Hi versace1888

Welcome to the forum.

I think with any repayment plan, you need a specific time limit to have the debts paid in full. If creditors continue to add interest then its pointless. The DAS scheme at least would guarantee that interest is frozen.

On the points in your post, a Trust Deed ( or even DAS) would not affect your husband.

If you were looking at a Trust Deed, then the repayment to your parents would not be allowed as an expense unfortunately. An income and expenditure statement would be prepared and agreed with you for creditors. The only suggestion is to save from any surplus or continue this with your husband's assistance as he will obviously be allowed his own expenses.

Not sure if this helps. I offered a solution on one hand, then took it away with the other!

Regards

Mark

Firstly dont panic,there is always a solution.

Did the CAB discuss a trust deed as an option before,when you opted for the DMP?

Do you have any joint borrowing or even credit applications with hubby,as this may impair his credit rating somewhat?

A trust deed would require you to sit down once again and set out a realistic budget and an accurate picture of your debts would be needed at the start. Your Hubby would need to declare his income to ensure that you both pay a fair share of the household expenses. What is spare from your income after your expenses will be roughly what you would pay a month as the trust deed is based on what you can afford to repay(so its different for everybody).

If you are unsure of who you still owe money to you could check out your credit files.

The only issue may be the loan from your parents,I am unsure how this would be dealt with,creditors may expect your parents to step aside and not receive anything while the trust deed runs,or they may have to be included and would only receive a dividend,the same as any other creditor. An expert will be able to clear that up.

How much are you paying in bank charges every month,as clearly your current dmp setup isnt working for you?

Paul

Hi both

The parents would rank as ordinary creditors like the other debts, unless they wished to be specifically excluded.

The only option for repayment would be 3rd party payment (Husband or other party)

There are always options available and it seems the current one is not working. My advice would be to sit with someone and look at all options available and see what best suits.

Mark

Thanks Mark,wasnt quite sure of the rules regarding family loans.

Paul

Welcome to the trust deed forum versace1888.

Would your husband be in a position to help repay your parents while you dealt with your debts?

As a couple this would probably offer the best prospect of a good financial outcome for you both.

The danger is that if you take no action (or continue with action that doesn't seem to be working) that your current debt problems spiral.

The end result of this can be more serious measures being required in the future and/or a more restricted range of options being open to you to deal with the debts.

Welcome vercace1888

As TDA says, if you leave things they will only get worse. You need to spaek to someone face to face to find the correct solution once and for all. As Mark said, paying you parents may be more difficult, but it may be that between the surplus income you are allowed to retain, and some help from your husband, you could still manage payments to them. I appreciate this is their nest egg, but if they do not need it all just now, could you reduce payments knowing that you will debt free in 3 years, and can then increase your payments to them? Either way, I would suggest yousit down and go through things thoroughly.