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Scottish Trust Deed Forum
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Topic starter
11/09/2009 6:54 pm
Hi , i have a joint mortgage with no equity due to the drop in house prices (3 independent valuations as we were thinking of downsizing to cope with debt ) , we live to-gether and have for 6 years but are not married . does this affect us signing a PTD ?
We have a joint loan of ?ú11k ..partner has a personal loan of ?ú8k and both have credit cards and both have around ?ú6k on each .
Our morgage payment is almost ?ú1000 a month and although we havent defaulted on any payments as yet...we are starting to take cash out of our credit cards to pay monthly amounts !
I have made an appointment with our local CAB but this isnt until the end of Oct....I have read a fair bit on this forum and am now wondering if the PTD is the best route for us ?
Can anyone help please ?
Thanks .
13/09/2009 12:44 am
Hi stretch,
I don't think the fact that you are not married affects your decision about the best route for either of you in any way.
A protected trust deed may be the best route for you but there are other options as well.
What sort of amount do you both feel you could offer towards the debts each month after your essential expenditure is covered?
Essential expenditure would include mortgage, council tax, utilities, travel, housekeeping etc.
This information will be useful for the experts to consider the options available to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/09/2009 10:19 am
Hi Stretch
TDA is correct, it depends on how much you can realistically afford per month as the TD is only one of several options.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/09/2009 7:26 pm
Hi , thanks for getting back to me....
I suppose i also need some more info....are we able to count the cost of running a car.. ie are we allowed to factor in the costs of repairs ,tax etc ? ( I need a car to travel to my work ,as i work shifts and its around 18 miles from home ) .
I would say that our loans, credit cards and overdraft costs are around ?ú600 per month , if we paid out around half of that we could just about get by without using our cards anymore ! But if anything unexpected arose...we would have no funds to cover this....are you also allowed to take into account birthdays , christmas and other things like that ?
Thanks...Stretch .
14/09/2009 7:55 pm
Hi Stretch
Yes this is an allowable expense. I don't think creditors would be happy with an allowance for birthdays etc, however the payment in the TD is a percentage of the surplus, not the total to allow for some variations through the course of the TD.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
