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Scottish Trust Deed Forum
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Topic starter
26/11/2012 3:49 pm
Hi All
I have just recently discovered this forum and i am currently reading through as many posts / info as i possibly can, however i have a few queries.
Currently we lease a car (personal lease) my OH requires a decent car for work, our monthly repayments are £250 per month - would this be viewed as excessive?
Also at present we owe about 40K however looking at our incomings/outgoings we would only have £180 spare per month to pay towards a trust deed, is there a minimum amount required before we can enter one?
Thanks for taking the time to read
26/11/2012 4:00 pm
Hello Leela_G and welcome to the trust deed forum.
It's hard to say about the £250 per month lease for your car. Your creditors would be the people to decide I suppose. One of our experts may be able to share their own experience when putting trust deeds forward to creditors with that kind of car payment.
There isn't such thing as a joint trust deed, it would need to be one for each of you. If £180 is the most that you can pay it might be tough for you both to take this route. However, it's well worth running through the numbers with a qualified adviser to see whether they agree with your analysis and what suggestions they make about your options.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
26/11/2012 5:16 pm
As trust deed assistant says, £180pm is very unlikely to be enough to fund 2 trust deeds. However, she is also right in saying that it is always worth going through your situation with an expert - it is surprising how often I see people where initially it might seem that certain solutions may not be suitable/available but once the detail is examined the picture may be entirely different.
In terms of the car, £250pm is not a problem in many cases - though again it really has to be set in context to be able to give a firmer answer.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
26/11/2012 5:23 pm
thanks both for your answers, at the moment we are looking at all our options, will contact an advisor next week to work out what is best for us
26/11/2012 6:26 pm
Remember to take advice from several sources as some companies like to push one option regardless of it being the right or wrong one.
Do you have any property with equity in it?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
26/11/2012 6:38 pm
we have a mortgage but there is no equity in it, was a new build bought 2 years ago.....
26/11/2012 6:46 pm
I used rsm tenon for my trust deed so would happily recommend them. They are represented on here so making contact would be easy.
The other companies who have experts posting are also well thought of.
Good luck.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
26/11/2012 8:54 pm
Hi, I would agree that it is unlikely for you to be able to run 2 trust deeds for £180pm, but things may be different afteryou speak to an adviser. There will be something that can be done to help you. As far as your car goes, it may not be a problem
Shona is not currently posting in the Trust-Deed.co.uk forum.
27/11/2012 9:48 am
Did you put any deposit down when you bought your property, Leela G?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
