Welcome to the forum mon.

Is £15000 the debt level now or at the start of the DAS?

How much do each of you owe individually?

Are you house or car owners?

£15000 is debt level now.
we have a loan on both name of £3500 so it goes under both and trust deed company calvulated dabt as: £11000 mine and £7500 my husb, because loan calculated twice it goes £18500.

we own the house, morgage at 93k, value 110k,
we ow old car not good cond. im also worry that if our car will break in couple of years we will not be able to buy even if my father in law gives us money...(i heard?)

Hiya mon and welcome.

Can I ask who offered you the trust deed? I don't mean the name of the person or the company! I was just wondering if it was someone you're already dealing with - like your money adviser - or if it was someone new.

If you're struggling to pay £300+ per month between the two of you, then you can ask for a variation to your DAS to pay a lower amount. If you can pay £200 per month between the two of you, then you can pay off the DAS in just over 6 years. And you won't have to worry about finding a way to pay the back the equity in your property.

Hi, its the same company we had das with.
In the beginning of the year my husband's emplyee desappeared on pay day. We couldnt pay on time and me being on mat they offered variation. My husband start new job withina week but we were short £1800. we werr paying £110pm but they said it could be done for.only 6months. Were back last month to £308 but were offered trust deed...

Hi mon.

How have you come up with your valuation of your home?

Has the company offering you trust deeds done a valuation of your home?

hi. they've asked how much we bought for and checked online somewhere what was the value. that all. they said there is no risk we would loose the house as we still owe too much..

So is £110,000 the valuation that they've put on your home mon?

yes

OK, so the debts total £15,000 between you. There's £93,000 owing on a mortgage for a property that's been valued at £110,000. So your equity is £17,000 and the sale of your property could probably fully repay your debts.

I'm confused about the property mon. When you sign a trust deed your assets, such as the equity in the property, "vest" in your trustee. That means that the trustee becomes obligated to use those assets to help repay your creditors.

How do you access the equity? People used to remortgage but that all changed after the credit crunch. Sometimes people have to extend their trust deeds to pay over the value of the equity after they've completed their regular payments (which usually run for 3 years but sometimes longer). Where there's a lot of equity and it cannot be raised in any other way it might require the sale of the home.

So what I don't know is how your possible trustee is looking to deal with the equity in your home.

From your posts I'm not sure you're clear on that either or that there has been any substantial discussion of this subject with them?

You certainly don't want to be signing anything until you're totally clear on this, fully understand what's going to happen, and it's all been set out in writing by the trustee in advance.

My last post really refers back to candlewick's post from last night mon.

Trust deeds over 5 years (perhaps with an extra equity issue to deal with) versus DAS a little over 6 years (with no equity issue - and shorter if you're able to pay more again in the future).

Im really confused now. it was not explained at all what u saying and asking?
I only stared to have doubts as in the beginning they sent some paperwork with list of all creditors/debts and saying we would pay over 36 months £200. yesterday on the phone he said we'd pay £200 over 60 months=£12000. but im worry then we'd have to pay more and we would be tight up for 5 years. so my q is maybe stay with das. we struggle now paying £300 das but td is only £100 less... im not good at this

But the DAS payment should be reduced if you cannot afford £300 mon.

If they can offer trust deeds with payments totalling £200 it's hard to see why they cannot try to vary the joint DAS to have a payment of £200 per month.

If I were you I'd ask them some specific questions about the equity and how, precisely, it will be dealt with in a trust deed.

If you can share that information with us we'll probably be able to clear things up for you a bit more.

Also - are you saying that you're concerned whether you'll be able to keep up a £200 per month payment mon?

Are you losing more than £100 per month by not going back to work?

i will have all formal paper work next week so if you have a look would be great...
im not loosing that much, as i earned £900net -childcare for 1 child and no tax credit, now i have only child tax credit, but if i go to work i have to pay for 2 children in nursery. my son goes to school next august so i could work more hours.. its only this year we will be tight thats why dont want to do trust deed, because i think in a year could pay more than £200.. and be debt free earlier than 5 years like in td