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Scottish Trust Deed Forum
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Topic starter
17/12/2022 12:05 pm
Ok..in a bit of debt trouble. 52k debt owed salary approx 40k with big fluctuations in monthly wages..due to commission and annual performance bonus. Average take home is prob about 2400 pm however next year looks a big down turn. My partner Owns the house outright no mortgage n house deeds in her name she currently out of work with pip payments n has no idea of the debt amount. I am seriously considering a trust deed as my debt payments are 1700 a month before I think about food ...petrol utilities etc. Can my creditors touch the house ? Would a trust deed be suitable for me ?;I have already opened up a new bank account ready if need be .I am at my whitts end with worrying as the recession affects my earnings and now not having enough money to service the debt and to live
17/12/2022 12:32 pm
Welcome to the forum, Jellybaby1969.
Was the house always in your partner’s sold name? As long as it wasn’t yours and then transferred into their name to try and keep it safe from your creditors then it should be completely unaffected by you entering into a Trust Deed.
Trust Deeds are generally great solutions for people who have high debts, little in the way of assets and who can afford to pay something towards the debts. It sounds like you would absolutely fall into that bracket.
There should be flexibility to cope with fluctuations in your income too, though this is the area where you do see some divergence between different insolvency practitioner firms as to how they approach these situations, so I think it would be wise to ask plenty of questions around that.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
17/12/2022 1:00 pm
@kevin-mapstone yes the house has always been in her name. I really hope I can get something sorted soon as I know my wages for end of Dec and Jan will only cover my debt n possibly gas n leccy...I have never missed a single payment but I am at a bust now.
17/12/2022 5:16 pm
Myself or the other forum expert Paul would be happy to help advise you further and set it up for you if you choose to do so. Just click through the link to contact us and we can get further details from you.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
