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Scottish Trust Deed Forum
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Topic starter
19/08/2012 9:54 pm
Hi.
Was looking into a trust deed but not sure where I stand. Currently have debts of approx £12000 to 3 different companies. I am a home owner with mortgage currently at £58000, house is worth £85000-£90000. I would be happy to take equity oit of the house, paying more into my mortgage and for longer but would not have the £12000 debt. what is my best option. Surely having more equity than debt it could be used to pay all these loans.
20/08/2012 9:14 am
Hi Jeebo
From the information provided, it would appear that your assets are greater than your debts. DAS would appear to be the best option in the circumstances.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
20/08/2012 10:03 am
Hello Jeebo.
If you can affordably refinance the borrowings secured on your home, and raise enough money to repay your unsecured debts at the same time, this may well be a good option for you.
A good starting point might be to contact a mortgage broker on this side of things.
As Mark says, you may also wish to review the Debt Arrangement Scheme. It would allow you space to repay your debts at a rate you can afford (and unlike a larger mortgage, without interest being charged).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
20/08/2012 4:48 pm
Hi.
Thanks for the replies. I have looked into the das and it seems the best option to me. Spoke to an advisor today who is setting this up for me. Debt will be fully paid in 52 months at an affordable payment.
20/08/2012 4:50 pm
Hi Jeebo.
I'm glad to hear that you've found a way forwards that you're happy with.
Best wishes with everything.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
