Hi Daftspender and welcome to the forum.

It sounds like you have been having a really tough time trying to manage all of your normal household bills along with your debts. You've done the right thing in asking for some advice and help and I'm my experience one of the hardest things is actually speaking about your debts.

The positive thing is that you have various solutions available to help you deal with the debts that you have.

As others have said, the first thing you want to do is sit down with an advisor face to face and work through absolutely everything. By doing this you will know what options you have available and you can then take steps to proceed with the one you think best suits your circumstances.

The main concern for everyone is their house and from the information you provided, I don't think there will be any problems. I see your also a little worried about both having cars. Again I don't think there will be any problems regarding the cars.

The most important thing is to ensure that you get everything in writing before you proceed with anything. Make sure it covers your contributions, the timescale, what will happen with any of your assets etc.

Good luck and let us know how you get on.

Hi having spoken to my wife we, would like to press ahead with this now.. I have now done a detailed breakdown and were in a shocking position...

Hi Daftspender

I think we would all be surprised if we detailed all our income and expenditure etc.

The information will provide a good starting point for a review. It will allow you to see what options are workable and those that are not and give you a starting and finishing point.

Things all look far worse that they are, but you're moving in the right direction.

Mark

From what you have told us so far, I think you do need to get some one-to-one advice at least. Take a deep breath and move it forward, daftspender - I'm sure you'll feel a lot better for it.

Just a quick update, my wife and I finally decided to go with David, from Wylie and bisset, to which we have been very pleased with the swift manner and how the proceedings have went, in ensuring we went through all our options and everything, pros and cons was explained to us very thoroughly regarding all of our options, DAS, trust deed and sequestrian.
We met with an other adviser who was very good but, the overall factor was that we will be dealing directly with David now throughout the life of our trust deed and this was key to our choosing of David and his company.
We have now signed a trust deed for 3 1/2 years, we chose this option, rather than 3 yrs or any other option offered, due to affordability and flexibility, so this term is what suited us best.
We now feel a great deal more secure knowing that our home and cars should be as safe, as they possibly can be in such situations, and we are now playing the waiting game for our trust deed to hopefully become protected, so my wife and I can move on, and learn a valuble lesson about taking readily available credit without thinking about the long term consequences.

Fingers crossed for you Daftspender and congratulations on all of the progress that you've made so far.

Hi daftspender,

I'm happy I was able to help you and your wife to deal with your financial difficulties.

Things should be something sailing as we have confirmed everything at the outset. You will receive our Engagement Letter in the next day or so and you will then have a 7 day cooling off period before being tied into the Trust Deed as we discussed.

I'm sure the time will fly by and before you know it we will be conducting your exit meeting for your Trust Deed and planning life after it.

As ever feel free to contact me if you have any questions.

Sorry its been a while since ive been on, but I am back with great news, thanks to David, at wylie and bissett, my trust deed was signed off and vecame protected last week.
I dont dont know why I was so worried at the start as it ran so smooth and my wifes and myselfs debt when added up actually totalled around 75k.
We've also had very little correspondence with our creditors maybe a letter or a phone call here our there but David and his team were very swift in dealing with those, were now due to make our second payment next week so heres hoping the next 3yrs 4months go as quick as the first 2months.
Again we cant thank David enough as he has done a great job to make this as smooth as possible, and to be honest I actually forget im in a trust deed at times its been so easy.

I'm glad that it has all worked out so well for you Daftspender.

Congratulations to you upon the protection of your trust deed and also to David and his colleagues for what has obviously been a job well done.

david,can you explain what is discussed at exit meetings and does this happen with all trust deeds coming to an end?thanks

Hi Juventus74.

I'm sure David will answer in due course, but I don't think this is a process that all firms use.

Hi Juventus74,

It's not something that happens with Trust Deed's and it not a requirement of them.

It's a decision that we took as a firm to offer them to our clients as a way of guiding them after the Trust Deed. A lot of time is spent with a client at the outset before a Trust Deed and a lot of information is discussed about how it will impact their life and also what happens at the end. By the time 3,4 or 5 years come people will have forgotten about what happens at the end of a Trust Deed, how to improve their credit rating, what to do if creditors try to pursue them after the Trust Deed etc. It's something we offer to clients, some will pop into the office to discuss this process and some will discuss it over the phone with us.

It also allows us the chance to receive feedback on our customer service, the Trust Deed process and how we could improve on anything from the clients point of view.

Ok many thanks for replying folks