Hi Kkk8eee and welcome to Trust-Deed.co.uk. I hope we can help you find an answer to this situation (there is always an answer).

Do you know how much the debts add up to? An estimation would be fine.

Has there been any legal recovery action that you know of?

After you pay for everything you reasonably need each month, how much would you estimate might be left over that you could use to pay towards the debts?

Hi thanks for replying. I am not sure probably about 14k?

Not that I know of. I could pay about 150 a month, reasonably...

There are likely to be a range of options open to you kkk8eee, and a protected trust deed may well be an appropriate one, especially if you have no significant assets.

The best place to start would be to go through your circumstances with an expert who can give you specific advice tailored to your own circumstances. You can then weigh up your options and choose whichever you feel is right for you.

It isn't really possible to do this over a forum such as this, but you are welcome to contact one of the experts here and any of us would be happy to help "offline". Alternatively, you could arrange an appointment with a money adviser from your local free money advice agency (eg local authority or citizens advice bureau).

thank you. Its wierd though, cos as part of my employment I had to go through a credit check as well as the other stuff, and I passed. ....

Still need to sort it though it is becoming a huge stress

What is it you do for a living?

work for a call centre who deal with financial stuff

Hi Kkk8eee.

Sometimes employer credit checks are part of an identity confirmation process rather than being related to creditworthiness.

Is there anything in your contract about trust deeds or personal insolvency?

apparantly it was a full credit check but I declared there may be something negative on it. yeah there is re TD or bankrupcy but only if you don't declare prior to commencement of employment

Might be best to talk it through with a line manager/HR manager before going ahead with anything - just to be on the safe side. It might be a bit embarrassing but at least you won't be worrying.

true. I was earning almost 30K back in 06/07 now I am on 16k..so i dunno. I was thinking about a DAS as the TD seems to be really restricting.

Some people do feel that way Kkk8eee.

However, a debt arrangement scheme on debts of £14000 at £150 per month would likely run for around eight years (more if there were fees involved).

Some people are happy to enter a long DAS as it allows them to fully repay their debts as is their preference. Others may find such a long term to be be very restricting (I think in a different way to your perception about the restrictions of trust deeds?).

the thing that seems restricting is having a budget and having to account for every penny you spend. I dont mind paying say 200 a month or so towards it but having to account for everything just seems a bit scary?

Hi there.

A similar assessment will be used for DAS and protected trust deeds.

In both instances the creditor assessment of whether they allow the plan to go ahead will be partly based upon their belief that you are paying what you can reasonably afford.

are they all the same? The way I was reading it, is basically you have to spend most of your residual bar about £50 on the repayments. is that right?