I was like you almost 3 years ago. I was ignoring every piece of mail that came in, using credit card cheques to pay bills and every month, my outgoings were at least £600 more than I earned. I remember getting an £800 bonus at work and not seeing any of it. My credit cards started getting declined and my limits were halved. Between loans and cards, I think I was running at about £60000 of unsecured debt - don't really remember. All I rememeber was the stress, fear and I was honestly suicidal. I looked in the phone book and called a debt management place. I went in to see them and honestly, it was the best thing I did. When I took my card statements and paperwork in, I felt ashamed. I had a great salary and yet, here I was, sitting in an office, crying my heart out to 2 people I'd never met before.
You say you'd only have £70 to pay towards a trust deed after all your outgoings. Don't count your unsecured debt in that as you would stop paying it. Trust Deed Assistant will be along to put your mind at ease about that. You need to speak to someone about this and the experts on here are amazing for advice. Although I'm happy with how my deed is going, I wish I'd found this place before I signed. It would have shown me that I'm not the only one in this position. People make mistakes with money or circumstances force them into places they can't get out of.
If you decide to go ahead after getting all the info and support you can, the first 6 months can be a wee bit stressful what with creditors phoning or writing to you. Once that stops, it's like everything goes quiet and still. At least that's how it was for me. I pay my last payment in January and honestly, you'll hear me cheering.
Stay around and get advice and I hope whatever you decide to do gives you some peace.

And yes, I do ramble on a bit.

Stressedout,

Trust deeds normally run for about 3 years, usally 36 payments and it is usual that a percentage of your debts needs to be realised throughout the process of a trust deed. Im sure others have faced the same situation. With the right company im sure that a trust deed could be worked out to suit you, there are people who pay more contributions over a longer period because they can only contribute smaller amounts and maybe something like this would suit you. I would highly recommend taking all your paperwork and talking to a professional who will be able to advise you on your personal situation. Its possible that Mark or Kevin on here may be able to help. Best of luck

Hi stressedout

The advice above is spot on. In my experience it's the great unknown which is the hardest part, but once you sit down and run through all the options, you'll realise there are no unknowns and it's all down to planning.

You mention the fear of losing your house with sequestration, even though there's negative equity. Maybe in a Dickens novel! It just doesn't happen in reality. If you look at it, the law is there to provide a solution to allow you to move forward, not make matters worse.

Mark

Hi stressedout.

Just to add to the previous comments, a property would only be lost in bankruptcy if it could be sold to generate some money for your creditors. If there is no equity (or negative equity) there is no point in anyone taking the home from you.

Irrespective of that, I'd suggest that you work through the numbers you have put together with a qualified debt adviser or trust deed company. The reason is that certain ranges of "allowable" expenditure (minimums and maximums) are set which creditors generally accept and which therefore debt advisers use. It may be that some of the numbers you have recorded need to be adjusted upwards or downwards and there may be some change to the surplus income that you have calculated.

Knowing where you stand and what the options are is normally a source of relief. There will be options available to you. An adviser will be able to identify them for you and explain them having done the review I mention above.

Many many thanks everyone for your kind comments , i am definitely going to do something about it, the main thing now is i know there is something/someone out there to help and reading previous posts i am definitely going with Mark or Kevin probably Mark whoever doesnt mind covering fife unless i go to them.
Once again thank-you.

Hi stressedout

No worries, Fife is just up the road.

Mark