Notifications
Clear all
Scottish Trust Deed Forum
5
Posts
5
Users
0
Reactions
1,543
Views
Topic starter
05/03/2012 10:44 pm
Hi.We are a coulple 31/28.Last year we has unexpected twins born and everything changed.I started new business which still does not make much profit. It works but due to recession will need additional 2-3 years to hit the market. My partner had to quit a job to take care about 3 kids.
At the moment we have a total monthly income of around £1500.We plan everything so it's anough for basics.
The point is that we have some debts , ecpecialy 2 credit cards which hits us a bit - total of credit cards - 7K + 2K overdraft + some other debts of 2-3K
I ty to make min payment but it become difficult so before I will go into the trouble I would like to ask for advice.
We don't have a house - we rent one, we have 2 old cars worth arount 1,5 - 2K each, all the savings + some debts went into my business.
I would like to ask what would be the best option to sort out the situation. I always made my min and never missed a payment but after bank changed interest rate now we have to pay over £100/month just for the interest.
I decided to ask before I start to fail with payment. I would be grateful for some advice.
Thanks
Martin
06/03/2012 8:23 am
Hi Dziquik
From the information, the Debt Arrangement Scheme or even sequestration would appear the be the better options.
DAS would allow for the joint debts under one proposal and stop interest and charges, whereas sequestration may need to be for both.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
06/03/2012 9:08 am
Hi Dziqiuk,contact one or 2 of the professional's listed here to run through all your options. Before phoning write down as fully as possible all your money coming in per month and all the money out as they will need this info to work out a best way forward.
You seem pretty positive that the new business will take off given time,fingers crossed for you.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
06/03/2012 10:06 am
Welcome to the trust deed forum Dziqiuk.
It's always difficult to say what debt solution would be best for someone based on an exchange of information in a forum.
Debt advisers need to work through your income, your expenditure, the details of your debts, and the details of any assets that you have.
This information can then be used to advise you about all of the options that are open to you and your partner.
From the information provided my gut-instinct is the same as Marks. However, for you to be able to plan with some certainty you'll need to take direct advice at some point first.
Feel free to ask more questions here though if there is more background about the various possible solutions that you'd like to obtain.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
06/03/2012 11:24 am
The best advice may well depend upon whose name the bulk of the debt is in, Dziqiuk. Maybe you could give us a clearer picture of this?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
