Hi Marty72.

Hopefully one of the guys will provide you with an indication, but that will really be all that it is.

It will come down to the finer details of your personal scenario which determines how much work that there is. It may also depend on who your creditors are.

Hi

Just as a working example:

If you paid £15k as a lump sum and the trustee took £5k in fees and outlays (for example), £10k would be left for creditors. This would produce a dividend of £0.27 in the pound for each creditor.

However, it can only be done as a lump sum in a PTD, with a quick discharge if you have no other assets or cannot afford to make additional contributions. If you can, then obviously you may need to pay more.

Alternatively, you could approach your creditor yourself and offer them £15k in full and final settlement of all your debts, which would produce a dividend of £0.41 in the pound. You could even in your offer make a comparison between what you believe they would get in a PTD and what they would get in full and final settlement.

From experience this often takes times, should always be done in writing and should be conditional on all creditors accepting. It would, however, avoid a type of personal insolvency.

any offer would have to appeal to creditors,so when working out what may be acceptable consider what they could get if a 3 year trust deed was proposed instead?

Where is the 15k coming from?

Paul

I will be able to come up with some of the funds and further 5k or so coming from third party...I'll obviously credit the third party for all of it however.

What other options are there.

I imagine fifteen upfront would benefit creditors far better than 3 years of monthly. I could not keep up monthlys anyway due to very sporadic self employment

Cheers

As long as the offer looks good to creditors it has a chance. You fluctuating income may well be a good reason for them to take what's on offer.

Paul

There is nopthing to stop you doing as robinhood suggests and making a lump sum offer to your creditors. The chances of succeeding with this depend a lot on how many creditors you have and who exactly they are.
The advantage of a trust deed is that it can compel some creditors to accept the proposals as long as enough of them accept it. However, if you can afford to make a contribution from your income each month too then you will have to do this, for 3 years.

Thank you

My creditors are Clydesdale bank for loan and over draft...cards belong to MBNA, Amex, RBS and Barclaycard.

Before I even Begin this process Something in my mind is telling me my own bank for 22 years the Clydesdale bank being most difficult to deal with.

We will soon see....it will all come oot in the wash!