John, I would say that a TD might not be for everyone, and it's not exactly worry free - but the thought of being completely debt free and able to make a fresh start in three years is a godsend to me. I've only just entered into a TD and am still waiting for it to become protected (11 days to go!) but knowing I have done something pro-active about my debt makes me breathe a sigh of relief. Have you spoken to CCCS - they are a free debt charity who will give you no obloigation advice, it's worth a try to see about your options. Citizens Advice are very good too, and of course the experts on this site are here to help. My TD is with KPMG - they are a little impersonal (I think because they are such a large company) - if I was going to do it again (perish the thought!) I'd choose Mark McFadyen from this site. Good luck and tell us what you decide.

Hi John

You're in the right place. Everything and everyone you need to know is right here on this site.

Read, ask and ask again. Anything you want.

Whatever you do, don't click away.

One thing I will guarantee - whatever you decide to do, you will feel relief and you will be able to move on with your life. The feeling is amazing!

Cheers,

DFW

Hello john293.

Further to my response to your last thread at the weekend, the experts and members of this site will be in a much better position to help you if you were prepared to share some details about your situation.

If you choose to do that it's likely that some suggestions worth your consideration will arise.

ok, I have more than 30000 in unsecured loans, I have about 90000 in part repayment morgage, 35000 is with endowment and the rest is repayment, just learned that the endowment will have a 20000 shortfall, Im worried sick, Im sure that I cant afford to take out a 35000 repayment over the rest of the loan period, 9 years, and im sure that my creditors will want me to cash my endowment in to pay them, the only security I have atm is my endowment

Hi John

My advice is to sit down with someone and look at all the options. It sounds as though credit and payments have maxed out and If you do nothing, eventually one of your creditors will.

I know the house appears to be priority, but there are underlying issues with the debt which need to be addressed first. I can think of countless cases in the same scenario, especially with a shortfall endowment which were dealt with through a bit of restructuring.

Mark

As mark says, John, sit down with a professional and work through your options. Potemtially your endowment could be a useful tool to resolve this problem, perhaps in conjunction with a trust deed, though you must tread very carefully and seek as much advice as possible.

ok, I dont think a trust deed is for me, Ive recently found out that my endowments are worth almost 13000, I can cash them in and pay off my credit cards and all my small loans and take out a 35000 repayment morgage fot the next 9 years, things will be very tight but we'll manage.

Thank you TDS, your advice has shown me that there are other options.

John

and the messages,,,,,,,,stop. Ive allways been wary about these get out of your debt things, I just cant help thinkin that while the reputation of the clients of a trustdeed is being destroyed and the trustdeed ppl are cashing in on the back of ppl that are in trouble financially. If it works for you, all good.

I'm glad to hear that you found a way forwards that works for you without the need for a trust deed. A trust deed certainly should be thought of as a last resort (though it's certainly appropriate in many circumstances).

Not everyone is as fortunate as you to have an endowment policy and equity in your home to be able to restructure financially as you have done. Reading back over this thread I can see Kevin and Mark thought this was likely going to be an option for you rather than a trust deed.

Your comment about trust deed people cashing in on people that are in financial trouble is very unusual. Yes, handling trust deeds is the profession of people in this industry and they are paid for their work. Presumably your mortgage lender intends to make a profit from your extended mortgage as well?

Irrespective of this, congratulations on having found a solution and best wishes for the future.

I agree with you to a point John, I originally approached a well known Debt company when I first considered entering a PTD, I spoke to them giving them my address and phone numbers.... But after some consideration I decided to use one of the experts on here.........

But I still receive regular calls, texts and mail from the company who I first approached offering to deal with my debt with many various solutions and offers. Despite many calls and emails I still get their offers..... Just for me to Hang up on, delete or shred.....

Sadly peoples debts are big business and their are lots of company's out their willing to help for a fee, so always be careful who you use and make sure you know what your singing up for before signing the dotted line......

thankyou both for your replies. Due respects to the trust deed expert, Yes my mortgage lender will make an absolute fortune out of me due to the mistake that I made by taking out an endowment policy against my mortgage 16 years ago. Ive recently cashed in my endowments and payd off my creditcards and overdraughts and taken out a 35000 repayment mortgage over the remaining 9 years of my origional loan.

Things will be tight for a while but I can now see a light at the end of the tunell.

Ive been in close contact with a member of the tds team before I made the first post in here and Ive received good advice thro out.

I dont meen to show any disrespect to the tds experts that work hard to make a living by helping out ppl in my situation and I appologise if my posts have insinuated otherways.

Im just releived that I've found a solotion with the help of the experts in here.

thank you tds,

John