Welcome to the forum Scotland87.

Thanks for sharing that information - it's very helpful.

We'll try to get to the bottom of whether a trust deed would be suitable for you, but please rest assured that there will be a solution available to you whether or not a trust deed makes sense.

Here's a couple of questions which would be helpful if you could answer:

I understand that the mortgage is in your wife's name only. Was your wife the sole purchaser of the property? Is it just her name on the title deeds?

Do you own a car or any other significant assets? If so, could you let us know what they are and your best guess of their value?

Are you in arrears on your debt payments? Has there been any legal action on your debts?

Are you expecting anything to change in your circumstances? For example: a pay increase, an inheritance, the threat of redundancy etc.

After you've covered your share of the household bills and expenses, how much do you think you could afford to pay into a debt solution (such as a trust deed) each month?

Hi.
Thanks for getting back to me.
Yes, she was the sole purchaser.
I get around a 2% pay rise a year and bonus of around £600 a year but these are based on performance and not guaranteed.
I don't own any assets.
I am currently keeping up to date with payments
I would say about 450 a month i could afford.
Thanks.

Hi Scotland87 and welcome to the forum,

I've worked out that from what you have said your debts are around £30,000. Once debts get to this sort of level it's certainly time to consider options to help you deal with that and the positive thing is you have reached out for help and advice.

A Trust Deed is one of the options you have available to you. Your payment under a Trust Deed is calculated on what you can afford to pay per month but it also needs to be enough for the creditors to accept this.

It's about finding a balance between what the creditors will accept and what you are able to pay per month after all of your living costs. This is the important part and you will ensure that you are able to successfully complete the payment and Trust Deed.

To work out what your payment is per month you need to speak with good knowledgeable advisor to go over a very thorough income and expenditure . They will sit down with you, go over all of your bills and then work out what you can afford to pay. Kevin or I would certainly be happy to do this with you and it could be the case that a payment less than £450 is required.

It's also important to cover your alternative options with the advisor to ensure that you are fully aware of all the options. The alternatives could be Sequestration which doesn't require a minimum payment unlike the Trust Deed and also a Debt Arrangement Scheme which is where you pay back all of your debts.

The positive thing to remember is you have solutions to help you become debt free and in fact, you could be debt free in 48 months and onto a plan before Christmas and starting 2016 on a better footing.

Is there anything that your particularly worried about regarding your debts?

How much are your contractual debt repayments in total at the moment Scotland87?

I reckon you may well have more than one option, Scotland87, as the others have suggested already. Which route you go for will really depend on your own preference but what does seem clear is that you cannot carry on as you are, so you've done the right thing seeking help.

A Trust Deed does sound like it might be a good solution for you based on the information you have provided. The other good news is that I would not foresee any difficulties in your Trust Deed getting accepted by your creditors - having dealt with them all previously many times we know exactly what they will and will not accept, as I am sure David would also confirm.