Welcome to the forum Nextstep.

You'd need to include all income and expenditure when looking into a trust deed.

Presumably your partners student loan income would be cancelled out by their expenditure?

Hi yes that is pretty much the case after expenses there is nothing left .

Hi Nextstep, and welcome to the forum.

Including your partner's income/expenditure would probably work in your favour anyway, nextstep, as I guess you will be having to shoulder a larger share of the household bills. If you were just looking at it from your own point of view then it would look as though you can afford more than you can.

Have you had any advice about your options yet, or are you at the "research" stage still?

Hi thanks for the replies. No not had advice yet . Just getting my head round everything.
My partner could be moving out so not really sure at this point if it will be included .

Currently in 45k debt credit cards , loans , overdtaft. Part of this is due to online gambling & at the moment Im dealing with that issue first & doing some fact finding at the same time before I make the next step. Not even sure if my debts would quillify for a trust deed due to the nature .

Hi Nextstep.

It sounds like you're doing the right things.

Getting into debt (partly) because of gambling doesn't prevent you from entering into a trust deed.

Many trustees would however seek evidence that you're taking steps to tackle the issue and/or that gambling had ceased.

This isn't from a judgmental point of view. It's practical because if gambling were to continue the chances are the trust deed wouldn't reach a successful conclusion.

Trust deeds aren't the only option, so it might be a good idea to take advice soon so that you can fact find about all of the options that are available to you.

Hi Nextstep,

It's good to hear that you have taken steps to address this issue of gambling. Don't worry about not qualifying for a Trust Deed or an alternative debt solution because some of your debts are as a result of gambling.

The positive thing to focus on is that you have a number of solutions to help you deal with your debts in a more manageable way. This could be a Trust Deed, Debt Arrangement Scheme or Sequestration. It's always best to do a little research yourself and then preferably meet with an advisor face to face to discuss your options and then take some time to think things over.

Do you own any assets such as your own home or an expensive motor vehicle?

Yes totally agree regarding the gambling & since it all came out in the open 2months ago it's has ceased . Not comfortable with Ga meetings but support from my family has made a big difference . It's only now I've started to tackle the debt issue . , bankruptcy is not a option & don't think das is either. I have no assets , car or house . Private rent with a steady job & income. Not sure what the best route to take but need to do something as I'm now struggling to pay all my bills & creditors

Sometimes the hardest thing in life is to open up and talk about a problem but once you do, the help and support is available.

If Sequestration and a DAS isn't options which you like the sound of and based on your asset position then a Trust Deed may be the option for you. A good advisor should still tell you about the Sequestration and DAS options to ensure you know exactly how they work. After that, if you are still happy to proceed with a Trust Deed then you can but you have been fully advised of all your options.

When it comes to setting up a Trust Deed I would always suggest doing this in person. That way you get the meet the advisor that will handle your case from start to finish and you can then ask any questions. The most important part is to ensure that you receive absolutely everything in writing regarding your payment per month and the timescale. You should also feel comfortable with the advisor and firm that you are going to use.

Can you give us an idea of who you owe your debts to? Different creditors have a different acceptance criteria from others and this can have a factor on things. In the vast majority of Trust Deeds things run pretty smoothly and without any problems and you could be debt free in 48 months from now.

Thanks for the sound advice David .

Current owe

Halifax -loan 8800
Halifax -overdraft 4500
Halifax credit card 4000
Bank of Scotland preference card 500
Rbs credit card 2900
Natvwest credit card 2500
Barclaycard credit card 12000
Tesco loan 9500

Rough total £44700

Hi Nextstep,

Thanks for this information. How did it feel seeing it all written down? Sometimes this can surprise people when they see it listed.

All of your creditors are straight forward creditors that we deal with on a daily basis and I don't see any reason why they wouldn't be prepared to accept a Trust Deed proposal providing you are able to make a sufficient payment per month.

Your payment per month should be based on a very thorough income and expenditure to ensure that you can afford a suitable payment but at the same time, you can still afford to live and pay your bills and have a decent standard of living. It's always about finding a balance. Again, sitting down with a qualified advisor to do this is the best way forward.

From what you have told us, you don't have any assets, you are in a secured job with an income and have creditors who are all reasonable to deal with. A Trust Deed should therefore be pretty straight forward for you.

Is there anything which you are really worried about regarding your situation?

It's does hit you harder when you see it like that . i am prepared to live to a budget & in the view that the light at the end of tunnel is 48 months away. I understand my credit rating will be ruined however I don't want/ need credit going foward apart from a mortgage in the future which I believe still could be possiblity after 6 years or so.

Will need to do a income & expenditure , at this point not sure if my partner still be living with me or not. If my partner does stay then as I said previous there's not much going towards house bills but understand it will need to me included if my partner does stay.

I have seen mixed reports on different trust deed company's so thinking about sticking to the ones on this forum as its been helpful so far.

It certainly seems that you are taking a steady logical approach to finding the best way forward.

As David said, a Trust Deed may well be an option if that is your preference. Whether it is viable is likely to depend upon what you might be able to afford to offer each month. An experienced adviser will be able to help you work that out and I'm sure any of us experts on the forum would be only too glad to look at it for you.

The main thing I would say is that it is very important that your budget is realistic - it is great that you are prepared for living on a budget, but if that budget is even just a little bit too tight then it can really be a big struggle to get through a 4-year Trust Deed. However, get the balance right at the start and it really can be an excellent option for dealing with debts of the size that you have.