Hi chatty

The trust deed would need to show your current & previous names.

I see your point on the matter not being discussed with your husband, however don't be too worried as the trust deed is between you and your creditors and should not involve your husband. I always advise that people discuss the matter with their partners, however we have a number of trust deed cases where the other party is unaware and unless they open mail or check the ROI then it's unlikely that they will be aware of it.

The main problems tend to be joint bank accounts or applying for credit at a future date when the details may be mentioned by a third party.

Mark

Hi chatty and welcome to the forum.

10 years is a long time to be on a debt plan with no sign of it ending!

You do have alternative options to help you deal with your debts a little quicker so try not to panic too much. This could be a Trust Deed or even Sequestration.

The best way forward is to sit down with a couple of advisors, work through all of your debts, an income and expenditure and also what assets if any that you have. From this you will be able to see what options you have available.

If you do proceed with a Trust Deed, the most important thing is to ensure that you receive everything in writing regarding payment, timescale and what will happen with any assets.

As Mark has said, a Trust Deed really just stays between you and your creditors. Often people will ask if we tell their employer etc but this doesn't happen either. If you have a joint bank account or a financial association then there is always the possibility that your husband might find out should you choose not to tell him. One of the hardest things is to open up to a friend, family member or partner and tell them about you financial difficulties and debts but more often than not, the support from that person is excellent and it can really lift a weight off of someone's shoulders.

A couple of questions chatty - how much debt do you have, do you have any assets (own your house, a car etc) and what do you think you could afford to pay per month to a plan? If you could give us an idea of this we could provide you with some more information on your options.

I have asked debt confidential for a list of creditors and amounts owing .I don't want my husband to know what's happening we have a joint bank account and I have my own bank account that my wages get paid into which my husband doesn't touch he pays the rent from his wages and I pay all the other things and food etc. It's my debt and I don't want him to have to pay for it I pay £100 per month just now and could manage £150 without him knowing

Is it wrong for me to feel it's my debt from my previous marriage so it's my debt to pay from my earnings not my husbands

I should also point out that my husband is subject to immigration rules and has to apply for LTR every 3 years which is due again

Hi chatty

There may be a slight issue with the joint bank account. I'm guessing if you are continuing to use this, then they are not one of your creditors with Debt Confidential.

I see your point re your husband's income, however he would not be liable for your debt. When calculation contribution, we need to assess the household income and expenses. Obviously he has his own expenses etc to take account of. Simplest way is to sit down and do an income and expenditure and this gives you a clear picture of what solutions work and what the level of contribution will be. This takes away all the unknowns and gives you a clear way forward.

It's certainly not wrong to wish to deal with your own debts. The key is knowing what is the best solution for you which hopefully ticks all the boxes. As mentioned previously, anything you do is between you and your creditors.

Mark

Should I wait for debt confidential to give me a list of creditors and what is owing before contacting you for advice, I'm losing sleep and worrying about this now as my annual review is due with them

My bank account is not one of my creditors does this help

Hi Chatty

There is no need to wait as the finer details can be gathered later. Even a rough summary of creditors names and rough amounts will be fine at this stage. The meeting is just to see what best suits and make sure all points are covered to remove all the unknowns. Nothing too scary, honest.

It's certainly better that they are not a creditor, but we can discuss that.

Mark

Hi chatty,

Try not to get too worried about your situation as there are solutions to help you deal with the financial difficulties. From what you have told us your situation does seem relatively straight forward even although it might not feel like it.

Once you have met with an advisor and discussed your options you can then request details of your outstanding debts which your debt management company deal with. We are also able to carry out an Experian search for you which should bring up the majority of your debts.

Just had word back from debt confidential there are 7 creditors and total owing is £11495

Hi chatty

thanks for the update. The figures certainly seem workable although this can all be clarified after running through an income/expenditure.

Mark

Hi chatty,

In a Trust Deed your creditors need to accept the proposal. Generally they will accept the Trust Deed proposal providing you can afford to make a suitable monthly payment. There are creditors who have different acceptance criteria but I think that a payment no more than £150 per month would be acceptable to your creditors.

Obviously to work out how much you can afford to pay a thorough income and expenditure will be completed. Sometimes when I speak with a client initially they will say they can afford to make a payment per month but when I actually sit down with them and work through all of their bills it turns out that they can't afford to pay that level of payment. They have been getting by paying bills by ÔÇ£robbing Peter to pay PaulÔÇØ. The Trust Deed needs to be affordable and sustainable for you and a good advisor will establish that for you.

Can you give us an idea of the companies you owe debt to?

You also need to keep in mind that you could consider Sequestration (Bankruptcy). Don't automatically be put off by this option and it's nowhere near as bad as people first think. In this, unlike the Trust Deed which lasts for 48 payments, the Sequestration only lasts for 36 months and doesn't require the creditors to accept it. The advisor you speak with should take you through this option in detail as well.

Will be in contact with you when I have a free day without my husband to speak about this I should have done this year's ago but was hiding behind bad debt advice and paying someone money to keep people off my back.At least I can see a light at the end of the tunnel