Hi worried sick. It sounds like you are under a lot of stress at the moment and you have my sympathy for the way things have worked out with your business.

A trust deed might be an option for you if you can afford to pay something towards your debts, though whether it is the most suitable route depends largely on how much you can afford. If there is no equity in your property then it may not have to be sold - however having said that, the fact that the rent you are receiving for it does not cover your mortgage payments might be a problem.

Are you renting somewhere else at the moment? Are you thinking you might move back into the house yourself?

Hi worried sick. IÔÇÖm really sorry to hear of the predicament that you have found yourself in.

I think we need a wee bit more information from you, so that we can point you in the right direction. Do you know the value of your property and the total sum of the securities outstanding against it? You state that once you are in fulltime employment that it will not cover your monthly outgoings. Does this include payment towards your debts?

Julie

Thank you for the prompt responses and kind messages.
I bought the house 3 years ago for ?ú235,000 and tried to sell it last year for ?ú245,000 but I did not receive any offers. The mortgage on the house is ?ú221,000 and I have about ?ú50,000 of debt. I am living with family but would like to return to the house at some point in the distant future, if possible. When in full-time employment I could only afford about ?ú100 per month towards my debts. I hope this information helps.

Hi Worried Sick,

With that in mind it seems marginal as to which options might be best for you.

One of the reasons that I say this is connected to the amount that you might be able to offer monthly towards the debt. This is probably too low to make a Trust Deed viable but it would be well worth working through the figures with a debt advisor to ensure that they represent the type of picture that would be used in a Trust Deed (or indeed other debt solutions).

This might result in the figures moving either way a little bit which could have an effect on the solutions open to you and suitable for you.

Thanks TDA, I would gladly go through the figures - for my peace of mind, I really need to do this as soon as possible. I would prefer a face to face appointment where I can go through everything at the same time. Is it possible to make an appointment with an appropriate person through this forum?

Hi Worried Sick,

The firms represented on this site certainly meet people face to face. There may be some initial contact over the telephone to establish a basic picture of your current finances.