Hi irishboy.

Interesting points from Shona and DontDoDebt about being up to date on debt repayments but not being in a position to carry on as things stand.

It's natural to be concerned about this and I can see why you'd worry whether creditors would accept a trust deed (or another method to deal with the debts) given that you are up to date.

In reality a great many people do start trust deeds when fully up to date on debt repayments. Using the figures that they are provided with by the trust deed firm you choose, your creditors will be able to deduce that you are only up to date because more credit is being used each month to repay debt and pay your living expenses. It's not in their interests for that to carry on.

You might want to read the interviews with Kevin, Shona and Mark (they're on the main menu to the left of this thread). One of the questions they are each asked is what percentage of trust deeds that their firms handle become protected. You might be surprised how high the figure is, and you may also notice that thankfully creditor rejection of a trust deed isn't a subject that arises often here in the forum.

You asked earlier in the thread about recommendations. We're happy to feature the trust deed firms represented here by Shona, Kevin and Mark. Lots of site visitors have used them over the years and you'll find positive feedback around the forum. There are many other very good trust deed firms as well, and a few that have attracted criticism in the forum fairly frequently.
Another option is to speak to an adviser outside of an actual trust deed firm. If you do that make sure that they're professionally qualified to help you (there are lots of unqualified advisers working in this industry). There are four qualified debt advisers in the site advice team here, or you may choose to contact a one of the very well trained Money Advisers that you should be able to access through your Local Authority or Citizens Advice Bureau.

We were up to date on everything when we spoke to CAB,but we were paying off credit cards that were at there limit then going out and spending on them for fuel and groceries,nasty spiral that we should have tried to sort out 5 years earlier but my head was firmly planted where the sun doesnt shine.........not any more!!!

Paul

well done for recognising the problem irishboy. It is actually very difficult for many people to see that their situation is unsustainable and only likely to get worse.

Quite often people kid themselves that their situation is under control as they sre managing to make the minimum payments to their debts each month. Not only are the debts not coming down, but usually they are actually going up because they have to use credit in order to meet their payments.
The point you are at now is the point where many people turn to payday loan companies to meet their debt repayments, not realising that they are just about to make their problem rapidly worse.

I turned to Lloydstsb my bank of 15 years for help and advice and they suggested extending my mortgage and offered me another consolidation loan(already had one with them and another with egg)(oh and 2 platinum cards for the wife and I,one with 15k limit and one with 10k!)

I was furious with them,I wanted help not more money that I couldnt afford to pay back.

Thats the point at which something in me snapped and I realised that we could not go on,and went straight from the bank to the local Citizens advice bureau. I will never forget that day,I felt better when I came out and all I had done was,with the help of a money advisor written down what I owed and what we had coming in,and it would have been clear to anyone that we were in deep doodoo!!

Admitting there is a problem and then actually taking action is without doubt life changing,it may not feel it right away but after a month or 2 you will realise you will have done a great thing.

Paul