Hi blackelv and welcome to Trust-Deed.co.uk.

There is no set figure in this respect. A potential trustee would need to examine all of the circumstances involved in a case to decide whether a trust deed is potentially viable and whether they'd want to take it forwards. It's obviously then up to the creditors whether they accept it on the proposed terms.

One thing to bear in mind is the costs involved in handing such a car back. Often they'd be auctioned and this frequently causes a large shortfall debt. Such a shortfall would become a creditor in a trust deed or sequestration resulting in each of the other creditors receiving less of what is owed to them back. It might therefore not be in the interests of creditors to demand that a car be handed back even if it is relatively expensive.

If you had to estimate it how much do you think you could afford to pay into a trust deed each month?

well i am approx 50k in debt due to some very poor decisions and luck in the past few years, i have approx 3k in equity in my property.

i am in a good position with respect to my job which is very secure and i earn about £2400 pm after tax with a very high chance of that increasing to £3400 in the next 12-18 months. I am unsure how much i would have available but would expect to be able to pay £7-800 pm????

thanks.

blackelv.

Hi blackelv

I think creeditors would need to take a view of the car, however I dont think this would be an issue as it is essential for work and there may be heavy penalties if this was returned, thereby increasing the debt level.

It is always difficult to give guidance on the level of contribution as a review of income and expenditure would be required and creditors work within certain guidelines for expenses.

Best advise is always to sit down and review income and expenditure to allow you to look at all options and then see what best suits your own circumstances.

Mark

That's probably going to be very helpful blackelv.

The car payment is obviously relatively high, but remaining in a position to make a significant monthly contribution even after paying that puts you in a decent position I'd have thought.

At some stage it will probably be a worthwhile exercise to run through your figures directly with an adviser to get a firmer grasp of the figures that might be involved for you. This exercise would also go a long way towards working out whether your creditors would be likely to accept a trust deed.

Thanks a lot for your replys. This mess has already caused unhapiness in my life and cost a relationship. These are my first steps in turning my life around for the better, hopefully.....

I have so many questions and such a complicated financial and personal situation in my just now.

Can you guys recommend any company's who i could have a discussion with????

Hi blackelv.

This sites chooses to recommend the firms represented in this forum by Mark, David and Michael. You can read more about them and their firms in their profiles and interviews (you can access these via the main menu to the left or the contact buttons in their forum signatures).

We think they're good firms, but we're not saying they're the only good firms out there. There are also some which, if you read around this forum, don't attract especially good feedback from the people that have used them.

There's never any harm in taking advice from a couple of sources before making any final decisions.

Hi blackelv and welcome to the forum,

In the past I've had clients who have paid a similar payment for a vehicle and not experienced a problem with the creditors accepting a Trust Deed proposal.

In relation to your property a valuation would be carried out and a redemption future obtained to calculate the level of equity. Whichever advisor and company you decide to proceed with make sure you receive in writing the position with your home.

Trying to manage and deal with debt can be a very difficult task and I'm sorry to read that it's had an impact on a previous relationship. The positive thing to remember is that there are solutions to your problems and a light at the end of the tunnel.

Do a little bit of your own research, sit down with a couple of advisors and ask loads of questions and then decide which advisor and firm you feel most comfortable with. You'll be dealing with that advisor for the next couple of years so you need to be happy and comfortable with them.

This sounds very familiar

My payment was 380 pm and was allowed to retain the vehicle (PCP) the need was noted in my statement to the creditors along with the mileage and fuel expenditure and we never had an issue

I've found creditors to be ok with this on the basis of the stuff mentioned earlier. Generally if you do not have the car, then getting to work will be an issue. In addition, if its returned, it will be sold off at a far reduced price and therefore increase the level of debt which in turn reduces any dividend to creditors.

All kind of works in a circle.

Best option is always to sit down and see what options fit. Get all of this in writing and then in your own time review the options and decide at that point.

Mark