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Scottish Trust Deed Forum
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Topic starter
05/08/2010 5:35 pm
Debt/Repayments
?ú8158 - RBS Loan (my name) ?ú232
?ú9600(approx) - Tesco Loan (my name) ?ú206
?ú1292 - RBS Credit Card (my name) ?ú30
?ú1400 - Santander Cards (my name) ?ú59
?ú2600 - Egg Card (my name) ?ú70
?ú1500 - Overdraft (my name) ?ú20
?ú130 - Next Store Account ?ú12
?ú800 - Barclay Card ?ú30
TOTAL ?ú25,480 ?ú659
HusbandÔÇÖs Debt
?ú850 - Barclay Card ?ú35
?ú300 -Overdraft ??
?ú1663 - B.O.S Card ?ú31
?ú500(approx) - Santander Cards ?ú27
?ú2500 - B.O.S Loan ?ú78
TOTAL ?ú5813 ?ú171
Our mortgage has ?ú112,000 remaining and at present we are paying interest only (?ú452 pm) Our house was ?ú124,999 when we purchased it but when we changed our mortgage, valued at ?ú115,000 approx. I have a company car and husband has a car worth approx ?ú650.
I earn ?ú1100 pm and husband earns ?ú878. I also earn bonus some months however this is variable.
What is the best option for me, I certainly can't go on like this 🙁
05/08/2010 6:25 pm
Hi inahole
Looking at the figures, I think you need to look at something formal. Either DAS or Trust Deed. I think DMP or DAS for your hubby.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/08/2010 6:37 pm
Is there any way we can do a joint trust deed? Although the debt is in my name we chass it as joint debt? I've read from forus a trust deed is 3 years but I couldn't possibly pay 30k over 3 years? How does this work? Sorry I'm clueless!
05/08/2010 7:59 pm
Hi inahole
sorry you can't do joint trust deeds. It's not impossible to do 2, I just think hubbys debts are a wee bit low. But it's still possible.
You don't have to pay the full debt in a Trust Deed. Creditors will allow for a large part of the debt to be written off.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/08/2010 8:03 pm
Yes I think with the amount of his debt we could do the trust deed for me and aim to pat his off asap. How much roughly do u think I would pay each month with trust deed? And would they take bonus into account. Thanks again.
05/08/2010 11:21 pm
Hi inahole
it's difficult to say as you would need to sit down and do an income & expenditure statement to work out a surplus.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/08/2010 11:25 pm
Is that not what the above is? Or do you mean with things like council tax etc included?
06/08/2010 9:37 am
Your contributions are worked out by taking your income and subtracting all of your reasonable living costs (not the debt payments) and seeing what is left. As your finances are joint with your husband, it would only be part of your spare income that you would be expected to contribute, with the remainder to be used by your husband to pay towards his debts.
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