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Scottish Trust Deed Forum
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Topic starter
15/12/2010 10:05 pm
I recently ran a business, which wasn't successful and i have accumulated around 50k in debts. I have my own home worth ?ú170k with 158k still to pay on it. i have recently started a new job with only ?ú315 a week wages, my wife works part time and earns ?ú700 a month wages. I have most off the debt on my own and also a joint loan with my wife. I don't know what my best option to take is?
Any advice or ideas greatly appreciated.
15/12/2010 10:33 pm
Hi howies08
I think at ?ú50k you need to look at a formal option, either DAS or Trust Deed. With the DAS you would need to pay the full debt back over a long period possibly 10/12 years.
The Trust Deed would allow some of the debt to be written off.
Could you let me know how much debt is in your name and how much is joint.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/12/2010 10:48 pm
quickly workin figures out, i.m talkin 55k my debt and possibly 10k joint! The thing worryin me is my home and repayments off debt with havin a small wage income.
16/12/2010 12:28 am
Hi Howies08
The DAS option is more relevant when the contribution is at a decent level ie it can be paid off in a realistic time period.
When the payment is at a lower level, the Trust Deed may provide an option.
In terms of the Trust Deed you would need to include your half share of the equity, however Trust Deed valuations tend to be less than normal Market/estate agent valuations, so this might not be as big an issue as you think.
Best idea is to sit down with an IP and run through all the options and income/expenditure and see what is the best solution for you and then decide. This will at least let you know what the figures are and allow you to move forward.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
