Hi tyler 11 and welcome.

Well done on taking the first step in seeking some advice. A lot of people tell us that this first step is the hardest part of the process.

There are four trust deed companies that we recommend on this site (represented here by Mark, Kevin, Shona and Chris) but we aren't saying that they are the only good firms by any means.

If you'd like to share a little more information about your current circumstances we may be able to offer some further information and advice via the forum also.

Hi Tyler 11,

As TDA has said, the first step in asking for advice and assistance is always the hardest.

Can you give us an idea of your current financial situation i.e. employment status, asset position (property car's etc) and the level of debt that you and your husband have. This will allow us to give you accurate advice based on your particular circumstances.

I used rsm tenon for my trust deed so can personally recommend them.

Paul

Hi guys- Thanks so much for the quick response!! We are both working, have not really got any assets as we lost the house and N/Rock sold it for a pittance losing us our equity of 60k and they sent us a nice bill for 24k. Our car is only worth around £1000 and thats needed for work and picking up the grandchildren. We could not buy a new car as our credit history is not pretty. This all happened when my hubby was laid off and went onto part time wages around 4 years ago. We had loans, credit cards etc which we have tried to pay and have never missed a single payment but its not going anywhere, we are still owing the same. Our debt level including the bill from N/Rock is around £60k which we will never pay off. I am so ashamed to be honest and stress out every day. Feels good to talk to folk. Thanks

Hi Tyler11

I'm certain there is a solution given the information you have provided.

It is always wise to sit & chat through each point and see what best works for you both. NRAM appear to be one of the main creditors and work to a set criteria should a Trust Deed be the option.

The hardest bit is always taking that 1st step, but after that everything is a lot easier.
Mark

Tyler, this is the hardest part so well done for taking the first step, which is always the biggest.

Hi Tyler 11,

From the information you have supplied it would appear that you have a couple of options available to deal with your debts. A lot of it comes down to affordability and also what you want to achieve.

I would agreed with Mark in that NRAM appear to be one of the main creditors and therefore their acceptance criteria in a Trust Deed would have to be taken into consideration.

Best way forward is to discuss everything in person and to then decide which of the available options is most suitable for you and your husband.

Is there anything that you are particularly worried about regarding your situation that we can answer for you at the moment?

Hi Tyler11,

As Mark said, there is definitely a solution for you, it is just a case of which one. I am sure that you will find that though the thought of entering into something like a trust deed is a scary one, it is not so scary once you bite the bullet.

How much are you paying towards your debts at the moment, and are you finding this to be affordable or not?

We are paying £400pm in total. Its not the amount we pay thats a problem its the fact its not making a difference and we have asked creditors to reduce the debt and write some off and freeze interest but they refuse to do so. £4800.00 per year in payments and no reduction in debt, we will be paying this forever and never get our life back. We have always paid our way and have always had good long term employment, never ever had problems but life slapped us and we lost out too. Our retirement was in the house we lost and N/Rock lost us 60k by giving it away. We just want an end to it and we have tried to negotiate with creditors but it seems stupid to pay all that money and have no change to the total owed. I just dont know what to do to get our lives back. Thanks you for talking, its really helping.

Timelord, thank you. Its so hard to admit defeat. I appreciate your comment, its good to know there are folk out there who understand. Im petrified of the whole situation. I do know I can keep doing this without an end in sight.

Hi Tyler11

I think one of the most important things is to take away all the unknowns and look at options which have a definite start date and more importantly a definite end date. As you say, the worst part is maintaining payments while standing still. Normally the charges and interest will eat up most of the payments.

I think the Trust Deed may well be a workable option. Sequestration may also work. I don't think DAS is particularly viable from the information provided.

Mark

I fully sympathise, it's sometimes hard to see the time to step out of the treadmill of debt/ repayment/arrears, I am not an expert but with no assets to speak of perhaps sequestration is the way forward. I am probabally about the same age as you and suffered the same feelings for years before i took the plunge, its not the easiest thing in the world to do for lots of reasons (mostly self inflicted!)Whatever you choose take advice, don't panic and remember you are not alone. Good luck and with a bit of good fortune you will be sorted out by this time next year.

On Track -Thank you so much, just by talking I feel so much better. I know we have to do something. Sequestration scares me as it involves stopping paying and letting them harass us into court, having been through so much I don't know if my nerves could take that!!! I am so grateful for the help being offered.
Mark, what do we have to do next as I really would like to know if we could take steps via trust deed to get our life back. Thanks

Hi Tyler11

I always advise to have a sit down meeting. Nothing too scary honest. It just gives both sides the opportunity to look at options to see what best fits, ask and answer questions and as you'll probably see from my ramblings, always ensure what's discussed is confirmed in writing. It gives you time to review thing before making any decision.

Mark