Welcome to the trust deed forum mcneill.

A debt management plan is a flexible informal type of debt solution from which you can switch to any of the alternatives, such as a protected trust deed, at any time.

A debt management plan doesn't protect you (or your home) legally from your creditors at all. Therefore you may well wish to look into a trust deed or the Debt Arrangement Scheme as alternatives.

Do you think that there is any equity in your home?

Yes i think there is 122k oustanding on mortgage,and last valuation was
136k althogh same type of house in area was selling for less. We are on DMP with CCCS at moment but are unsure how to proceed, condidering we have 74k on this and about 12 years projected time to pay off

Hi mcneill.

12 years is certainly a long time.

When was the previous valuation obtained? From what source did it come?

Valuations used for trust deeds tend to be a little lower than sometimes expected as they're based on a property being sold fairly quickly. If there is little or no equity in the property a trust deed may well be a viable and sensible alternative.

Even if there is some equity in the property it doesn't discount the idea of a trust deed, it just means some thought needs to be put into how (or whether) that equity can be dealt with later as part of the overall commitment.

I'd have thought a trust deed could easily be workable for each of you, so is definitely worth looking into. Be careful, however, and don't rush straight in - make sure a valuation is done before signing up and you get clear agreement as to how any equity that might be there is dealt with.