Hi Sherbo, welcome to the forum.

Could you confirm a couple of things so the experts can try to help?

(1)Are both your wife and yourself looking at the possibility of a Trust Deed?

(2)Are your wife's credit card and overdraft both with the bank that she works for?

(3)Are your overdraft, loan and credit card all with one bank?

(4)Do either of you have any other creditors or debts?

(5)What amount of debt do each of you have in total?

(Edited to add numbering)

HI TDA
I`ll try and be brief with your questions if thats ok?
1. Yes
2. Yes
3. Yes
4. Yes
5. 60k
Thanks
Sherbo

Thanks Sherbo.

The situation for your wife is a little complex and I can see why you have found it difficult to get the answers you need. My understanding is that both Mark and Kevin have assisted people who work for banks to do Trust Deeds. Like other employers who used to be resistant to employees with debt worries (for example the police) attitudes have changed in recent years as debt has become more available and increasing numbers of people have found it difficult to keep up with their payments. We have recently assisted a bank worker who went bankrupt and kept his job thanks to a supportive employer.

I'd be interested for Mark and/or Kevin to add their thoughts but I would say that your wife should check her contract of employment (and handbook if there is one) to see if debt, Trust Deeds or insolvency are mentioned. Even if they are she may wish to speak with her union (if she is a member) because she may find that colleagues have been in a similar position and have received support.

I think you should also consider taking advice from an expert. The debt level appears to be pretty high; if the contractual repayments cannot be met without borrowing more elsewhere the overall debt level can increase very quickly. Over time the available solutions may become less attractive if this happens.

Are you homeowners? If so how much equity do you have in your home?

Hi
Sorry for the delay. We probably have equity of up to 20k max. We have about a dozen creditors with unsecured debts of approx 60k, with ref to a protected trust deed, I owe one creditor 22k. Would that deny a trust deed becoming protected?
Sherbo

Hi Sherbo,

Having one creditor with ?ú22000 of debt does not mean a Trust Deed cannot become protected. It does mean that this one creditor could object to the Trust Deed if they felt it was unfair or inappropriate in any way. This is something you'll want to go through in depth with the firm you select if you go ahead with Trust Deeds; they should be able to tell you the likely result based on their knowledge and experience of that creditor.

Are your debts split roughly evenly between you or does one of you have substantially more?

HI
Debts are roughly split 65/35 in my favour, if you could call that a favour!!
Sherbo

Thanks Sherbo,

Based upon the information provided it seems that a Trust Deed may well be an option open to each of you (subject to the employment side of things for your wife).

Similarly to a couple of the other posts on the forum today I think it would be useful to get an opinion from our Trust Deed experts Mark and Kevin to hear their thoughts as well......

Hi Sherbo

Trust Deed Assistant is exactly right in what she is saying, trust deeds may well be an option but you really need to go through your circumstances in detail with an expert to examine your options more closely. Also, your wife would have to be very careful in respect of her employment - it may be necessary to get assurances from her employer regarding her job before she went ahead with anything.

The position regarding any equity in your property would need to be clarified and agreed in advance of entering into any arrangement too.

Myself or Mark would be happy to look more closely at your particular circumstances if you wish - please feel free to use the relevant link on this site to request this.

Regards
Kevin

Hi TDA & Mark
Thanks for your comments and advice. Could I ask another question?
Could I enter a Trust Deed and my wife does not though our house is in both names.
Thanks

Sorry Kevin it was a Hi to you, oops.

Hi Sherbo,

A Trust Deed is an individual arrangement so there would be no problem in one of you entering a Trust Deed.

Were this to happen the equity in your home taken into consideration would be only 50% of the total equity.

You may be thinking along the right lines, Sherbo.

Often it can make more sense for one partner to go into a trust deed and the other to pursue a different option. It really depends upon how the debts break down between the two of you (particularly whether many of the debts are joint) and how much is available for your debts each month.