What is your house worth roughly, creditdisaster? And do you own any other assets?

On the face of it it does look as though a trust deed may work, as may a DMP (though in Scotland you are almost always better off in a DAS rather than an informal DMP). Choosing between the two will depend largely on whether you have any equity/assets, and on how much you are likely to be able to afford. Your figures above would seem to imply that there may be £200-£300 available to pay towards your debts once your living costs are met - is this fair do you think?

Hi creditdisaster

You mentioned HP for the car. can you confirm who the agreement is with and if it is definately HP. The agreement should state on the top, what sort of agreement it is. The reason I ask is that a large number of these are fixed sum agreements, not HP and they become creditors in trust deeds with no repossession rights to the car.

A lot may depend on the value of the property as stated, but creditor figures of £21k would suggest DAS or Trust Deed as viable options.

Mark

Hi Creditdisaster,

Who is your mortgage with? You said that you have 2 payments lumped together which would suggest to me that it could be with Northern Rock Plc or now known as NRAM. If so, can you advise what your secured payment and unsecured payment are.

Hi Creditdisaster

as you rightly said there is a lot of other details like fuel, food, clothing etc not included and that at the bottom line you would have only £50 left over at the end of the month. There is a lot further questions needing answered before a proper solution could be advise.

You also mention Car/van looks like you are servicing 2 vehicles it is best to sit down with and adviser face to face to get all relevant information gathered before choosing what solution is best for you.
Michael

Hi thanks for the replies so far.

My mortgage is with Santander (formerly Alliance and leicester).
Mortgage makes up £474.59 and unsecured loan part is £43.40 and its a repayment mortgage.

I dont want to default on payment to mortgage company on any part of the mortgage/loan.

I bought my house Oct 2007 at the height of the boom for £105,995 so I dont think the value would be anymore now than what I paid for it back then due to the current climate? its a 115% product that was offered incl the unsecured loan (im no expert in house values).

Finance is with Black Horse Finance on a van. Again would rather pay this every month.

I also own a 2003 civic type R which looking on the net is valued around £2500. My girlfriend uses this to travel to and from work.

Working it out I could probably afford £250 to £300 per month to go to creditors. Does this change things any? Thanks again.

Hi creditdisaster.

If you go for a trust deed you'll have to include the loan attached to your mortgage. A DAS adviser may require the same.

We would need to know for sure what type of finance your vehicle is on. It makes a big difference whether it is HP or a fixed sum loan.

As you seem close to making a decision it will be very important to go through this situation one-to-one with a suitably qualified adviser.

It's tough for any adviser to make a detailed analysis within a forum environment. For example, working through the more discretionary elements of your expenditure would be essential to determine how much you can pay and how much creditors would expect you to pay.

Hi creditdisaster

If you entered a Trust Deed, your mortgage payments would continue as normal. If the van is HP, the payments would also continue as normal. The reason I asked about the HP was that Blackhorse also do fixed sum agreements as well as HP.

It would appear that there is no equity in the house and therefore there would be no interest in this. It is important that the position regarding the equity is fully confirmed in writing before you do anything.

Mark

Thank you all for taking the time to comment, I appreciate it very much.

Mark I have sent you a message.

Thanks again.