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Scottish Trust Deed Forum
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Topic starter
08/05/2010 5:56 pm
Hi all,
I am writing this on behalf of a friend, he has ?ú20,000 of debt and works as a taxi driver. He has a secured loan of ?ú10,000 from GE Capital and also ?ú10,000 of unsecured debts and is struggling badly with this, he has ?ú60,000 equity on his home but does not want to lose his home, what can he do? He, under no circumstances wants to lose his home, please help.Any feed back would be appreciated.
09/05/2010 11:15 am
Hello perston.
The first thing to say is that the unsecured debt needs to be thought of in a different way to the secured debt.
The main risk to the home could be getting behind on mortgage and/or secured loan payments. Do you know if your friend is up to date on these?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
09/05/2010 11:59 am
Hi Perston
Is the secured debt attached to his home or is this for a car?
It may be an idea to look at a DAS plan. This is agreed by the CAB or money advice and would freeze the interest and allow the unsecured debt to be paid over a longer period without any legal action etc.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
09/05/2010 12:26 pm
Hello Mark,
The secured debt is attached to his home, he needs to talk to someone about it really. He has not missed any mortgage payments as far as I know but I think he is behind with councel tax, would it be better if he calls someone for advice. He has no access to the internet.
Thanks
09/05/2010 7:49 pm
Hi perston
If he contacts Money Advice Scotland or the local CAB, they should be able to advise on the DAS scheme.
He needs to be a bit wary of Council Tax arrears as they can fast track legal action.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
