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Scottish Trust Deed Forum
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Topic starter
31/01/2011 3:09 pm
Hi
I'm new on here and just looking for some advice on where to start.
Basicly, my husband and I have debts of approximately ?ú15,000. Some of them are in my name, some in his, and some are joint.
I am not working at the moment and my husband is self employed. We have 2 young children and receive tax credits and child benefit for them.
I have filled in a Debt Rememdy form online for CCCS and have been advised either to go down the DMP route or bankrupty. The DMP would take us 10 years to pay off, which is a long long time. We don't really want to go bankrupt if we can help it so we are looking into Trust Deeds as it would make us feel better to pay off some of what we owe. We are based in Scotland but just wondered if we would qualify and how it works with joint debts and seperate debts. We have about ?ú130 a month surplus to pay our debts, I don' know if this is enough for a trust deed?
Any thoughts or advice would be most welcome.
thanks
lucy
31/01/2011 3:39 pm
Hi Lucy and welcome to the forum.
Could you let us know a little more about how the individual debts are split between each of you, and also how debt much is in joint names?
If you don't have the exact numbers your best estimate would be helpful.
?ú130 per month probably would not be enough to fund two trust deeds, but there will be solutions available to you and we will try to point you towards the ones that best fit your circumstances.
I wouldn't discount bankruptcy entirely at this stage. Just like in a trust deed, you would be expected to contribute towards the debts for a period of three years (assuming that you are in a position to be able to afford to do so).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
