Hi markymark

The position with the house depends if there's equity or not. The Trust Deed shouldn't have any effect on the mortgage arrangement and you can make capital and interest payments.

My advice as always is sit face to face and look at all options available. Make sure the position with the house is made absolutely clear and then put in writing. If you decide to go with this firm please ensure you sign nothing at the initial meeting until it is confirmed in writing.

Mark

The person from KPMG should tell you about all of your options, markymark, including the Debt Arrangement Scheme usually. Take your time to consider which is right for you - as Mark says, don't feel pressured to sign at the first appointment, especially if there is a house involved.

If you would like a second opinion, feel free to post a few more details about your situation, such as level of debt/spare income available to pay to creditors.

Thanks for the info, there is at present no equity on the house, lost about ?ú45k value in the last 18 months (sucks) the personal loans im paying in full monthly payments right now and can afford that (mainly because they are my bank we use for wages and they will take it as soon as its in (really need to move wages to another bank), the credit-cards are at debt companies and minimum payment on them, 3 CCJ dues to cancelling policies and advisor reclaiming his commission, Builder that built our extension claiming for extra we didn't allocate for in the price, lawyers fee's for fighting the builder through court, so in total unsecured debt roughly 50K. I was willing to walk away from the house but then that would just leave me with more debt due to shortfall, cant afford to put the house on the market, so stuck in the middle, If the builder and the IFA wasnt pushing for full payments i really think we could continue to make payments until house prices rise (if they ever do)..So TD might be the only way forward. Income joint is ?ú2800, outgoing for debt ?ú465 and mortgage is ?ú1000, then all normal house hold on top, income expend been done a few times and with different companies and they each show from ?ú20 - neg ?ú40 per month. As for going with KPMG, this is all new to me, I maybe am being selfish, I just want to pay the creditors and if possible keep the house and my family secure, I'll go with what ever company can help and offer the best solution. Like I said without the builder and the IFA we would struggle by, with them we are drowning. I'll post how I get on with the meeting, if thats ok with you guys.

Please do markymark. Best of luck - I hope the meeting goes well.

Hi Guys, Just had the first full chat on the phone, things don't seem to be as straight forward as I had hoped, now have to wait till Tuesday for next stage, the Advisor doesn't think We can pay into a TD and pay full mortgage payments (repayment instead of interest only), seems strange so I assume the TD might not be for us, back to square one of the worry front till then. Anyone want to buy a house?

Hi markymark.

Are you currently on a repayment mortgage?

I assume you went through your income and expenditure on the phone today? Did you get any feedback on how much they assessed your surplus income to be (assuming you weren't paying your unsecured debts)?

you CAN make full payments on a mortgage while in a trust deed, I take it you mean you are in a interest only and want to move to a full repayment once the TD is established ?

Im on a repayment, but moved to a temp interest only period while I got all this mess sorted. this period runs out in April. and full repayment payments from then.

went through it all TDA, but unsure of the outcome, they wanted time to work out figures, hence the follow up on tuesday.

That makes sense markymark.

I'm not suggesting that you do necessarily, but some people make a decision to move to an interest only basis to enable certain debt solutions to work for them. Obviously there are some pretty big pros and cons attached to that.

Yeah TDA, that was my initial idea, but fully understand banks, they don't want people to be on interest only with no vehicle of repaying the interest only part, look maybe I'm blowing this out of proportion a call to the bank tomorrow might provide a clink of light.