Hope youve got a better understanding of how things work now joannet just dont be railroaded into anything ..my gripe with trust deeds is that all my debt was "unsecure" but now my house is held to ransom doesnt seem right since mortgage folk havent a problem with me and have said i wouldnt loose my house if i went bankcrupt but trustees will say different would i recommend trust deeds hmmmmmmm No

Have to agree 100% with your first sentence fedup. Don't get railroaded into anything. Ask questions take advice from two or three different sources and above all don't sign anything until you have everything in front of you in writing.

Tonyd

Hi Joannet, I nearly got caught with a middle man company and then I decided to google about and stumbled onto this forum which led me to Marks company, it was the best decision I ever made and find them transparent and straightforward. You don't always hear what you want but the bottom line is I got myself into this mess but they have helped guide me through. Hope this helps.

Thank you everyone for your coments.

Mark if £140 is not enough how much more do you think he would need to pay for his creditors to say yes to a trustdeed for him?

Hi joannet

Contributions are always calculated on household income minus household expenditure.

It is slightly dangerous to predict a figure without the information to hand. Hopefully the companies you mentioned carried out a review of the inc/exp before arriving at that figure and didn't just give a figure to get you to 'sign up '.

If you email me your income and expenditure, I'll be happy to review this against the expenditure guidelines and let you know the estimated figure.

Mark

Hi joannet,

As Mark said, there is a criteria in which a Trust Deed needs to meet and unfortunately a payment around £140 per month is nothing something I think those creditors would accept.

Clydesdale Bank and Barclaycard are creditors which are represented by a company called Watch Portfolio Management. For them to accept a Trust Deed proposal that have a much more strict criteria. To consider a Trust Deed over a 48 month period, a payment in the region of £200 per month would need to be proposed to them I think for them to accept the Trust Deed. A good knowledgeable advisor should know what the criteria is for Trust Deed's to be accepted and I hope that the advisors haven't quoted your husband this figure to get him to ÔÇ£sign upÔÇØ.

Obviously a thorough income and expenditure would need to be carried out with an advisor to establish what level of payment you could pay per month but this hopefully gives you an idea if a Trust Deed over 48 months is affordable or not.

If you find that the budget is stretched and a payment of that amount may be difficult your husband could always consider Sequestration. As the creditors are not required to accept this then there is no minimum criteria to meet and therefore a payment can be a little more affordable.

Don't proceed with anything until you've looked at all of the options, discussed everything and have an ideal of what your husband can afford to pay.