Hi shazza

Welcome to the forum. As youve probably read, the best advice is to discuss all the options available and ensure each option is identified and assessed. Ensure all matters are fully made clear in writing, especially home equity, contributions,car etc etc and then in your own time decide what is best for you and your family, not the guy at the end of a phone.

My advice is always a face to face meeting. This lets you draw up the biggest list of questions possible. I think DAS orTrust Deed are the viable options with the numbers involved, but RBS being the main creditor shouldnt be a problem at all.

Hope this helps

Mark

Welcome to the trust deed forum shazza0776.

While suitable for many people, a trust deed is a serious step to take as you have clearly identified. It really isn't something that should be "sold"; anyone considering the solution should run a mile from any source of advice that appears to be "selling" rather than "advising".

My main suggestion at this point would be to try to establish in your minds a clear valuation of your home. One way to do this might be to ask a local estate agent what they would expect to sell the home for if it had to be sold very quickly. Valuations for trust deeds tend to be a little lower than people expect so a "quick sale" valuation will at least give you a guide.

The reason for this is that if there is equity in your home a trust deed (or bankruptcy) may become much less attractive options unless you can envisage a way to release that equity (perhaps with the help of family or friends for example).

Payplan (who do not provide trust deeds directly) will probably want to run through your income and expenditure with you. If you'd like to let us know the outcome of that it will help the trust deed company representatives here to guide you further.

My other tip at the moment would be to carry on doing exactly what you're doing; don't rush into anything and continue to gather information and facts until you're 100% sure that you're in a position to make an informed decision. I hope this forum will help you with that.

My tuppenceworth would be just to make sure you consider all of your options and choose the one that suits you best.

Maybe the person you spoke to about trust deeds was just trying to reassure you rather than anything more sinister. It can be a difficult skill to master I think - making sure people are aware of potential drawbacks without scaring them away from a solution which may well be just right for them, and conversely reassuring very worried people without saying "everything will be alright".

Hello and thanks for the replies. I spoke with payplan this morning and the long and short of it is 'on paper' we have £850 left after essentials are paid which isn't much short on what we are paying to our unsecure debts at present. The lady I spoke to was helpful and has sent me a breakdown spreadsheet however I'm left feeling that despite the overdrafts, loan payments etc we should just get on with it and buget more tightly than we are at present.

She did say that transferring bank account away from RBS could be an option to get working in the 'black' so to speak. Obviously the o/d on the 2 accounts as mentioned in my earlier post would still need to be paid off though. Not sure how RBS would take transferring accounts with o/d's not paid off.... would this be something that could be done?

Hi shazza0776

there's nothing to stop you opening a new account and transferring the standing orders/direct debts. My advice if you proceed along the route suggested is to try and make agreement with the bank re the overdraft, otherwise the charges may accrue to a far greater level.

Its amazing I supopose, 1st company offers completely different advice and figures from the 2nd!! I fully appreciate why people get confused.

I assume call 1 was suggesting a Trust Deed while call 2 a DMP. My initial thinking was more along the DAS scheme to be honest, depending how the figures stacked up.

I bet I've just left you even more confused.

Mark

Hi again shazza0776.

How much do your contractual debt repayments add up to compared to the £850 estimate of disposable income that Payplan have provided today?

Hi

Trust deed ass - contractual debts total 897 per month. Mark - the 2nd is talking about a dmp but I don't really see the benefit as 2 of the loans which have a combined total of 464 have just under 2 years to run so really I may be better to just dodge along. I will speak to rbs again re overdrafts as working in an account with what we actually have week on week wld be easier I feel. To date despite several meetings with them they just look at me blankly with no suggestions or help. I appreciate though we are in this situation of our own making!

Hi shazza0776

I think you are correct and think that if you are unable to maintain payments at the current level, then a formal approach should be looked (DAS or TD)

I'm glad you are looking at all the options and asking the right questions. Please keep us posted as matters develop.

Regards

Mark