I'm sure that will be tomorrow k13vnr1981.

Try to relax today.

David's just talking about the process of going through your income and expenditure to work out how much you'd pay into a trust deed.

Sounds lie your situation is really getting on top of you. I know it is easy for me to say, but try not to get too stressed out, I am sure there will be a good solution for you, which may well be a Protected Trust Deed if that is what you prefer.

Splitting the bills 50/50 with your wife is reasonable, I don't think that David meant there would be any particular problem with this. One thing is for certain, once we have worked through the numbers your payment will be far less than what you have been paying!

Sorry to hammer on with the questions!! Im trying to pick reasons why I might run into issues with this trust deed as im an anxious guy at the best of times and think the worst!

I have just looked through my cards and just remembered i transferred a balance transfer from 2 of my wives cards a few months ago as the balance transfer ran out on them. My wife had nothing on the cards a while back and got a transfer offer so she let me transfer money from my cards onto it to benefit from the 0% but with it running out a few months back she asked me to move them back to my cards so i did! will the creditors look at this and have an issue with it??? It was my debt all along but as i said she let me take benefit from her deal on cards but moved them back a few months back as not to let her interest rate kick in!

Hi there.

I think this is very unlikely to become any kind of obstacle.

Hi k13vnr1981,

Try not to look at the negatives and as TDA has advised this shouldn't cause a problem.

It would be extremely unusual for a Trust Deed not to be accepted as like we have previously advised we work to a set criteria.

Can you give us an idea of who your main creditors are that you have the biggest balances with? Do you owe any money to Barclaycard?

My debts are

Vanquis 4000
Luma 3000
Barclaycard 2500
Barclaycard 6400
Mbna 10000
Halifax 3600
Creation loan 10000
Sainsburys loan 15000

Why do u ask about barclaycard u have me worried now!

Sorry have a £600 overdraft with santander also

Barclaycard have a strick criteria when it comes to accepting a Trust Deed proposal. Any creditor who has one third of your total debt can object to your Trust Deed and prevent it from becoming protected.

Based on what debts you have and the total balance Barclaycard are too small to cause a problem.

Ultimately from what you have told us I really can't see any problems should you wish to proceed with a Trust Deed. As I've said before the only other thing is to go over a thorough income and expenditure to ensure that your budget and bills are not exsessive.

It's easy for me to keep saying it but please try not to over think things or worry.

Thanks so much I'm honestly ill with the stress! I'm trying to figure ways out to get me and my family out this hole I've created! Will you contact me tomorrow to arrange an appointment ASAP?

I know the stress that worrying about money can cause. My Mrs works for HSBC who have featured in the news heavily regarding staff cuts. We think she will be fine but you never know so I've been thinking what we will do and how our budget will manage if she was made redundant.

You have done the hardest thing and thats reaching out for help and asking for advice. I'm sure with the help from the forum and experts we will be able to get you out of the debt and you can start feeling like you are regaining control of your finances.

We will be in touch tomorrow to discuss things and then should you wish follow this up with an appointment as we always advise doing things in person.

To speed up the process and make things easier if you could have a think about your budget and maybe list all of this so we can go over this withh you.

Welcome! I have just read your message and just want to say that there is light at the end of the tunnel. I was in your position 6 yrs ago and my biggest regret was leaving it so long to enter into a trust deed. I did not sleep for about a year due to the worry and stress, and the impact this would have on my partner. However it was really the best thing I could do in a bad situation. I got my life back. The advice I got was superb and it really was so straightforward I thought there was a catch. No catch! That said and done, it does impact your credit rating and there is a number of things that I'm not able to do at the moment like get a mortgage with my partner but I will work at it until I get there. I have just been discharged and I'm not ashamed to say I did shed a few tears of relief. I can't tell you what's best for you but what I can say is that there are options to help you and they really do work.

Thanks for your support I really appreciate it! I just want to make sure that me and my family have money to get by each month as rite now it's looking like were gonna hit a brick wall soon!

That's the whole point of a Trust Deed really - an independent person(the insolvency practitioner) works out what you need for your living costs and any remaining funds are gathered in for the benefit of your creditors. It should always be affordable - this is about stabilising your situation and giving you relief from the stress of dealing with unmanageable debts. It's not about creating a new problem by setting up a formal agreement that you cannot afford.

Hi
Having read through all the posts I thought I would throw in my story as way of some support. I too struggled for a long, sleepless time before facing the facts and getting help and advice. I first reached out in this forum and the help and support was incredible. Excellent advice before and after signing a Trust Deed in 2013.

I am self employed and live with my partner sharing the bills 50/50. Although these are all in her name, mortgage, utilities etc, I pay for my keep. Whilst entering the TD all these factors were taken into account in an income and expenditure form and are fully accounted for to work out how much you can afford each month.

What I am saying really, is the whole process, once the ball was rolling (admitting firstly I was in trouble) has also been very straightforward. I get the odd letter now and again from creditors, or from the odd solicitors who have 'bought' my debt from a creditor, but I simply call them, explain the situation, send their letter on to my trustee and that's the end of it. It's maybe happened 3 times with more creditors than you have.

I even had a client use my old bank details for a BACS transfer for £495,paid into an account that was part of my Trust Deed which I had no access to.
The bank refused to to help me out, but my trustee stepped in and the funds were returned to my new bank account.

The last thing anyone wants is a TD to fail, so it is in everyones interest to make sure your payments are affordable and fairthe income and expenditure is quite detailed, even takes account of haircuts, dentist etc.

Fingers crossed all runs as smoothly for the next 15 months, but up until now, it's the best decision I have ever made. Hopefully you will find the relief from stress and worry very shortly.