Thanks for the replies. There is no joint debt. I am still going through paperwork to get most up to date figures but roughly I think £40,000 to me and £25,000 to him but as I say its a rough calculation at the moment but just looking for an idea of what an acceptable amount might be.

Hi blossom36,

Thanks for this.

Roughly the minimum your creditors would accept in your case would be around £250 per month for 36 months based on your level of debt.

Based on the level of debt that your husband has, a minimum payment could be around £210 per month for 36 months.

As I said however this should be worked out via an income and expenditure and also by assessing who your creditors are.

Realistically is this an amount that you think you could afford to pay? If you think you might be struggling with that amount, you could consider the Trust Deed running a little longer than 3 years or even considering Sequestration. By sitting down with an advisor and working thoroughly through things they will be able to best advise you on affordability and what options you have available. This just gives you something to start with.

Hi blossom36

As in previous posts, its difficult to provide an amount without a full review, however in total, creditors would probably seek at least somewhere in the £450/£500 region to achieve minimum dividend.

Mark

Thanks for the replies. I was thinking something in that region would be what was suggested. Although my husband has had to take a pay cut in his new job I think we could manage to pay this and I would be open to extending the TD if necessary and even sequestration if it comes to that although I would rather go down the TD route if possible. I am now going to take steps to speak with someone to go through everything. Thanks for taking the time to reply.

Good luck with everything blossom36.

You're obviously taking a lot of care about understanding everything fully which should serve you well.

Thank you TDA.

Hi blossom36,

You have a number of options available to you which is the good thing.

Good luck and let us know how you get on.

Thanks David. I have sent you a message through your contact details.

Just wanted to provide an update on my situation. My husband and I signed a Trust Deed with David's firm last night. We have been discussing matters with David over the past few weeks. David has been very helpful and has explained all of our options with us in detail and answered all of our questions and made us feel so much better about our situation and that there is a solution.

Just counting down the weeks until Trust Deed is protected and can then start counting down the months until we are debt free, something we never thought could be possible!!

As with most people, I just wished we had taken advice sooner.

Well done on taking control of the situation, blossom36. Here's to your new-found optimism.

Hi blossom36.

Congratulations to you both. It's great to hear that you have been well looked after by David and his team.

Taking advice for the first time and signing trust deeds are two very big steps to take. Well done on tackling the situation so that you can work towards putting these financial issues into the past.

It's amazing how often we hear from people that wish they had taken advice sooner once they've taken this step. I hope that will encourage the many people that read this forum for months (sometimes years) before taking the plunge into seeking professional advice that there is nothing to be lost and everything to be gained by doing so.

Thanks Kevin and Trust Deed Assistant. It is hard to take the first steps to acknowledge how bad things are and that we needed help to find a solution. I have to say if my husband hadn't lost his job we would probably have just carried on the way we were borrowing more money to pay off debt and been in an even bigger mess. The fact that he lost his job, was unemployed for several months and had to take a job with a lower income made me realise we needed help with our situation and that we couldn't continue the way we were. I am so glad that we have finally taken those steps.

Hi blossom36,

I'm happy that I was able to help you and your husband deal with the financial difficulties that you've been trying to deal with.

As we were discussing when we met, sometimes it takes a change in circumstances like the loss of a job to realise that you might need to take some advice and assistance to deal with your debts.

All of your paperwork along with our terms and conditions letter has been posted out to you and your husband to read over. This confirms everything in writing for you as we discussed and also gives you a 7 day cooling off period to make sure you are happy with everything in both your Trust Deeds.

The protection period should hopefully pass quite quickly and then the countdown is on till the end of your Trust Deed.

If you have any questions just drop me a wee text as I know it's difficult for you to talk during the day.

Thanks for the update regarding the paperwork David and thanks again for all your help.

Just wanted to provide an update to say that our Trust Deeds are now protected. We have made first payment and are now counting down until we are debt free. With our level of debt that is something I never thought we would be able to say!!

As I have said before just wished we had sought the help we needed sooner. It is scary to take the first step but not as stressful as trying to deal with a never ending debt situation by yourself. It is such a relief now to not have that feeling of dread when the phone rings or the post comes. We have set up a new bank account with Santander (one of the few creditors we did not have any debt with) and that is all fine.

Thanks again to David for his help for the outset. He has been great to deal with and has always answered all our questions and queries very quickly and clearly.