Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,297
Views
Topic starter
02/11/2010 9:33 pm
Hi
I am looking for some advice.
I have a DAS that I entered alomost 2 years ago. I own a property that is in negative equity and a secured Loan of 13k on this property.
My circumstances changed a year ago,I was made redundant and went back to University as there were no jobs and this was an option for me.
I have managed to keep up with payments of mortgage, DAS and secured loan until now.
As a result I think I will need to go into seqistration. The secured Loan are hounding me for a payment and if I can't pay full payment of ?ú250 then they want half of this. I have written to the lender of the mortgage and advised i want to hand the keys back. I am waiting to hear back from them.
I wondered if there was any way that I could look at going into a trust deed? I realise the secured loan needs to be an un-secured loan so would this be ok when the lender has sold the property? Then have the DAS revoked and then take all the debts and put in to a trust deed?
Any advice would be great
Thanks
02/11/2010 9:59 pm
Hello ANT10 and welcome to the forum.
Could you let us know what sources of income you currently have and how much it adds up to?
I'd imagine that finances must be quite tight at the moment if you have returned to university?
This information will be useful for the experts in considering the options that might be open to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/11/2010 9:59 am
As trust deed assistant says, the most suitable option would really depend on what you can afford to pay towards your debts (also bearing in mind that your housing costs would presumably fall once you are no longer paying a mortgage and secured loan). Also, we'd need to have an idea as to how much of a shortfall might be expected on your secured debts if the property was sold/surrendered.
In theory though, a trust deed may be an option if your DAS DPP is revoked.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
