Hello MrsAandBaby and welcome to the forum.

Everyone here will try to help you work out a way to deal with the situation that you describe.

I do not believe that Countrywide Financial Services are a direct provider of protected trust deeds. I therefore think that if you proceed with them they will at some point refer you to a trust deed company.

As such I'd think that you would be better off speaking directly with a trust deed company if it's an option that you are considering.

The details that you have provided suggest that trust deeds are likely to be one of the options that are available to you.

Could you let us know how much of that ?ú30k is in each of your names? Please let us know also if there are nay joint debts.

How much are you paying out on the debt repayments each month at the moment?

Thanks for your advice thus far.

We have 2 loans which are joint approx ?ú20K, one with Halifax and one with Sainsbury's. I have 7.5K on various credit cards and my hubby has 2.6K on one credit card.

Sorry - shouldhave said we pay out approx ?ú1100 just in debt. Our joint income each month is ?ú2100.

Hi MrsAandBaby,

After you have paid for all of your essentials (mortgage, council tax, utility bills, travel, food, clothing etc) how much do you think is left over?

Don't include debt repayments in the calculation. We're trying to work out how much might be left to service the debts after making sure enough has been left aside to ensure that you can live reasonably.

Hi MrsAandbaby

I think at that amount you need to look at something formal and think either a Trust Deed or even DAS would assist. The option would depends on available surplus.

If you can let us have the estimated figure, hopefully we can advise further.

Mark

Thanks for both your replies. After mortgage, council tax, utility's and living costs we would be left with approximately ?ú450 per month, ?ú300 would be a comfortable payment for us to pay off the debt keeping in mind that I wil be due to go on mat leave in June. What is DAS? This si such a huge step and it's not something i want to do lightly. I want to make sure what we do is the right decision for us as a family.

Hi MrsAandBaby

?ú300 would probably be insufficient for the trust deed route as these would need to be separate Trust Deeds for both of you. ?ú450 might work, but allowing for maternity, Im not sure if this is feasible.

DAS is the debt arrangement scheme. This freezes interest and legal action, but you would need to pay the debts in full over a longer period ie ?ú450 for approx 5/6 years or ?ú300 for 8/9 years. It is normally set up by the CAB or Money Advice Scotland.

Hope this helps.

Mark

Hi MrsAandBaby,

With that information in mind DAS and Trust Deeds might both be potential options depending upon your finances during maternity leave. Trust Deeds seem as though they will result in a much shorter repayment term but your assets will be considered. Could you answer the questions regarding your home so we could consider that:

How long ago did you buy the house? How much do you think it might be worth now? Is your mortgage still ?ú49500?

You can read more about DAS, the Debt Arrangement Scheme, at:

http://www.trust-deed.co.uk/debtarrangementscheme.php

You are right to be cautious. Much better to make the right decision than a quick decision.

Hi bought the house nearly 2 years ago. There is likely to be around ?ú45,000 left as the mortgage was only over 13 years. The house at the moment will be worth around ?ú65000 maybe slightly less, we got a good price on the house as we bought from a family friend. At the time it was valued at ?ú62,000 although we paid ?ú55,000.

Hi Mark,

I have just has a closer look at what we could afford and think it may be beneficial to meet you to discuss? My head is in a right pickle at the moment. I recieved paperwork through this morning re trust deeds from RSM Tenon who countrywide have passed on my details, do you know that company at all? I am wary that if we are going to do this we want it to be handled properly.

Hiya I have a protected trust deed with RSM Tenon. I just signed the papers in Sept. Everyone there that I have dealt with has been great. So far so good. I felt all I encountered from my first phone call to them( I dealt with them directly) to my visit.. to signing the paperwork to finding out who my contact would be have all been great to deal with and never seem bothered when I call with a query so thats also nice.

Hi Amerififer,

Thanks for your reply, makes me feel ok knowing that someone else has used them and is happy with them this far. Do you mind sharing your story with me? Don't know how much of my story you have read in the previous posts, but really apprehensive. To be honest my biggest worry is regarding my house and mortgage, as the house is in joint names with my mum.

Hi MrsAandBaby,

In case Amerififer doesn't visit the forum for a couple of days you can click on her username and it will take you to the topics upon which she has previously contributed.

Kevin who posts on this forum works for RSM Tenon, a company that the site feels very comfortable to recommend. Many visitors to the site have used their services and the feedback in this forum has been positive.

I'm a little worried about whether trust deeds will be the right option if there is ?ú15000 to ?ú20000 of equity in the home. If that's the case there will normally be a requirement to release that sum as part of a trust deed, as well as making the monthly contributions.

Hiya
I've read your story. :).. No i don't mind sharing my story.. I am about ?é?ú27,000 in debt a combination of two credit cards. A huge personal loan and a over the overdraft account. I own my own home(well technically the mortgage company does 🙂 )
I actually went through Kevin Mapstone who posts on the forum who answered all my questions for me,signed the paperwork and helped me through those initial omg what is happening stages lol.. My case was then handed over to the person that will be my contact person regarding my protected trust deed who is with RSM Tenon in Aberdeen.
My situation is different in that I actually have negative equity in my flat. Which really stinks but in the trust deed world its actually better from what i understand as it wouldn't be worth selling. So i honestly have no clue what happens when there is substantial equity..
Those are all questions to ask when/if you decided you want to go ahead with a trust deed and contact someone from one of the recommended companies on this site.. They will sit down with you and explain everything.. give you plenty of time to ask as many questions as you need. Give you a phone number for further questions.. let you know the person who will be dealing with your deed.. etc..
I am still in the very early stages having only signed in Sept so I have just last friday become a protected trust deed. I have indeed called and/or emailed my contact person at RSM Tenon in Aberdeen many times and she is always very understanding and tolerant of my incessant questions. Hope that helps 🙂