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Topic starter
06/02/2009 10:17 pm
have spoken to a few people about debt but seem to get different ansers everywhere. some say do trust deed and others say i should do debt management. which is best and why do people tell me different things
06/02/2009 10:21 pm
Hi Beryl
In all Debt Management cases I would ask myself ( and the provider)
1.Does the plan have a realistic life span.
2.Will the interest and charges be frozen.
3.Is this something which has a start date and an end date and no surprises.
If the answer to the above is yes (and a guaranteed Yes) the DMP is a solution. If not then No,
If you have an average income and the debt is below ?ú10k, then it is workable. If not then all you are doing is buying time.
If you can provide me with very rough information on the level of debt and details of any assets, I can hopefully provide a specific response. As a very rough guide, if your debts are ?ú20k you would require to pay approx. ?ú500 per month (every month) for over 3 years to clear the debt. This does NOT include charges and interest. If these are not GUARANTEED frozen, this could be 6+ years easily.
If you give me some more info, I will hopefully provide some guidance on the appropriate solution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
