Hi Shona,

I just wanted to say thank you for going out of your way to help sigario.

Above and beyond.

Thanks shona for your help. much appreciated. Thanks to you too Trust deed assistant. I have a debt of about £12,000 and earn about £1700 after tax. I have a wife and 2 toddlers to feed. We are not entitled to benefits so not much is left. Debt was about £14,000 in 2009 and though i have been paying about £200 a month there seems to be no much dent on the debt hence my looking into a trust deed. A budget review i did recently with the trust deed agent shows i can only afford £114 a month. Was offered a trust deed by some other agent in 2009 but was not given much advise about its effect on my immigration status thats why i did not go ahead with it.

Regards

Good stuff Shona.

I'm afraid £114pm isn't likely to be enough to get a trust deed agreed, sigario. You say you have been paying £200pm for a while though - how difficult have you found this? Do you think you would be able to cope with a monthly payment somewhere in between these two figures maybe? If so then a trust deed may well be possible, however it really must be affordable - to set something up and then struggle to pay it isn't really solving the problem.

The Debt Arrangement Scheme should be a viable option even at £114pm, but the downside is that it is likely to take a very long time to repay the debts.

No Problem, it is always good to learn something new.

Hi Sigario,

Depending on your particular circumstances i.e. list of creditors, asset position, income and expenditure etc, a Trust Deed may be a suitable option based on the figures that you have suggested.

As Kevin pointed out, the Debt Arrangement Scheme is another suitable option but this comes with the timescale.

Sequestration is also another option to consider but I do not know what the implications in relation to your immigration status and application for permanent residency.

At the moment I would say all three solutions may still be suitable.

Yes I have to agree that £114 is not enough to make. Trust deed work. Bankruptcy would be the best option- you would discharged after 1 year, so could be discharged before applying for settlement - even though you woul still be making contribution for a further 2 years. Could be the answer.

thanks guys for everything

kevin, i can manage to make a payment higher than £114 but not up to £200, just waiting to get a feedback from the agent and see how much we can agree upon.@shona and chris, bankrupt is not an option because it would prevent me from renewing my visa.If i had known earlier a trust deed wont affect my visa, would have accepted it when it was offered me years back. Thanks guys for your help and support

You shouldn't feel tied to whoever it is that you have been talking to about a trust deed, sigario. It never does any harm to shop around and go with whoever you feel most comfortable - remember you are the one in control of this process prior to signing up.

The only reason I say this is that it doesn't sound as if the agent you have spoken to was particularly helpful in terms of finding answers for you about your immigration status, and if they aren't particularly helpful before you have signed up then chances are they are likely to be even less so once you have signed on the dotted line.

Sigario, Kevin's exactly right. If the agent you're speaking to can't give you answers to the really important questions that are going to affect your life so directly, then drop them like a stone and arrange to meet up with one of the experts on this site who can all act for you. So much good feedback for all of them throughout this site.

Agree - with comments from Kevin and uncleben.

Even take a chance to sit down with one/some of the experts on the site will at least give you another option/viewpoint/assessment as to level of contribution.

Chris