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Scottish Trust Deed Forum
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Topic starter
02/09/2010 12:50 pm
Hi folks.
My wife and I have slowly and gradually run up some terrifying levels of unsecured debt, which we are struggling to pay and now survie month on month with credit cards and pay day loans.
We understand this must stop, and we need to get a grip on things, so I've begun looking at trust deeds.
We have ZERO equity in our home. Bought at teh property peek in 2007, prices in our street are still down 25% on what we paid. and we have a 95% mortgage.
we have 60k in debts (unsecured) and a further loan on 35k which is secured.
would a trust deed be a potential solution?
Long term, we need some advice and coaching to make sure it doesn't happen again!
02/09/2010 2:27 pm
Hi SparkyVFR
Could you provide me with a split of the debt ie of the ?ú60k how much is in your name, how much in your wifes and how much joint and what your respective net monthly income is.
Also could you provide me with an estimated monthly amount you think you could afford.
On the basis of the information provided, the Trust Deed may well be a solution, however the above information should allow me to advise further.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
02/09/2010 3:03 pm
quote:
Originally posted by Mark McFadyen
Hi SparkyVFRCould you provide me with a split of the debt ie of the ?ú60k how much is in your name, how much in your wifes and how much joint and what your respective net monthly income is.
Also could you provide me with an estimated monthly amount you think you could afford.
On the basis of the information provided, the Trust Deed may well be a solution, however the above information should allow me to advise further.
Mark
Sure Mark.....
The debt split is;
?ú26,250 in my name
?ú37,091 is in my wife's name
Our combined net income is around ?ú5200 per month. I think we could afford to put around ?ú900 per month towards teh debt.
02/09/2010 4:03 pm
Hi SparkyVFR,
From the information above, I'd say trust deeds may well be a good option for you and your wife - though probably not the only option.
I think you should speak to a professional about your circumstances in more detail so that you can weigh up your options in an informed manner.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
02/09/2010 5:31 pm
Hi SparkyVFR
The options from the information seem to be DAS Scheme which would freeze the interest on the debt and stop legal action. This requires the debt to be repaid in full over a period, probably 6/7 years at the figures quoted, unless some of the debts are joint.
Trust Deed would allow for a proposal over a 3 year period and allow for an element of debt write off.
I would certainly discount debt management and bankruptcy at this stage.
Hop this helps.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
02/09/2010 11:56 pm
Hi SparkyVFR,
I wanted to welcome you to the forum.
As previously mentioned, and assuming that you cannot maintain the debt repayments without further use of credit, I think it's important that you seek direct advice on your options.
Everyone on the forum will offer as much guidance as they can but it's not qite the same thing as talking it through with someone qualified to help.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
