Perfect, thanks again for your help, hopefully be speaking with you guys again soon.

A Trust Deed should be a fairly straight forward process from start to finish Hope4me. Often when I tell people that they will be debt free in 48 months they will say to me that it sounds too good to be true! I'll regularly direct my clients to the forum for reassurance that there are far more people who are financially struggling than what the first think. It can be a little comforting I think to read other people stories and experiences.

The customer service aspect is something I think is extremely important but can be overlooked by firms and advisors. It's a very worrying and stressful time especially when you are talking about someone's home, their cars and others assets that they have so there almost needs to be a bit of hand holding with the client throughout the process. Only by speaking with different advisors from different firms will allow you to have a feel for this side of things.

I can sense your wanting to get something set up and put in place quickly but there is no rush, take your time, think things through and discuss everything in person and in detail with an advisor. By doing that you should look back without any regrets that you choose the best way forward.

Hi Hope4me

Glad that you are feeling better already having had some of your questions answered.

Hope you don't mind, but I have a couple of questions that came to mind when reading through your information:

1) Which company is your car finance with? The vast majority of firms are fine, but there are one or two that can be problematic and may request the car be handed back if you enter into a Trust Deed.

2) Is the debt split evenly between yourself and your husband? Does one of you earn significantly more than the other? What the best route may be for one of you may not necessarily be the best route for the other, so it is important to keep this in mind and assess your options as individuals as well as as a couple.

Thanks again David & Kevin for getting back to me with more helpful advice, (sorry for the late reply didn't notice page 2, lol)

my car finance is with Santander on a conditional sale,

with regards to the debt, I have the biggest share but we both have a lot each.

whilst checking through all my stuff, I forgot that I went guarantor for a family member last year (motorbike finance), as I don't pay this I completely forgot all about it, will this impact me carrying on with a trust deed & would there be any impact on this agreement (I can show on bank statements where he transfers the money to my account each month, also all v5,etc is in his name, me/husband don't hold bike licence).

**can I also ask if entering trust deed does details of this appear in local paper**

thanks again

Hi Hope4me

no notification in the local paper. The only details appear in the Register of Insolvencies which is online.

As the car is under a conditional sale agreement then you would require to continue with the payments at normal. There should also be no issue with the guaranteed debt and this would be paid as normal. Interestingly, the trust deed would stop any future liability for this debt, in the event that they fail to make payment in the future.

Mark

all sounds good to me Mark and that's peace of mind if no media entry locally.

could you just clarify the guaranteed debt, will this be added to my trust deed debt or do I just continue payments with this as normal? just unsure what u meant by me not having any future liability.

Thanks

Hi Hope4me.

Your family member should carry on paying the debt as normal.

If they don't, a trust deed will stop them from coming after you.

thanks TDA that's perfect, I just didn't want to tell them about my personal circumstances if I didn't have to and was worried that it may have implications on their cycle,

thanks again.

Hi Hope4me

No, as mentioned above, any liability only happens if they fail to pay, but they won't be classed as debt in the trust deed.

Mark

On the subject of the car finance - I am not aware of Santander being difficult, Hope4me, so as the others have said, it should just be a case of continuing with those payments in order to retain the car.

Thanks Kevin re Santander hopefully it will be straight forward.

I have been doing more research before deciding 100% and am unsure if I have come up against another stumbling block,

We are having to change 1 of the bank accounts due to credit card with bank but my bank is Barclays & my husband has a barclaycard in his name with them, if we are doing a joint td will I also have to change banks due to this or will my account be ok as I have no credit with Barclays in my name & my account is solely in my name,

Thanks again for any help/advice.

Hi Hope4me.

You actually will not be doing a joint trust deed... they don't exist.

Each of you will have your own trust deed, though (assuming you use the same firm) they will be set up in a coordinated way.

I therefore don't think you'll have an issue with the Barclays basic account in your own name.

Thanks TDA I hadn't realised about the td not being joint, I just assumed as a married couple our debts would be taken as a whole.

Will we then have 2 trust deeds running and when doing income/expenditure would we just half the mortgage,council tax & utilities then do our separate bills??

This site is so helpful and great to know the ins/outs before signing up.

Thanks again

There's different ways to do this Hope4me.

I think it's most likely that the firm you choose will do a single income and expenditure exercise for you both.

The joint disposable income (the amount you can collectively pay into your trust deeds) will be assessed from this.

That money might then be apportioned between you, perhaps on the basis of your relative income levels.

As I say though, there are a few ways this can be looked at. They should all take you to a pretty similar finishing point though.

Oh... yes, it would be two trust deeds.

If you use the same firm it will probably "feel" more like a joint arrangement though.