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Scottish Trust Deed Forum
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Topic starter
16/04/2011 11:41 am
My husband and I have been in a Debt Management Plan for almost 18 months and were recently advised that we should consider a Protected Trust Deed(Scotland). We have almost 67k worth of unsecured debt. We were paying £498 a month including a £99 fee. The Financial Adviser, initially stated that we'd pay only £20 or £30 more a month over a 4 year period and has now come back and said that we need to pay almost £1100 a month and that we only qualify for a 3 year payment period. He then mentioned a DAS instead. Further to that he then came back a few days ago and said that the IP thinks that my Monthly injury pension of around £1600 might be excluded from the disposable income but they would need to clarify this. Meantime, Creditors are starting to demand payment and we are left extremely confused and quite terrified. Please let us know your thoughts on the injury pension. Thanks in advance.
16/04/2011 12:59 pm
Hi LornaT
So your advisor so far has advised on DMP, then Trust Deed and finally DAS?
Do you own your own house and do you know what the split of the debts are ie how much is in your name and how much is in your husbands.
I think it very unlikely that the £1600 would be excluded.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
16/04/2011 1:06 pm
Hi Mark
Thanks for getting back to me.
Yes we own our house. It's a new build, bought two years ago, but it's 75/25 for 10 years. Had house valued and it's dropped almost £30k. Debts are more mostly joint, and if not the split is almost 50/50. Any suggestions as to the best course of action?? We can't afford £1100, but according the IP, we can. I know our income is pretty good, but our expenditure is vast. Got 3 kids and a mortgage of £1200. I can't understand how the income and expenditure for the DMP were acceptable, yet the PTD says there is more disposable income? Do you think a DAS would be a better idea as it gives us longer to pay a lesser amount?? What do you think he means with regards to my injury pension?
16/04/2011 1:38 pm
Hi LornaT
Could you give me an indication of total income against total expenditure.
There could be the narrowest of possibilities it could be excluded, but only if there was a court instruction on the use of the funds. A rubbish and vague example would be an accident victim with brain damage being awarded a sum to better his standard of life and the funds were for carers, house modifications etc.
I am unsure why you were ever put into a DMP with £67k debt, or perhaps I'm not as you mentioned fees. The DAS would at least guarantee that interest and possible legal action would be stopped.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
