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Scottish Trust Deed Forum
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Topic starter
14/05/2011 9:17 pm
Hi, Im John, Im in the process of entering into a trust deed, My wife and I are up to our ears in debt and have nowhare else to turn.
just wondering if were doing the rite thing,,,, not that we have any option!
weve never missed a payment on anything, and were now at the stage that we can either pay our debts or eat.
Were not extravagant ppl, we took advantage of the goverments "buy your home" 15 years ago and got an endowment mortgage, we borrowed 35000, we still owe 35000 and the endowment has a 20000 shortfall.
anyway, 15years of home maintanance takes its toll.
thanks for reading this and any advice will be mutch appreacated.
John.
camregan293@yahoo.com
14/05/2011 9:52 pm
Hello john293 and welcome to the trust deed forum.
It's difficult to say whether a trust deed is right for you, it's just one of a number of options that can help to deal with debt that has become a problem.
How much debt do your wife and yourself have?
How much do you think your house is now worth (this is a very important question I suspect)?
How much do you think you can afford towards your debts each month after you have covered your essential costs?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/05/2011 10:31 pm
I have too much debt, My outgoings are muchmore than my income. sorry for bothring you.
Topic starter
14/05/2011 10:37 pm
this is the first time Ive done this, and Ive realised im talking to a computer. thanks for nothing. john.
15/05/2011 4:20 am
quote:
Originally posted by john293
I have too much debt, My outgoings are muchmore than my income. sorry for bothring you.
John......
What TDA meant was if you were NOT paying your debts how much could you afford to pay towards them after paying your essential day to day costs, such as rent/mortgage, council tax, utility bills, food, transport etc....
This figure would help determine if a Trust Deed is right for you....
Hope this helps am off to bed, early start......
15/05/2011 10:03 am
Hello john293.
You're wide of the mark with your comments about an electronic response.
Irrespective, I suggest you find out about the implications for your home if you start a trust deed before you sign anything.
The information I was asking for would help shed some light on that side of things, which I think from the information you gave will be very relevant.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
15/05/2011 1:45 pm
John293,
I think its about time you lost the chip from your shoulder. We are all here to help - TDA is a person, not a computer - we are all sat here behind our computer screens but one thing we all have in common is the fact we are have either completed, currently in or thinking about starting a TD.
This is the most supportive environment you will find to ask questions about a TD - and the advice is always impartial and accurate.
I suggest you answer the questions and take your first step in a journey that will hopefully release you of the stress of the debt you find yourself in.
17/05/2011 7:23 pm
John293, TDA is a person, just because we don't know her name, if you look around the forum you will see the answers she gives are personalised.
17/05/2011 10:29 pm
Before this all gets a bit "Agatha Christie", my name is in my profile.
I post as "Trust Deed Assistant" as my colleagues in the site advice team help out in the role as well from time to time (hence allowing me to pretend I work all hours!).
I believe myself to be a real human being, but acknowledge that I may have been programmed to say that.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
