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Scottish Trust Deed Forum
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Topic starter
31/05/2011 4:38 pm
I have a mortgage of £100.000, my property is worth aprox £190.000. Would it be possible to seek a trust deed to help me with my credit card and bank loan dept.
I am worried sick that I will loose my home and make my wife and 2 children (11 and 15) homeless.
The debt is in my name alone (apart from the mortgage which is in both my wife and my name).
Thanks for any help you can give me.
31/05/2011 4:57 pm
Welcome to the trust deed forum smee.
There's nothing to stop you signing a trust deed, but the question is whether you will want to.
As part of signing a trust deed you'll be committing to pay over your share of any assets you own (such as the equity in your house) and any surplus income you have each month.
Unless you know someone that can help you by providing the amount of equity, the risk is that the house might have to be sold in order to pay this amount over.
Please don't panic about this though as there are other options, such as the Debt Arrangement Scheme, that might be more applicable for you.
How much unsecured debt do you have?
How much do you think you might be able to afford to pay towards it each month after all of your other essential expenditure has been taken into account?
Please let us know a little more and we'll try to point you in some useful directions.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
31/05/2011 5:01 pm
Hi smee
In theory yes. I have a couple of cases where the payment is nominal, but the deed is built around the release of the half share equity. It would depend largely on surplus income and level of debt and I suppose an accurate assessment of your interest in the equity.
It can be used to stabilise matters, although the equity would need to be dealt with. Subject to full details, this could be dealt with several ways.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
