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Scottish Trust Deed Forum
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Topic starter
08/02/2011 10:28 am
Hi guys,
Hopefully you can possibly give me a bit of a pointer and a depth into your experiences re Trust Deeds please?
Basically to date my total debt is at ?ú15,214 exactly. This is made up of the settlement figure of my loan (9k), two credit cards (just over 5k), store card ?ú395 & the balance for my fiancee's engagement ring(just over ?ú600).
Right now i am in a decent paid job (22k per year) but unfortunately due to stress from management and pressures i'm having to leave this job for the sake of my health, i have another job lined up but on a much lower wage (i reckon i will be 300-400 down a month). Hopefully this new job will be a short term solution until i can get myself sorted and can get a job with a higher pay grade.
Im asking re the Trust Deed as my fiancee has recently found out she is pregnant (due in June) and obviously with all this going on re my work i have looked at trying to get a big consolidatary loan with a lower monthly payment so we can cope with maternity leave etc. Unforunately despite having a good credit rating (999) i have been declined for the 15k+ loan i was looking for, on checking Experian im only allowed to borrow an additional 6.5k.
With my job etc im feeling extremely stressed and under pressure and would really like to get everything in order, i want to enjoy the pregnancy and be their for my fiancee but at the minute i just cant see any light at the end of the tunnel.
I was wondering if you could tell me ,from your experience, what the payments etc would likely be if i were to take a trust deed out for my debt? Does it sound like i would be eligible for one? Can you recommend any companies i should go through for this?
Sorry if i have been a bit vague or rambled on its just my minds in a bit of a pickle and im not sure where i should turn.
Thanks for your help.
08/02/2011 10:58 am
Hi Andyw1983
It is difficult to assess any level of contribution without a full income and expenditure. The contribution is not based on level of debt, more what surplus is left.
There are also a number of other factors ie do you own your home, car etc etc. It may well be that with debts in the ?ú15k region, the DAS scheme may be an option.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
08/02/2011 11:30 am
Hi Mark,
Thank you for replying its much appreciated.
I'm currently living with my parents (split with previous partner leaving me with sole rent for flat for 12 months is the main reason i am in this mess) and dont have a car. Will that make a difference to the decision?
Sorry for sounding a bit thick but what is the DAS Scheme?
Thanks again for your help.
08/02/2011 11:40 am
Hello AndyW1983 and welcome to the trust deed forum.
DAS is the "Debt Arrangement Scheme". It's a way of fully repaying creditors at an affordable rate with legal protection from creditors. You can read more about it at:
http://www.trust-deed.co.uk/debtarrangementscheme.php
Not having a car or home is one factor in which debt solutions might be most appropriate for your needs. Another major one is the amount that you could afford to contribute towards your debts each month.
This figure is worked out by deducting your essential reasonable expenditure from your income.
Obviously there are several things due to change for you over the coming months but it might be sensible to try and think forwards at this stage. With a new job, and your increased responsibilities, do you feel that you will have any surplus income after your child is born?
Please don't worry too much. There is always a way to deal with a debt problem. The answers to the questions being asked simply help to guide the experts here towards the ones that might be the best fit for you and your needs.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
