1. When entering into my trust deed I gave the total amount owed to each creditor so rhis included interest too.I would suggest that you would specify £25000 in your example.

2. I was in the same situation as you described. My wifes credit rating and ability to get new credit was not impacted by me entering a PTD. I did though open a new bank account and my wife done the same since we had an overdaft on our joint account. If you do not owe your bank anything you should be okay to continue as you are. Although someone on here may correct me on thta point

3. When I applied for my trust deed I had not missed any payments at that point but just knew the upcoming month I would not be able to do so and was able to enter into a PTD. It was really difficult at first since my natural reaction was always to try and pay my bills.

4. Again just from my own experience although they did not ask for my wifes income there is a need to share or split all bills eg mortgage, gas c/tax 50/50. So for instance you cannot say for example your husband stays at home but you pay 100% of all bills .

Please note that the feedback is only from my own personal knowledge and things may be different now sincw I entered into my PTD around 40 months ago.

Good luck and just ask your Trustee any questions at all. They are there to help and will in my experience always be available, Whether it be themselves or their colleagues. I know it is a time when we all feel a wee bit lost

Hi babtd12

Spider has pretty much answered your points.

You mention a joint bank account. Is this accont linked with one of the debts? I would always recommend opening a new ban account.

Regarding your husbands income, the trustee would look at all household income and expenditure, obviously your husband will have his own costs etc to be taken from that.

Once you have taken the 1st step, everything will be a lot clearer re timescale, options etc.

Mark

thanks very much for your information. Our joint account is who I have my biggest debt to this is my loan. Would you recommend opening a new bank account before contacting anyone about a trust deed? Should my husband and I open seperate accounts or would it still be ok to open a joint account?

Hi babyd12

I think it would be a wise move to open a new account. I think a joint account should be ok, however there would be no harm in a joint account and also one in your name for wages etc.

Mark

Hi babyd12.

As you have a joint mortgage the credit records for you and your husband will already be "linked".

You being in a protected trust deed will not have an effect on your husbands credit rating, but if he applies for new credit some lenders might check out that link. If they did, this might subsequently influence whether they would choose to lend to your husband.

Hi I will go see about a new bank account as soon as possible. really want to try get the ball rolling asap.

My husband has told me he isn't bothered if it effects his credit rating as with the mess that we are in we will not be taking credit for anything. To be honest my husband hasnt had the best credit rating anyway as this is why my debt has got so bad as Ive taken out credit to sort his debt out a few years ago and this have just been getting worse.

Regarding your first question, babyd12, your debt is the current outstanding balance - ie it does not include interest that isn't yet due.

Thanks Kevin

was also wondering if anyone know's what amount of income is roughly classed as being able to live reasonably with 2 adults and 1 child under 1 when entering a trust deed? Also is there anywhere I can get a income and expenditure spreadsheet or something like that to help and guide me?

Hi babyd12.

Your expenditure allowances will depend partly on what you actually pay (mortgage, council tax, utility bills etc) and partly on allowances set based on your family size (food, clothing etc).

There is much more on this subject at the following link which you may find to be helpful:

https://www.trust-deed.co.uk/trust-deed-expenditure-guidelines.html

To get a real feel for what your trust deed allowances would be it would be best to talk it through with a suitably qualified adviser or a trust deed firm. It shouldn't cost you anything to do that.

If you get in touch my team can email you a spreadsheet to fill in details of your income and expenditure. It will give you a sense for what your trust deed contribution might be, but you'd still need to work through it with an adviser at some point to make sure the stated expenditure falls within the guidelines that creditors consider to be reasonable.

Hi drust deed assistant, thanks for that. How do I get in touch with your team. If I give them details will they pass it on to other companys? I dont want bombarded with phone calls and everything, I just want time to think about it. Would love to get a estamate of what amount it could be if I entered a PTD.

Hi babyd12.

Our team don't pass anything to anyone unless a client asks them to.

The advice line numbers (top right of this page), or the contact form you go to if you click the "Contact TDA" button in my forum siganture, come through to us.

Taking time to consider a big decision like this is something we've always encouraged in the forum.