and to answer any questions that you have. A Trust Deed is just one solution but so it sequestration or a Debt Payment Programme under the Debt Arrangement Scheme.
Any advisor will look at your creditors and will calculate an income and expenditure based on your circumstances. This will allow them to see what sort of monthly payment you are able to afford under any formal debt solution.
As you do not own the property, any statutory debt solution would not have an impact on the property. It also sounds by the age of the car, it would not be classed as an asset in any formal solution.
Please use the contact us tab to speak to either Kevin or I and one of us will be able to have a quick discussion over the phone and to arrange a face to face appointment.
Sharon is no longer posting in the forum.
13/02/2019 4:07 pm
Hi Edzo
If it makes you feel any better, I think there are probably a lot more than you who can trace the start of their financial problems back to a similar time - the UK itself being one!! The problems back then and austerity since have left many in similarly difficult circumstances.
As the others have said, I am sure that there will be options open to you and I'd like to think that you have come to the right place to get the help you need, whether it is Sharon or myself that you end up talking to. Well done on making that first step - I'm sure you'll feel the weight lifted in no time.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
