Welcome to the trust deed forum Rising155.

In terms of your home, could you confirm that in addition to the mortgage that title to it is solely in your name?

It would seem that the main question is how much equity there is in your home.
How much would you expect it to sell for (on the basis that you had to sell it pretty quickly)?
How much remains owing on your mortgage?

It might also be useful for the experts here to understand how much your debts add up to in total, and how much you estimate that you could afford to pay into a trust deed if you went ahead.

This information will be really useful in assessing the appropriateness of a trust deed for you, and the possible implications (if any) in connection to your home.

Hi, thanks for getting back to me so quickly.

With regards to the house it is all in my name however I was thinkging of adding his name as he is paying half the mortgage.

The flat next door to mine sold for £75k last year so that might be an indication. I currently owe approx £50k on mine.

I owe approx £28k, perhaps slightly more. I could probably pay £250 a month to my creditors but that could be looked at and increased slightly.

My husband was unemployed and i've been supporting us both. He has recently got a part time job.

Thanks for your help!

Anne

Hi Anne,

From what you have advised then it looks like there may still be equity in the property that would need to be realised for a Trust Deed.

From what you have said regarding the value of house, (although this is just an estimate) the equity would be near enough the same as your debt level so would rule out a trust deed.

Andy

Thanks Andy, I thought that might be the case. I can't remortgage and pay off debt due to bad credit so that means I will no doubt be in payment plans for another 12 years 🙁

Anne

Hi Anne,

Are you in a Debt Management Plan then already or did you contact each creditor directly

Hi, I contacted all the creditors myself and arranged payment plans. Most have been really good with me apart from mbna who have been difficult. Its just the thought of another 11 or 12 years of paying it all back, letters etc.

My fault tho!

Anne

Hi there,

I know it's not ideal but have you considered a DAS? This can be organised through the Citizens Advice. It would stop all interest and give you a final end date. It also wouldn't affect your home. It may well take a while to pay off but would stop creditors from chasing you.

Hi Rising155.

That's an excellent suggestion from jls0505.

The Debt Arrangement Scheme will provide you with legal protection, a guarantee of frozen interest, a single payment each month and an intermediary to ensure that you're not having to do all of the work yourself.

There's lots more information about it on the Debt Arrangement Scheme page here (available on the main menu to the left).