Hi k13vnr1981.

Being on the mortgage doesn't necessarily make you the owner of a home. Is it just your wife who is in the title deeds?

If she is the sole owner of the property then you signing a trust deed should cause no issues in this respect.

If you earn relatively similar sums then splitting household bills for the purposes of analysing your income and expenditure makes sense.

Regarding the car, £300 per month isn't an insignificant sum. It may well be fine to continue paying for an using the car though; you'll want to seek the view of a potential trust deed provider on that. They'll analyse this in the context of your other circumstances.

How much are your unsecured debt repayments currently (excluding your car payment) each month?

Hi thanks for the reply.

Sorry if I wasnt clear I meant Im NOT on the mortgage at all I nly pay towards it as i stay here with my wife she purchsed house before we got together.

Loan payments are £550 pm and the cards min payments are roughly another £500.

I take home around £2000 as does she!

OK - if you're not an owner of the property there should be no implications to the home from a trust deed.

An equal level of income means splitting household bills for the purpose of working out disposable income makes sense.

If your disposable income is minus £650 including debt repayments then it looks like with would be around plus £400 taking them out.

£400 therefore might be an appropriate trust deed payment, but you'll need to work through the figures used with a debt adviser or insolvency practitioner to get any certainty on that.

Who am I best talking to in order to get a proper plan quoted to me that the creditors would agree to?

Hi.

This site recommends the three firms represented here by Mark, Kevin and David. Each is contactable via the forms on their profile pages.

You'll find visitor feedback on each of these firms, and others that members have used, around the forum.

Are there limits on my bills for example my dog insurance in £45 per month but heard that there is a limit on some items even if your paying more?

There are guidelines, but there are also processes in place to deal with reasonable exceptions.

Again this is something that an adviser would be able to clarify for you when you're ready.

Hi k13vnr1981,

It actually sounds like your situation is fairly straight forward from what you describe.

You would be allowed to continue with your PCP and the car wouldn't be affected so no need to really worry about that.

It really just comes down to your budget and a very thorough income and expenditure. Ideally the full household income should be taken into account and all of the household bills and then whatever is left over between you and your wife she should retain her share and your share would be the amount that you pay towards a Trust Deed. There are set guideline figures which we need to be mindful of and use when working through a budget with you.

A good knowledgable advisor will be able to sit down with you and work out a proposal which should be accepted by your creditors as we know what they expect.

Welcome to the forum k13vnr1981
You've come to the right place if you are looking for help - apart from us experts there are also very many others who have been in the same position as you in the past and will be only too happy to give you the benefit of their experience.

As the others have said, your situation isn't as complicated as you might think. As you don't own your home then that will not be affected at all. I am also pretty sure that a trust deed should be possible while retaining your car.

Who is your car HP with? There are one or two lenders that can be awkward, but the majority are fine and will allow you to carry on paying your agreement and use the car.

I have contacted you both on your contact forms on here could u get back to me as soon as possible as I'm ill with the stress and worry!

Starting to worry I may not qualify for a trust deed! Reading too many stories online I think! In a nutshell I take home around 2k a month and have around £55000 in unsecured debt??? Have a car on pcp finance at £300 per month which me and my wife use! She earns the same as me also! Have child care costs for a new baby of around £500 per month! (Killer)

Don't stress about all of this today k13vnr1981.

You've made an important first step in reaching out for advice and should know much better what a good sensible route forwards will be very soon.

Try not to stress and over think things.

When it comes to a Trust Deed as long as you are in a position to make a suitable payment per month and based on what you have told us about your situation then I can't see how you wouldn't "qualify". We work to a set criteria when it comes to Trust Deeds.

The only issue I can see is your budget and working out a suitable payment but Kevin and I can go over this with you in detail. I always think it should be as fair and balanced as possible.

Try and see the positive side, you have solutions available to help you deal with your debts.

How do you mean my budget and working out a payment? All my bills are split 50/50 with my wife apart from my unsecured debt if course as that's mines alone!

When can someone contact me to go through all this as in my head I need to know what monthly payment will be agreed for me to feel less stressed and deal with it