Hello principle1,

A few questions for you that will help the experts to provide some views for you:

1 - Are you back in work now?

2 - How much do you think you could afford to pay towards the debts each month after your essential expenditure is covered?

3 - Are you a homeowner. If so is there any equity in your home?

I doubt that there would be any implications at all for your laptop.

The question regarding the car was somewhat covered in your previous thread which might be worth another look at:
http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=73

The information requested will also allow the experts to provide a comparative view of a Trust Deed versus other options.

Hi, Thank you for coming back so swiftly on this. I have provided additional information below:

1. Sadly, despite trying desperately I am still out of work.

2. Currently we could probably afford to pay somewhere between ?ú200 -?ú250 a month on debt clearance. Can I ask additionally, when a trust deed is set up, would we effectively be left with no additional money each money once all essentials have been factored in?

3. We are currently renting and not home owners.

Could I also ask in addition..I currently have a season ticket for a local football club..this is paid for monthly..what would happen to this under a trust deed bearing in mind that the season has yet to start? would I need to hand it back? Many Thanks.

Hi principle 1

If you are unemployed, the the Trust Deed is not an option for you. This may be an option your wife may be able to consider.

On assessing the income/expenditure, the Trustee would need to factor in a surplus for emergencies.

Re the football ticket, as the Trust deed is not an option for you, then this would not be an issue.

Mark

Is the season ticket on some kind of finance arrangement principle1? If so then the outstanding balance should be included along with your other debts if you went into a trust deed. Whether you would then be allowed to keep the ticket is then a matter for the club I guess - though it wouldn't surprise me if the finance company will have already paid the cost of the ticket to the club and therefore can see no reason why the club would have any problem with you retaining the ticket. You'd need to ask them though, or just see what happens.

Regarding your debts - are all of the debts in your name, or are some joint with your wife/solely hers?

Hi Kevin,

Thank you for your reply. We have a couple of loans that are joint, my wife has one credit card that is in her name, the overdraft is from a joint account but then I have 3 credit cards in my name that are currently at their limit.
Could I add my wife as a joint holder for these cards? would this still be accepted for a trust deed?
In addition wanted to ask...if a trust deed was set up in my wife's name could I then be added to the trust deed once i was working again or would we have to start a fresh arrangement and start the 36 month term of the trust deed again?
Thanks
Principle1

Hi Principle1,

A Trust Deed is an individual arrangement. That means if a couple both require a Trust Deed there would be two individual cases set up rather than a joint case.

Joint debts are treated as being fully owed by each of you. Therefore if your wife were to enter into a Trust Deed she would have no more responsibility for the loans and overdraft, but you would remain liable for the full balances on them.

Credit card debts are owed only by the main cardholder. Adding your wife as an additional cardholder would not make any difference to the situation... the debts would remain yours.

Your wife and yourself do not need to choose the same options for dealing with your debts. For example, it may sometimes be the situation that LILA bankruptcy is a better fit for one person while the other looks at a Trust Deed.