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Topic starter
30/09/2012 1:19 pm
I am a single mum, working full time as a teacher and currently have acquired significant debt through use of credit cards to meet everyday monthly expenditure. It has been the only way to get by due to spiralling costs and a wage freeze. I have 2 teenage children and constantly struggle to make ends meet. I own my own home and have a mortgage of around £120,000. My house is valued at around £320,000 minimum.
I require a car for commuting to my work and last year entered a PCP agreement which has a further 2 years to run. It was the only way I had the guarantee of a reliable vehicle which would not cause me unexpected costs related to repairs. At the end of the 3 years I must either hand back car, pay it off or renegotiate the deal. If I was accepted for a Protected Trust Deed would I be able to renegotiate this deal or would I be prevented from coming to some suitable arrangement that would enable me to have a reliable car at my disposal.
I am at the point where I really need help to manage my debt. I have a daughter who is due to start University next year and lie awake worrying how I will make ends meet.
I am wary however of the implications of relinquishing control of my assets and impact on my obtaining credit in future.
30/09/2012 1:33 pm
Hi there, if I've read your post correct, you have £200,000 equity in your house. I don't think a trust deed would be any good for you. I think you just need some good advice on debt management. I'm sure the experts on this site could help you. Good luck
30/09/2012 2:21 pm
Welcome to the forum jax179.
I had the same thought. Is staying in your current home a priority for you?
Approximately how much do you owe?
Don't panic as there will be options that we can help you to find.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
30/09/2012 3:14 pm
quote:
Originally posted by p boy kk
Hi there, if I've read your post correct, you have £200,000 equity in your house. I don't think a trust deed would be any good for you. I think you just need some good advice on debt management. I'm sure the experts on this site could help you. Good luck
Topic starter
30/09/2012 3:24 pm
quote:
Originally posted by Trust Deed Assistant
Welcome to the forum jax179.I had the same thought. Is staying in your current home a priority for you?
Approximately how much do you owe?
Don't panic as there will be options that we can help you to find.
Hi,I have about £17,500.00 on various credit cards but would need to calculate the exact figure.I have considered downsizing around 2 years ago.
I found that with fees involved,and as I need at least a 3 bedroom house(I have a teenage girl and a boy)that at that time I would not be able to significantly reduce my mortgage. It makes sense for me to remain local to this area as I work locally and the children attend the local Academy. I would be very grateful for any advice about debt management that would help me to get on top of things financially. I have remortgaged previously to cope with mounting debt yet find history has repeated itself.
I have absolutely no contingency when unexpected bills crop up which has added to the problem.
Topic starter
30/09/2012 3:26 pm
quote:
Originally posted by p boy kk
Hi there, if I've read your post correct, you have £200,000 equity in your house. I don't think a trust deed would be any good for you. I think you just need some good advice on debt management. I'm sure the experts on this site could help you. Good luck
Thanks for your message. [:)]
30/09/2012 7:40 pm
Hi jax
With the equity at that level, I think DAS appears to be the only real option.
This would freeze the interest and allow repayment over a realistic period.
I'm not sure how the PCP deal would work. It may well be an issue if they do a credit check, however as you never own the vehicle, it may not be as big an issue.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
01/10/2012 10:13 am
It sounds like you need to sit down and go through your budget with a money adviser. They will then be able to determine whether DAS is likely to work.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
