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Scottish Trust Deed Forum
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Topic starter
22/12/2010 5:15 pm
In recent years my circumstances have spiralled in such a way I now find myself constantly worrying about money.
I have a fairly good job in that I earn ?ú52k a year in Glasgow, however I have approximately ?ú50k worth of debt also, I donÔÇÖt own my home.
My fianc?®e does not work and stays at home with our child, and we have just stopped receiving her mandatory maternity money which gave us about ?ú500 extra per month. Now that has stopped due to my fianc?®e nationality and relatively short time in this country I believe we will not be entitled to anything from now for her. Going back to work for her does not look like a viable alternative as I donÔÇÖt think she could earn enough money to cover the nursery fees.
After most outgoings we are left with ?ú800 per month. Although from this any clothes, socialising, car running costs, etc have to come from. To make matters worse my fianc?®e has no idea and believes we are fairly comfortable.
I have a job in the financial sector also and I am worried that any trust Deed or bankruptcy would potentially put my job on the line.
What would my best options be going forward, or am I not in enough trouble at the minute? I havenÔÇÖt fallen behind in any payments (yet!!).
22/12/2010 5:37 pm
Hi John007,
Your best options really depends on your disposable income. It sounds as though there might be several hundred a month available before anything is paid to your debts, so it may be viable to set up a payment plan, possibly through the debt arrangement scheme, and repay your debts in full (interest is stopped) within a reasonable length of time.
Alternatively, a trust deed may also be an option. It is likely to be quicker as would normally last only 3 years. However, you would be wise to check whether it would cause you any difficulties in your job first - maybe check your contract or terms and conditions of employment for starters?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
22/12/2010 6:45 pm
Hi John007 and welcome to the forum.
Further to Kevin's comments, you may also wish to initiate an "off-the-record" conversation with your HR department (or a trusted senior employee) if you do discover that your contract includes clauses connected to a trust deed or insolvency in general.
Even where contracts include clauses such as these, employers often actually act sympathetically and with understanding towards employees that are in good-standing and who are addressing their financial concerns.
Working through your income and expenditure, excluding your unsecured debt repayments, will provide you with a figure that you can afford to pay towards your debts each month. It is important to include provision for all types of expenditure; for example setting aside monthly some money towards the average annual costs of car repairs and servicing. This is a process that you could handle yourself or a properly qualified debt or trust deed adviser could help you with it.
The outcome will enable the adviser to provide you with a comparison between how a trust deed and the other potential debt solutions would actually work for you. This would include aspects such as the costs and the potentail duration of any arrangement.
If you'd like to give us your best estimate we'll be able to provide some further details to help you make a comparison.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
