Welcome to the trust deed forum JM2011.

Could you let us know if you're a homeowner and if so whether you believe that there is equity in your home?

Do you own any other significant assets? An example might be a car worth more than £3000, an endowment policy or anything similar?

How much is owed on the joint loan?

Did Baines and Ernst calculate your total expenditure at £1828?

Hi thanks,

Im a private tennant. Only asset is the car in my partners name, worth around £6000 according to webuyanycar.

The joint loan is the largest payment £345 a month, £5900 remains.

No i calculated that based on our outgoings minus all debt payments. In regards to baines and ernst they recommended the dmp but the fees were really high and first two months payment were fees.

Thanks

Hi again JM2011.

Are you sure that the figure of £1828 covers all of your reasonable joint expenditure needs?

For example, does include occasional purchases like clothing, car repairs and so on?

How much was it suggested that you pay into the DMP each month?

Well when you put it like that, car maintenance, clothing, leisure, then no it doesnt cover that. So it would need revised and would be greater than the figure i quoted.

As for the dmp. The lady said, £336 a month for 6yrs 8months. Also stated that i have the option to increase/decrease the cost which would then vary duration.

Thanks again for the information JM2011.

Statutory debt solutions, like DAS or trust deeds, have monthly contributions set in line with expenditure guidelines used within the creditor and debt advice communities.

In your case it seems possible that DAS or a trust deed are likely to be available, but helping you to weigh up which is best for you (and possibly your partner as well in light of the joint loan) would require working through your full expenditure with those guidelines in mind.

I think that exercise needs to be done. A Money Adviser, a trust deed firm, or my colleagues in the site advice team would be happy to do that with you.

Once you know what you're likely to be expected to pay it will be possible to draw a proper comparison between the pros and cons of each. Without that information it's difficult to provide any truly meaningful comparison in terms of your specific scenario for you.

Thanks

I will contact a money adviser on monday and post the outcome!

Hi JM2011

As TDA says, you have to know exactly what you would be paying per month to make a fair comparison. The problem with a Trust Deed is that the joint loan would be left for your partner to pay, so that payment would have to be taken into account when working out your joint expenditure for the TD. You could do a joint DAS as you have a joint debt, but then then would stop both of you from taking on credit for the duration of the DAS.

Hi Shona

I'm confused re the situation with joint solutions. I've been getting information and deciding what's best for our situation, assuming it had to be a joint arrangement due to mostly shared financial commitments. Recently, information and advice via another thread seemed to be that all arrangements are set up for individuals despite the fact that some couples will opt for the same solution. Is that what you mean with 'joint trust deed' ?

Hi Pamjo.

There is a joint Debt Arrangement Scheme for couples. Couples don't have to use it (one of them could do DAS, or both of them could do their own DAS), but the option is there.

People do joint debt management plans as well.

It isn't possible to do a joint sequestration or trust deed. They're individual, though often co-ordinated when a couple choose the same option of a trust deed or sequestration.

A couple could each individually proceed with a different solution based upon any combination of the options mentioned above.

[:)]Thanks-that is a really helpful clarification. It's hard work gathering information around these topics. It's also difficult to know how reliable various sources are.[:(] I have taken advice from someone who is a 'debt advisor' and he helped with income/expenditure statements and writing to creditors. Unfortunately, he also advised that joint banjruptcy was our best / only solution. For several reasons,we felt stuck as we couldn't raise the funds or fund the trustee fees for both of us and their are other reasons it wouldn't suit for OH.[8] Glad I found this forum, with the advice and info you've all given, I see possible solutions again.[:D]