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Scottish Trust Deed Forum
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Topic starter
31/01/2011 9:00 pm
This is my 1st time on the fourm & require some help & advice.
I am running into difficulty with making my monthly payments & need help! I have spoken with my creditors to see if they can offer any assistance but even thought I want to pay them back they have not been very helpful. I owe...
Bank loan: ?ú4500 left to pay
Credit cards: ?ú8200
Over draft: ?ú2000
I managed to payoff my three store cards but with rising interest on my cards I am struggling to make even the min payment.
I just dont know what to do, after I pay all my bills & rent I dont have any money to live off! hence the over spending on the credit cards.
Your help would be most welcome, I am at my whits end 🙁
31/01/2011 9:35 pm
Hi janec83
There are a few options, however it depends on several things. Do you have any assets ie own your home, own a car etc. Also, I assume from your post that you have no surplus. Would this be correct and does this include payments to your debts?
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
31/01/2011 10:32 pm
Hi Mark!
Thank you for the quick reply.. No I dont own my own home however I do have a car but I have thought about selling but it would only be worth ?ú2750 & I have a 25 minute drive to my full time job each way & you would be right I have absolutley no surplus, I usually just manage to pay bills, rent & no more. I have hunted high & low for a part time job to cover the costs but to no success & this month I will not be able to make min payment to one of my creditors, starting to get very tense now.
Jane
01/02/2011 12:05 am
Hi Janec83
From the info I think bankruptcy ( sequestration)may well be an option.
It would clear your debts and is a fairly straightforward process. People get very nervous about it, but it's no where near as bad as you think. There's no court involvement and it doesn't appear in the local papers!
You may need to make a contribution from income, but I suspect it would be minimal if anything.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
01/02/2011 10:35 am
Hi Mark
The Bankruptcy word really scares me, I was thinking along the lines of a Trust Deed but as you say that may not be the case, would it be possible to speak with you when I finish work via telephone? about 5.30 ish?
Jane
01/02/2011 12:55 pm
Hi janec83.
I think that Mark may be out and about today, and checking into the forum when he gets chance between meetings.
Mark (and the other experts) can be contacted via the forms on their profile pages if you wish to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
