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Topic starter
23/09/2011 8:45 pm
Once I get the discharge paperwork for my trust deed, some time next year, I want to get my husbands finances sorted. As far as I'm aware, I reckon he has possible 8-10K on credit cards and a 10k loan. As I got help to sort the equity side of my trust deed, I'm reluctant to have him enter into one and have to find another 50% of the home equity. Given the level of debt he has, would a debt arrangement scheme be suitable? I reckon he pays minimum payments on everything he has. I've seen his bank statements and I think that all comes to about £6-700 per month. He also has £1000 of an overdraft.
I want to convince him to do this because I recognise some of the signs of being in trouble. Not opening mail and letting it pile up when you recognise the type of letter. I think he thinks he's managing and maybe he is but I don't think he'll dent it unless he gets outside help. Also, would he need to open a new bank account with someone that he doesn't have any debt with? Souldn't be too difficult as he only has 3 cards and one of them is with the bank ha has a current account with.
Nothing left to discharge - everything's done and dusted!
23/09/2011 9:09 pm
Hi Gillian.
DAS may well be suitable, but it really depends upon his disposable income. This would be calculated in pretty much the same way as it is for a trust deed. The situation with bank accounts is also the same.
The key points are:
1 - He cannot afford the contractual payments.
2 - The amount that he can afford will not mean that the repayment term is unreasonably long.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/09/2011 10:18 pm
Cool. Once I get through mine, I think I'll need to sit downand go through the scheme with him. He needs to accept his credit is basically shot now anyway and I think this is the only way to deal with it. I'll see how much I can shift when my trust deed payments are done but with the high APR's, I don't think it'll make a massive difference.
Nothing left to discharge - everything's done and dusted!
