Hahaha!!! we both giggled at that one, eat the grandchildren jeeso!!haha We have been paying for 3 years and to be honest, when we first lost the house we were going to go for it then but took what we thought was the easy option and just pay arranged amounts to get some peace, I now know this was a silly thing to do. Thank you for what you have written, I will take your advice and I will make sure I do the right thing. I will speak to Mark for sure. My hubby is still a bit "head in the sand" with all of this and does not want to face it but I am gently persuading him, reading out all of your advice to him and I think he knows we have to do something but taking the step is not easy. Typical man, thinking about his car, which is not worth a lot, about £1000 but means a lot to him, may get him a bike for xmas!!haha I so appreciate this, I really do,xx

Hi Tyler11

It's one if the few things which has never changed in 25 years. The woman always take control in these situations. Even if its single guys, it will be their mother or girlfriend who normally phone.

Knowledge is the key. As you say, you are in a cycle with no end in sight and just need to know what options are there. Something with a start date and definite end date. After that things are a lot clearer.

Mark

The car is quite safe up to a value of I think £3000 provided its needed for work etc.
As above feel free to post as much as you need, it is a very stressful time for you, if like me you have worked 6or more days a week for nearly 40 years it comes as a shock to the system to say enough is enough and step back.
Speaking to a lady today whose husband has been diagnosed with terminal brain cancer, puts it all into perspective doesn't it.

Oh god yeah, totally agree, some things in life are way more scary a prospect than this and when it comes to health of you and family its a no brainer. I myself have had a few scares this year and so has my husband, all brought on by worry and stress. We have worked all our lives, husband from age 16 and me since age 13 and only didnt work when kids were born and one period of redundancy. I'm now 52 and hubby 50 so I know exactly what your saying. I think that's why you try to pay even when its making no difference to what you owe as its what we have done all our lives. None of us want to be here, its just happens. Your right Mark, I am the one who does all the organising,haha he just says "yeah". So grateful to you all, this has been the best therapy ever!!!

Hi, am currently in a Protected TD and have been for 18months, however due to various issues and a death our circs have changed in that we are now struggling to afford our contributions to the TD, what can we do? we are seriously wondering if bankruptcy is the better option. We have also taken payday loan and are now scared that we have breached our agreement.

Thanks

Welcome to the forum jpie.

I'm sorry to hear that you've been having a difficult time.

The first step will be to contact your trust deed provider to let them know that your circumstances have changed. This will give them the opportunity to work with you to find a way forwards.

That way forwards depends upon your current circumstances. It might include bankruptcy, but that can only happen if your trustee agrees to terminate your trust deed.

You haven't broken any rules of your trust deed by taking out a payday loan. Having said that, no provision will likely be made to assist you in repaying it and it cannot be included in your trust deed if it was taken out after you signed.

If your trust deed is to continue you may need to try to come to an agreement with the payday lender yourself.

Hi and thankyou for the reply.

We were under the impression that we faced court if we took any further credit whilst in the TD. The payday loan company are happy to accept an arrangement from us but this isnt the reason for our difficulty with our contributions. We have new childcare costs since our family bereavement amounting to £600 which was what we had left after paying our bills and our TD hence the payday loan!

Feel we are halfway through the trust deed and were getting there finally and am scared things are worse than before.

That's unfortunate jpie, you have my sympathies.

Hopefully your trustee will be understanding and you can find a way to complete your trust deed at a lower payment level.

Sequestration may be worth considering depending on your circumstances, as you would be discharged after 1 year, but as trust deed assistant says, you will need to talk through this option with your trustee first.

thanks, we will speak to our Trustee and take it from there

Best of luck jpie

Tyler11, well done for taking the first step. Taking out a TD was the best thing I've ever done, I was basically paying out my whole monthly salary to cards/loans etc! - and had racked up almost 60k in debt, but I wasn't missing any payments. I just realised that I was paying interest and the debt wasn't coming down, or at least it would've taken decades to clear.

I bit the bullet 3 years ago and have been paying every month without fail, I haven't been rolling in it since but what a massive weight off my shoulders, and I'm now looking forward to having zero debt for the first time since I was a teenager! (I'm now in my 40s)

I only found this forum a few months ago and probably wouldn't gone with one of the companies on here if I'd known about it, there is some great advice on here and TD assistant is cute too lol [:I]

My final payment is on the 1st Jan, 3 weeks today! [:)]

Good for you Jengis3006. It is always good to hear from those coming towards the end of the process, roll on 2013!

Hi there, thinking of taking the first step myself but it's biting the bullet. I have £19k worth of debt which includes a loan (£14k), overdraft (£2.5k), a visa (£1400) and 2 catalogues (£900). Per month I earn £1300 after tax is deducted. I have the use of a car but it's my partner's who lets me use it for work purposes. Right now I am paying £428 to loan, £80 to credit card, nothing to overdraft but being charged for it, £80 to each catalogue and I then have all my household bills which all outgoings amount to about £10 short of my salary! I have a little girl and I'm finding it difficult to buy shopping and things as I am budgeting to make sure these things are paid. I received a pay cut a few months back which has completely left me broke each month.

I had a TD years ago when I was younger and my dad stopped work due to ill health and trying to help them out resulted in huge debts I couldn't pay.

Not sure if they work the same as they used to and to be honest I am much more apprehensive this time.

All help would be appreciated.

Hello mum2leah.

The principle behind trust deeds hasn't changed, they remain one of the options if you cannot afford to pay your debts and all of your other bills/expenses.

If this is where you find yourself I'd suggest getting some help and advice ASAP. Knowing where you stand, and what you can do, is likely to reduce your apprehension.

Thanks for the reply Trust Deed Assistant, who should I contact firstly for advice?