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Scottish Trust Deed Forum
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Topic starter
26/10/2011 2:08 pm
Hi,
I currently own my own home which is valued at £80k and I am in £23k worth of debt at the moment, can I apply for a trust deed and will I be told just to take equity from my home? I owe £20k to various credit cards and £3000 to the bank for a loan which I recently took out to clear my mortgage.
I am currently on disability allowance and my wife is my carer so we have little income and can see no way of clearing our credit cards without selling our home!! I have recently enquired about releasing equity but it seems I don't have enough income to be able to release these sort of funds.
Can i enter a trust deed without jepordising our home? Any advice would be appreicated.
26/10/2011 2:42 pm
Hi sloanmeister
Could you advise me:
Estimated value of home
Estimated mortgage balance
Is it jointly owned.
Are the debts in joint names.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
26/10/2011 9:43 pm
Welcome to the trust deed forum sloanmeister.
The questions that Mark asks are very important in assessing the options open to you and the potential consequences of each.
Being a homeowner doesn't stop you from entering into a trust deed, but if there's a fair bit of equity in your home the consequences of doing so may not be acceptable to you.
There are other options to consider as well if equity is an issue.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
26/10/2011 9:58 pm
If I'm reading this right, you own a house worth £80k and have no mortgage on it, sloanmeister?
If so then I am afraid it is very unlikely you would be able to enter into an insolvency arrangement such as a trust deed or a sequestration without having to sell your home, or at least releasing sufficient equity to clear your debts as well as the cost of the procedure - rendering the procedure pointless.
Can I ask what age you are?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
