There's always a solution blossom36.

It's just a case of finding the best one for you.

Hi blossom36. You may well have more than one option, so you are right to take everything whatever pace you are most comfortable with. As long as nobody has started any court action against you already then there is likely to be plenty of time to work through your situation and consider your options carefully.

Just from reading this thread through I can already sense the feeling of relief from your words that you are making a start on resolving matters!

Just one last question just wondering if I should try to change my bank account just now as I have overdraft with existing bank or should I just leave that until I decide what debt solution to follow?

I would do that straightaway. There is no need to wait and it usually needs to be done whatever solution you choose, so it will avoid any hold-ups later.

Thanks Kevin. Yes I do feel much happier having raised some queries with you all and having received great advice. No one has raised any court action against me. After being in arrears for months I have managed to clear the arrears by using money gifted to me and all accounts are presently up to date again but unfortunately that money has now gone and arrears will start to build up again. Just another question about bank account because I have an overdraft with prsent account and if I stop paying my wages into it and set up an account with another bank for my salary and mortgage payments etc to come out of what will my existing bank do re overdraft. I know they will be contacted if I enter Trust Deed so do I just wait for that to happen.

The only thing that you want to focus on paying is your mortgage payment. I know you said that you don't have any mortgage arrears but you would not believe the amount of people I speak with who have paid their credit cards before their mortgage.

You shouldnt really be worried about court action either as credit card companies don't normally resort to this.

When you move your wages and direct debits to a new account your old account will still remain open. Any charges that this accumulates can be covered under the Trust Deed. Things like that will eventually resolve themselves.

Thanks David. I pay my mortgage and council tax first when my wages come through and I appreciate that they are the most important this to pay. My concern is I bank with the Halifax and mortgage is with them so they will know when I change bank accounts that my wages are no longer getting paid into the account with them. I am still trying to pay what I can with any money left from wages towards credit cards and should have said also catalogue debts because I can't handle all the phone calls chasing for payment. So wisely or not the money I was gifted was used to pay arrears. I will take steps to open bank account so hopefully be set up for end of month and wages will then be paid in there. I assume I just open a basic account somewhere were I don't have any debts?

That's right blossom36. I'd avoid Bank of Scotland though as they can sometimes be problematic.

Thanks Kevin. My existing overdraft is with Halifax so I will avoid Bank of Scotland as I know they are part of the same group. Was thinking Santander?

I don't think there would be any problem with them - though I seem to remember trust deed assistant posting about how they regularly perform very poorly in customer satisfaction surveys...

Hi blossom 36.

I opened a basic bank account with the Clydesdale Bank when I started my trust deed and I cannot fault them. Easy to open and easy to run. And yes they did know I was entering a trust deed.

Tony

Blossum36 we banked with Halifax prior to TD and have still a mortgage with them. We moved to Santander and have had no problems what so ever with them. Halifax were part of our CC debt + overdraft, all was ok when we moved our salaries and DD to Santander it was just the basic account, switch card and internet banking. We are finished now and have managed to upgrade our account to the 123 where we get cash back every month on paying our bills through it.
As has been remarked already, change accounts now if/when you start to manage your debts what ever way is best suitable to you, you will have the accounts in place and one less thing to do or worry about.

Good luck to you, and please get everything in writing including what will happen with your home, car if you own one.

Hi twizzle

Good advice. Irrespective of what appears to be negative equity, it is always safer to have this fully confirmed before doing anything and ensure there will be no 2nd valuation at the end.

We will always clarify fully the position with property cars etc at the start as its important that nothing is left to chance. The forum has given too many examples where this has not been done and becomes a problem further down the line.

Take away all the unknowns and after that its easy.

Mark

Thanks to everyone for their replies. I am going to try the Santander as Twizzle seems to be in a similar position to us with regard to the Halifax. My husband is going to get an estimate of his new salary as this has not been confirmed yet and I am then going to arrange an appointment to speak with an advisor and look at our options. Just another question is a valuation of the property done at start and finish of Trust Deed?

Hi blossom36,

No it's only one valuation and this is done prior to entering into the Trust Deed that way you are not tied into anything. No further valuation needs to be carried out during or at the end.