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Topic starter
03/04/2019 6:38 pm
Hi all.
I am in such a deep hole and neee some advice please. First of all when i applied for my loans 6 months ago i was in a seconded managers position. This paid very well but i did not state this was seconded on my loan applications. Unfortunately i have lost that the position that i was promisee would be mine. I am now on half the wage i was which is one of the reasons for needing a trust deed. Will this cause any issues for me?
Also without even thinking, when i have applied for any credit i have always chooseed single with no dependents but i am actually married with 2 kids.
Is this going to come back to haunt me if i proceed with a trust deed?
I dont want to do anything that will get me in trouble but at the same time i am struggling financially and cant see me getting out this hole otherwise.
Thank you in advance for any advice anyone can offer.
04/04/2019 8:19 am
Hi Peter123 and welcome to the forum.
Well done taking the hard step of reaching out for advice and help to deal with your debts.
A Trust Deed is one of the options that is available in resolving your debts and we all appreciate that circumstances can and do change.
I do not get the impression that you took out the loan in bad faith but took it out based on your circumstances at that time.
No one can predict the future so I would not worry about it.
It is not uncommon for someone to take out credit and thereafter have a reduction in income leading to affordability issues – that’s probably one of the most common causes of financial stress.
Just a couple of questions, what is the level of your debt and asset position?
Sharon is no longer posting in the forum.
Topic starter
04/04/2019 11:43 am
Thanks for getting back to me Sharron.
The main worry is saying i wad single with no dependents when applying for credit.
May this result in my creditors refusing my trust deed request?
I am married with 2 kids but have no assets in my name.
I am around 50k in debt and clear 1300 a month. I am currently having to borrow off family just to get by each month.
04/04/2019 2:00 pm
Afternoon Peter
Creditors have the right to object to a trust deed for a variety of reasons but that does automatically mean it cannot go ahead. I can see by your income, it would be difficult to continue supporting minimum payments to that level of debt.
There are a variety of debt solutions that may be available to you.
If you click on the contact button, either Kevin or I will be able to discuss this with you in order to find out a bit more about your circumstances.
S
Sharon is no longer posting in the forum.
04/04/2019 4:27 pm
Peter- You need to take all the stress out your life and speak to Sharon or Kevin, treat today as day 1 in getting your life back on track, Give the guys a call, Your kids and wife will see the difference in you, Without the stress of the debt
05/04/2019 9:27 am
I think the chances of there being any problem as a result of having stated you were single with no dependants on your credit application are small. Technically a lender could argue that you were acting fraudulently when applying for the credit, but the chances of them putting two and two together are probably low unless it is a small lender such as a credit union.
Given the situation you are in, I'd say you probably don't have much choice other than setting up a suitable solution. I'm pretty sure you will find that you are worrying about nothing.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
09/04/2019 10:35 am
Hi Peter123, did you find the courage to reach out to one of the experts for advice?
As Welcome14 suggests speaking with one of the experts could take all the stress out of your life.
David is not currently posting in the Trust-Deed.co.uk forum
