Hi dawn,

Welcome to Trust-Deed.co.uk

Will your daughter wish to study full-time or will she also be working while studying?

I ask as a Trust Deed would require a level of contribution each month that would be hard to achieve without some working income.

what would be the minimum contribution required to qualify for a trust deed?

Hi Dawn

There is no minimum or maximum contribution as such.

As TDA mentioned earlier, it depends on income and expenditure to ensure that the Trust Deed is the best option available.

Mark

What other options would there be Mark - I feel she is so young and has made bad decisions - but that should not stop her from having a life - which is what she feels she must do - continue in a dead end job just to keep paying off debts - when she really has the opportunity to make something of her life!!

Hi again - I've been searching on line and read about something called a DRO - can you explain and give me the pro's and cons please.
many thanks.
a worried mum xxx

Hello Dawn,

A DRO is a Debt Relief Order which is not an available option in Scotland.

You may wish to read about LILA sequestration at the following link:

http://www.aib.gov.uk/MainNav/Services/Legislation/accesstobankruptcy/Debtorsapplication/Lila

This may be an appropriate option given that income and assets are limited.

On balance I'd suggest that your daughter take individual advice before proceeding in any of these directions.

I'm sure you must be worried for your daughter at the moment but the current situation will not stop her from making the most of her life once this issue with the debt is resolved.

Dawn,

I thought I'd mention as well that each firm handling Trust Deeds has their own standards about the level of monthly contribution required as a minimum to fund a Trust Deed.

This level starts from somewhere around ?ú175 per month depending on the firm.