Hello Julia and welcome to Trust-Deed.co.uk.

I think you are indicating that there is little (if any) equity in your home. If that is the case it should not affect your mum. Mark and Kevin who are our two onsite experts both advocate getting the position regarding the home in writing in advance (before signing a Trust Deed). By using a firm like the two firms they represent you can have comfort in advance about this position.

If you have a car that is on finance and that is needed (for business or personal reasons) there is no reason why you should lose the car.

What sort of debt level do you have?

How much do you think you can afford to pay towards the debts each month?

I'm sure one or both of the experts will be able to add their thoughts soon as well.

Hope this helps.

Hi
The last valuation was 150,000 i owe around 125,000 on mortgage,it is an ex council property. I work at RAH hospital in paisley and need my car to get to work, My occupation is a deputy records manager and I need my car to attend meeting at other hospitals. My mum doesnt keep well and needs me to take her in car for shopping etc. I owe around(not including mortgage) 25,000-30,000. I also have defaults on my credit file as years ago I entered into debt management and I dont know what my position is on these.
Thanks

Hi

The mortgage payment is ?ú836 of which i pay ?ú436 my car payment is ?ú109. i could probably afford around ?ú250
Thanks

Thank you for the additional detail Julia.

Just to confirm is the house owned 50% each by your mum and yourself?

When did that last valuation take place? Do you feel valuations may have gone down in your area at all since then?

Are the debts that were in the debt management plan included in the debt total?

Sorry to ask so many questions but the more detail Kevin or Mark have the better the advice they'll be able to offer to you.

Hi

No there not, i would need to get copy of my credit file. I did satisfy a lot of credit I had but there are still 3 i think, TSb snd bank of scotland. My Last valuation was 2yrs ago when I remortgaged, I live in westend of Glasgow not sure how the house prices are just now. Did go to bank in January 09 but there wasnt enough equity to make it worthwhile changing mortgage.
Yes the mortgaged is 50-50 and in joint names but the payment comes out of my account and my mum transfers money in.
One of the loans I have is with welcome finance and I think it is in both names.
Thanks

Hi Jules

Certainly a TD may be an option as the total debt figure looks too high for a debt management plan.

You mentioned the Welcome loan is in joint names and should you enter a TD, then Welcome could seek payment in full from the other person as they would be jointly liable for the full debt.

Is the car on Hire Purchase?

Mark

Hi
yes the finance is with Mazda car finance. The finance isnt for the full amount of the car as I got a good trade-in for my last car, dont know if that makes any difference. I cant afford to lose my car as I need it for work, business and for family. My mum wouldnt be able to pay full amount of welcome loan as she is 67 and only works part-time, and has debts of her own.

Thanks
Jules

Hi Julia

I don't think the car will be a problem. There a number of other posts on the subject,
But under a TD you would use it as normal.

Looking at the joint loan, welcome could pursue your mother. Depending on her debts,
She could also look at a TD.

Mark

Hi

My mum has debts of around ?ú13,000 and would be happy to sort them out as she worries about her age and obviously she will have to retire someday and the hefty mortgage payment we have makes it difficult. She would be happy to do something to sort herself out as well.

Thanks
Julia

Meant to say the reason I worried about losing car is that my ex partner had to give up his car to TrustDeed company to pay off his debts.

Thanks
Julia

Hi Julia

That's fairly unusual. The fact is the car is on HP, so you are not the owner and title of the car does not pass till the last payment is made. In the TD's we do, we therefore cannot show this as an asset.

Hope this helps

Mark

Hi
His trust deed is thru Wylie and Bissett.
If I wanted to go ahead with TD what is my next step.
Thanks
Julia

Hi Julia

The process is fairly straightforward. A fairly informal meeting to ingather the creditor info and income, expenditure etc is held. The main purpose is to allow you to ask questions and generally look at all the options available.

In my own firm, we follow this up with a letter and note of all the points discussed to ensure you have a record of exactly how the process will operate. After that, you just arrange a signing meeting which should be 5/10 mins.

Hope this helps

Mark

Hi
Can you advise me of a good company to contact

thanks
julia