Of course, lmarbl16 - that's what we are here for! What's on your mind? Feel free to ask away - or if you prefer to contact someone directly then you can contact any of the experts on the site by clicking on one of the "contact" buttons.

Hi Imarbl16 and welcome to the forum.

You have done the right thing looking for further advice and information to help you make the right decision.

The forum is a great platform for the Experts to assist but also for people who are going through the process themselves to share their feedback and experiences as service can vary from firm to firm.

Have you had the chance to speak with someone on the phone about things? It's unusual for someone to have to wait a length of time for a meeting to work out what options they have. I realise it's a pretty stressful time worrying about debts so I try to help as quickly as I can and sometimes a quick phone call can reassure a client prior to the meeting.

When it comes to looking at your options I would always recommend speaking with a qualified Expert and to make sure that the person you speak with will be the one who actually handles your case from start to finish.

There is no harm in seeking a second opinion on your situation before or after your meeting next Friday.

You can have a number of options to help you deal with your debts. This could be a Trust Deed, Sequestration or a Debt Arrangement Scheme. Each of these options have difference pros and cons and depending on your circumstances can have a different impact on assets.

Can you tell me a little more about your circumstances i.e. do you own your house, a car, any other assets?

Also, how much does your debt total and do you owe any money to the likes of Barclaycard, Nationwide or Hitachi? Reason I ask about those creditors is they have a strict criteria when it comes to a Trust Deed.

Have you worked through a very thorough income and expenditure with anyone yet to see what you can afford to pay per month to a plan? This is something with is key and therefore needs to be thorough and accurate.

The most important thing you should do is take your time, do a little research, speak with a number of companies/Experts to gauge their level of service, who will handle your case and also ensure that when you do proceed with a plan that you receive absolutely everything in writing regarding how it will work. If you do that then you should be fine and things should run smoothly.

Try to remain positive as you will have solutions to help you deal with your debts.

Nightmare wrote my reply and it didn't send!

Thank you for your replies. I have the meeting with a company linked to here won't mention name as not sure what's allowed. The time scale is just because of the public holidays and then my child care etc. I like to do these things face to face as I get more anxious over the phone.

My main queries are- I have a car I pay monthly. It's over 60 months and it started Feb 15. Will this car be taken off me? It's with Barclays partner finance.

I have some credit commitments in my step dads name and I need to continue paying these but when my outgoings are worked out will this be taken into consideration or will I be told I need to only pay debt in my name?

I'm worried about my job. Im In a profession that I'm unsure if I am allowed any kind of debt solution and i need to contact them and find out but I find that very hard to do!

My partner lives with me so he contributes to rent etc but all the debts are in my name. When they look at what I can afford to pay do they count his wages into my incoming as well?

I've been trying to manage for so long but the stress I'm under is unbelievable and I need to see what options are available to me. I feel like such a failure and an idiot for getting into this situation.

I have started doing a comprehensive incoming/ outgoings list and gathering up all the paperwork i require for my meeting.

Thank you for your replies

Also I don't own any property I rent privately.

Debt wise it's not good. I am working through it just now but I reckon it's possibly about £40 000. Feel sick even typing that. I am full time employed. I have car finance athing with.barclaycard partner finance, a personal loan with a small balance remaining. Nothing with hitachi or nationwide.

It is very rare that a car has to be given up as part of a Trust Deed, as long as it is reasonably required. Exactly how it is treated will depend on what type of finance agreement you have. Is it a Hire purchase/conditional sale or a fixed sum loan agreement? Either way shouldn't necessarily be problematic as long as it isn't a very expensive car.

I'm afraid you aren't allowed to continue to pay debts that are in someone else's name. As you might imagine, if creditors are agreeing to write off a chunk of their debt then it is only fair that you are not prioritising other people's debts above theirs whilst in the Trust deed.

What is your profession? It is very rare these days for someone's job to be affected by entering into a formal debt solution. Your employer wouldn't be contacted as part of the process anyway and it is likely they would never know, however if it explicitly says in your contract of employment that you need to inform them of such things then you really should do so.

Regarding your partners income, it is only relevant ins o far as the trustee would need to be satisfied that your partner is paying their fair share of your joint household bills, but they cannot be asked to contribute to your Trust Deed.

Try not to worry. It is only natural that these questions will be running around in your mind, but I am sure that you will find that in reality any issues are easily surmountable and an appropriate solution will be possible. The stress should then lift from your shoulders and you will feel so much better. Well done on taking the right steps so far despite your fears - that really is the hardest part done!

I will check the paperwork for my car. I definitely require the car in order to get to and from my work etc. I will be taking all the paperwork to my meeting.

In regards to the debt in other people's name I fully understand what you mean about prioritising. Unfortunately this means that if I cannot work something out then a debt arrangement/trust deed might not be possible. I cannot leave my step dad with this debt to pay I just cannot do that. He took it to help me (which did at first but obviously I'm still struggling) he can't cover the payments himself and I can't expect him to! I'll see what they advise regarding solutions for this.

I am a police officer. I imagine I'll be advised that I need to inform them and this is really a part I am dreading. I will make the call to the federation when it reopens this week and see what guidance they give me!

Can u confirm with regards to credit file etc is is 6 years from date it starts that it disappears or 6 years from when it finishes?

Thanks.

I can understand how you feel about the Debt in your step dad's name. How much is it that has to be paid each month?

Bear in mind that viewed as a household you may well have some spare income you could use to manage this other debt. It is only your share of the household disposable income that is required for your debt solution. Is your partner aware of the situation?

It is 6 years from the start of a Trust Deed that it would fall off your credit file.

I have two payments I make to him- £138 and £175. I was wondering if maybe they could come out of my partners money then and that would solve that problem.

Yes my partner is fully aware of everything thankfully! Although it's in my name we are in this situation due to both of us so he knows he is responsible!

Ok that's better than it being 6 years from the end.

He is in a DAS just now that is due to finish at end of this year. Once it's done I'll follow the tips I've read on here to work on getting his credit score back up and then can concentrate on mine.

Feel like my head is going to explode with all the figures I've got going round in it trying to work out budgets etc. Hopefully after Friday things will seem clearer!!

Hello lmarbl16.

It often turns out to be possible for a partner to cover debts owed to family. That will become clear when you run through a full budget with your adviser. The fact that your partner is in a DAS currently might potentially be a complicating factor here though. Isn't he paying over most or all of his spare income into that at the moment?

In terms of being a police officer, it will usually be a requirement to notify professional standards before you enter into any type of insolvency. This includes trust deeds and sequestration (bankruptcy).

I'm not entirely sure whether the same would apply to DAS, which is not a type of personal insolvency. The Federation may well be able to advise you about that.

Thank you for your reply! He would hopefully have enough to cover it but could be very tight. I'll have a look at both our budgets etc for Fridays meetings.

Having never done this before can you tell me, the person I speak to on Friday are they technically on my side? Will they listen to me and all my issues/questions and do the best things for me or is it more let's get her into an arrangement so we can get a fee? I just want to be sure that if I enter something that it's truly what's best for me and that these people will want to help me and my situation?

I will need to build up the courage to phone my federation. I had a nightmare about it last night. I find this type of thing reall brings on my anxiety!!

Hello lmarbl16.

The adviser that you work with absolutely should focus on your best interests alone when providing you with advice.

There's plenty of excellent advisers out there that will do just this.

Frankly (and sadly) there are also some "advisers" out there who are more interested in making a fast buck than giving people fully rounded advice. They operate more as salespeople rather than debt advice professionals.

You've a much better chance of getting good advice from a licensed insolvency practitioner firm or an FCA authorised debt advisory firm.

You're much more likely to get bad advice from firms that don't fit into either of these categories - in particular cold-callers or those that send marketing text messages or emails.

Hi Imarbl16,

A good Expert should summarise all of your options along with the pros and cons and you can then pick which option best suits your circumstances. When I do this for my clients I explain why one or two options are perhaps a more suitable than others rather than just say this is your best option.

I always say to a client they have five possible options to consider:

1 - Try to budget and manage their debt on their own. On occasion some people are just over spending and by budgeting could clear their debts without the need for a plan.

2 - Remortgage / secured loan. This is dependant on their equity. I'd put them in touch with an IFA to explore this further.

3 - Debt Arrangement Scheme

4 - Trust Deed

5 - Sequestration

Like I said a good advisor should explore these options and explain perhaps a some are more suitable than others.

You could always phone on your federation and ask on behalf of a colleague.... That way your not saying it's you but are still getting advice.I deal with a number of police officers and as of yet I haven't experienced a problem with their job. As always though it's best to check.

Try not to over think things or worry too much. From the information you have shared with us you do have solutions to help you become debt free.

Thank you both for your replies. The company I have the meeting with on Friday seem to be highly recommended and based on the advise David has already given me I am confident the person I am seeing on Friday will be similar based on the company!

I will update with how I get on. Thank you again.

Your welcome!

Try to relax and not worry. You should be fine.

Let us know how things go.