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Scottish Trust Deed Forum
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Topic starter
03/07/2010 11:41 am
I'm a single parent, working part time. Thinking of a trust deed. My sons father has returned to his home country, so I can't enforce maintenance, I just have to take it as and when he decides to send it. How would this affect a trust deed?
Also, I am considering university at some point over the next few years - how would this effect it- I would have a student loan and grants, and also housing benefit, child tax credits and child benefit.
Thanks
03/07/2010 1:25 pm
Hello frusciante and welcome to the forum.
If you cannot afford to repay your debts a Trust Deed may be one of the options to look at.
How much do you owe at the moment?
How much do you realistically feel you could afford to pay towards the debts each month after making sure you have looked after the needs of your family?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/07/2010 2:26 pm
Off the top of my head, i'd say it was around ?ú24k. I'd say that I could afford almost ?ú200, but thats not taking into consideration things like clothes, car insurance and road tax- the things you dont pay every month.
Topic starter
03/07/2010 8:17 pm
Hi,
I've done a quick calculation, accounting for road tax, car insurance, tv licence etc, and I could afford ?ú120 per month.
05/07/2010 9:17 am
Hi frusciante,
?ú120 per month looks quite tight in terms of dealing with ?ú24000 of debt via a Trust Deed.
You may wish to run through the numbers that you are using with a debt advisor or Trust Deed company. There are set guidelines for some areas of expenditure which may make a difference to the amount that appears to be affordable.
This exercise will also help the advisor to tell you about other options (such as DAS, LILA, debt management plans etc) that might be appropriate for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
05/07/2010 3:47 pm
As trust deed assistant says, you may be best served by running through your income/expenditure with a money adviser or insolvency practitioner and discussing your options thoroughly.
Insolvency firms do have a responsibility to ensure that you have looked at all available options before choosing an insolvency route and all good firms would offer to do this initial assessment free of charge.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
