Invocas for me. They were fine through the 3 years - a few changes of case administrator without telling me. Only downside is that I paid my final payment last January and I still haven't been discharged. Like others, if I'd researched it more, I'd have went with one of the experts on here.

I also have a mortgage with what appears to be small equity of £2000 or less.

quote:

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Originally posted by Mark1971

ok! So searching the site for more info:

At this stage i have a list of what i owe and my mortgage appears to have less than £2000 equity and my debts amount to short of £8000 to 4 separate companies. I have an income of £1100. No overtime or other income. Have been said that this would probably take 3 years 6 months at £188 a month to clear. Does that sound about right?

Regards,
mark

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If a trust deed valuation found equity, and you'd signed already, you'd need to find the money.

There are firms that will value before you sign.

This would be a non-issue with DAS.

I think they may find equity of perhaps £500 after a drive by valuation.I am thinking DAS as haveread a little about it since then. Not signed anything as yet TDA. Thanks for your comment.

quote:

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Originally posted by Trust Deed Assistant

If a trust deed valuation found equity, and you'd signed already, you'd need to find the money.

There are firms that will value before you sign.

This would be a non-issue with DAS.

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No problem.

Some firms will ignore small amounts of equity for trust deeds. The reason is that this money would be eaten up in costs if the property were sold.

However, DAS bypasses this consideration altogether.

Ive been reading up a little more about a Debt Protection Plan. Seem to be more appealing to me than the PTD scheme. Nothing signed for anything yet.Be posting my progress here.

Regards,
Mark

quote:

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Originally posted by Trust Deed Assistant

No problem.

Some firms will ignore small amounts of equity for trust deeds. The reason is that this money would be eaten up in costs if the property were sold.

However, DAS bypasses this consideration altogether.

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Whats a debt protection plan? ?

Sorry my mistake. A debt payment programme id what i meant. Thanks. Doesn't sound as good now though.

quote:

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Originally posted by plasticdaft

Whats a debt protection plan? ?

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Hi Mark, i think das can sometimes sound like a good idea in principle, but what put me off was the implications if i wasnt able to keep up my payments if i were to lose my job. Interest and charges being backdated and added back onto my debts if the das failed was a very unappealing prospect to me. I spoke to a few companies before i started trust deed and it seems that some of them will make you bankrupt if you lose your job and can no longer make your payments. I chose my company for a number of reasons, but one of them was that they will not penalise someone if they lose their job. Make sure you ask about this scenario whilst you are looking into your options. Having to start bankruptcy and potentially have another three years of payments i think would be a really painful prospect if it happened when youve already been paying trust deed for a while.

Nowadays, if you are in DAS and lose your job, or have a change in employment, you can apply for a six month payment holiday. With all of the DAS protections still in place

Thats a good point candlewick, just been reading about DAS and it looks like that option became available in DAS after i signed my trust deed. However i guess i still prefer the position in a trust deed if i was out of work for longer than 6 months than it would be in a DAS.

I think for many people, the choice comes down to the relative timescales involved. If a DAS is viable within a time period that isn't a huge amount longer than a trust deed, then most would opt for the DAS. The main benefit of an insolvency procedure like a trust deed is the debt write-off and therefore reduced timescale, but if there is not much of a write-off then there is limited attraction I'd have thought.