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Scottish Trust Deed Forum
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Topic starter
25/09/2009 4:33 pm
Hi All,
I hope you can help and guide me - Currently run my own business, involved in the financial market and finding it really difficult to survive - we have about 3 months left to run unless solutions are found...
Having already entered into temporary agreements with my creditors, it looks like I need to prepare and consider a trust deed.
My questions are:
2) My home is a new build and we paid slightly over the odds, realistically, I am in negative equity at the moment - how will this be looked upon as I believe this is the main element of cash flow required by the creditors?
1) all my credit is in my name but the property is held jointly with my wife, she has no credit and is totally clean in terms of credit history. Does my wife need to be involved in the Trust Deed and can they make us sell the house even though she is 'clean'
Thanks in advance - your comments are really valuable.
SKelly
27/09/2009 11:27 pm
Hello and welcome to the Trust-Deed.co.uk forum.
If there is no equity in your home then this should be a matter that would sit outside any potential protected trust deed. You'll want to find a firm that will put this position in writing to you in advance of signing a Trust Deed. I'm sure Kevin and/or Mark will have something to say on this in due course.
Your wife will not be involved in any Trust Deed. Even if there were equity in your home her half would be protected. In the circumstances you describe there should be no reason to have to sell your home.
I do hope this helps.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
28/09/2009 10:05 am
Hi SKelly,
Just thought I'd back up what TDA has said - if you are in negative equity then your home should not be affected upon signing a trust deed. Also your wife would not need to be involved.
Would your business be turning a profit if the debts were put to one side? I ask because you do need to have something to offer to your creditors within a trust deed, usually a monthly contribution from your income.
I, or any of the experts on this site, would be happy to review your own situation in more detail and offer some advice. If you wish, and if it is an appropriate solution for you, then we can also assist in setting up a trust deed for you. Just contact us via the relevant link.
Kevin
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
28/09/2009 1:53 pm
Really apprecuate you taking the time to respond. It's already given me some comfort on the process and knowing the property could be secure is a great relief..
In answer to your query Kevin, I'm taking a salary just now and estimate i would have around ?ú600 left after essential expenditure and mortgage payments, should my debts be put to one side.
I also estimate that based on the income, i would be in a position to offer the creditors around 38p in the pound against what was borrowed - unsure how this would be viewed but appreciate it may be on a case by case basis..
SKelly
28/09/2009 5:37 pm
Hi SKelly,
The dividend you are suggesting falls well within the realms of what is viable for a Trust Deed to go ahead.
How much is it approximately that is owed?
The specific creditors to whom you owe money are an important part of this equation as well. If you'd like to share some information on that we may be able to provide further reassurance.
Alternatively any decent firm that handles Trust Deeds would be able to tell you whether your specific creditors typically accept realistic and fair Trust Deeds where an individual is paying back what they can reasonably afford (the vast majority do).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
