Hi John124. Welcome to the forum.

Sorry to hear you have been struggling, but that's good that you should be able to get back to work soon - a regular income is certainly likely to give you more options for dealing with your debts.

We would need to know some more detail before we could advise whether a Trust Deed may be a suitable route for you - mainly how much your debts add up to, whether you own any assets of significant value (eg your home?) and how much you think you are likely to be able to manage to pay towards the debts once you are earning again. As well as a Trust Deed there may be other solutions for you to consider that we could advise you on too.

If you don't mind sharing that information with us on here then we can certainly give you some general advice. For proper advice tailored to your specific situation I would suggest you would be better off speaking to one of our experts directly by getting in touch with us by phone or email, or contacting your local free advice agency.

Thank you for your reply,

My debts add up to £14k and I do not own any assets, unfortunately.
Once I am earning again I could pay about £400-500 max towards my debts. At the moment very high-interest loans are making it impossible to come out of debt.

Afternoon John

As Kevin outlines, there are various options that may be available for you to consider.

A Trust Deed is one of those option.

If you hit the contact page for either Kevin or I and we will be able to provide tailored advice based on your situation.

Kind regards

If you can realistically afford £400pm then a Debt Arrangement Scheme (DAS) would likely be your best bet, John. The interest on your debts would be frozen and you would be able to repay them in less than 3 years, whereas a Trust Deed has to run for a minimum of 4 years.

I'd recommend going through your budget in more detail first though, to make sure you are being realistic about what you can afford. If not, then a Trust deed may be more suitable after all.

Both Paul and myself can advise on both of these solutions and set one up for you if you wish. Unfortunately the contact buttons on the site are not functional just now because we are in the middle of modernising the site behind the scenes, however my email address is below, or you can call if you prefer.