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(@hopeful007)
Active Member
Joined: 7 years ago
Posts: 5
Topic starter  

So, a year ago I almost entered into a trust deed but I managed to work out a payment plan with my creditors at the time so I didn’t end up doing it.

Fat forward a year, Iive just recently had a baby 🙂
Dilemma is .....
Around 35k In unsecured credit card debt, mbna, Halifax, Barclay and Tesco and very.
I’m still making payments but really struggling as I’m on mat pay.
I’m going back to work in January and I’m self employed.

I have researched the life out of trust deeds and this really is my only option.
I jointly own our home with my hubby (a bit of equity but under 10k, and I have a car on HP all up to date but something has to give as I have no life.

Question is can I start a trust deed when I’m on mat pay, with payments going up when I return to work, is my house safe. Advice please I need help as we are being swallowed up in this fast.

Ps I need my car and house #128546;

Il get it right one day #129318;#127996;#8205;#9792;#65039;


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Hi there Hopeful007 - and congratulations on your new baby!

It should certainly be possible to set up a trust deed under these circumstances, though obviously we would need more detail as to how much you can/will be able to afford etc before we could give you an indication as to the likelihood of successfully achieving protection. How much have you been paying each month up to now, if you don't mind me asking?

It is only natural that you should be concerned about your home and car, but that level of equity shouldn't present any issue at all, nor the car on HP. We have helped very many people with similar equity etc to set up Trust Deeds successfully.

Of course there may be other options. If you have a payment plan set up it may be possible to take a break, for example, and then restart your payments when you can.

I, or any of the other experts on the forum, would certainly be happier to take a closer look for you if you would like to get in contact. Will give you a chance to ask the many questions which you will no doubt have, as it is vital that you know exactly what you would be entering into.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi Hopeful007 and welcome to the forum,

Congratulations on the baby! Exciting and emotional times I’m sure and worrying about finances and debt doesn’t help. Let’s try and get this sorted for you.

How much is your debt costing you per month in payments?

Also who is your car HP with?

In terms of a Trust Deed you need to be confident that any payment is sustainable especially so as you are self-employed and also possible changes in expenditure over the next couple of years i.e. child care etc. This is especially so because you are a homeowner with a little

If you are confident that you can sustain a payment towards a Trust Deed and also your income in stable and secure then as Kevin said a Trust Deed should be possible.

The important thing is to look at your budget, obtain a valuation of your house and calculate the equity and then agree on everything to do with monthly payments and if any equity needs to be paid over.

The positive thing here is that you have options available to help you deal with your debts so try to relax and not overthink or worry about things.

Oh and just be careful about researching he life out of Trust Deed’s as it’s a bit like googling “I have a sore head”. Up pops all the horror stories first! The majority of Trust Deed’s if set up correctly do work for people and help them clear their debt.

David is not currently posting in the Trust-Deed.co.uk forum


   
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