Hello troutmaster1,

As mentioned on the "debt management" page on this website Trust-Deed.co.uk and the debt management company that you refer to are connected operations. I am a debt advisor within both.

It would not be the case that you do not qualify for a Trust Deed purely because you own property abroad so I'm wondering if there is another factor involved.
Could you let us know how much your debts are in total?
Could you also let us know how much equity you have in your property that you are trying to sell?

In terms of monthly contribution it isn't a quote... it's simply a number worked out whereby your expenditure is deducted from your income using the numbers that you provide.
Sometimes revisions need to be made to get expenditure in line with what creditors will accept to ensure your solution (Trust Deed, debt management plan etc) is likely to work.

You should not commit to any monthly contribution unless you feel it is manageable. If it will not be manageable there could be an error in the income/expenditure and you might want to double check it to make sure everything you need to spend is properly accounted for.

If you could let us know about the equity and debt totals we'll be able to comment on which solutions seem viable and the likely costs of each in the long run.

My total debts are 77k and the property abroad I have, is for sale at 135000 euro and based on todays exchange rate this equates to ?ú114,700.
My income is ?ú1870/month and monthly outgoings for bills etc excluding the debt is ?ú1000 approx.

Hi troutmaster1,

In that case you will be able to repay the debts in full once the property is sold (assuming all of the equity is yours?).

If that's the case I cannot see how a Trust Deed could be in your best interests... while perfectly suitable for many people a Trust Deed should be treated as a last resort (where the full amount of the debt simply cannot be repaid).

I also don't believe that a Trust Deed would be available to you but I'd be interested to hear Kevin's thoughts on that.

I appreciate that selling property is not easy at the moment and might take some time.
It that's the case, and you cannot afford to make your contractual debt repayments currently, options such as a debt management plan or the Debt Arrangement Scheme may help you to balance your budget until a sale can be made.

In terms of your monthly payments (for any debt solution) it's important to find a balance between:

1 - Ensuring you have enough money to live reasonably.
2 - Ensuring that creditors perceive your repayments to be as much as you can reasonably afford.

If this balance can be found, and creditors are aware that the debt could be fully repaid in the not too distant future anyway, our experience would suggest that you're likely to get good support from your creditors.

It's hard to make a comparison between the costs associated with the options you have before you as I do not see how a Trust Deed could be either appropriate for you or available to you.

Thank you TDA for your help, I now know where I will go and although it seems costlier, myself and the advisor have gone through the income and expenditure list and made some changes which he recomended which will make the plan affordable. As you say the debt will be payed off as soon as I can sell the house.
Thanks Again

Hi troutmaster. Just thoguht I'd pick up on trust deed assitant's point, even though it seems you have decided how to proceed already (presumably not via a trust deed).

A trust deed can be signed even if the debt can be paid in full by the sale of a property - however in practice it is unlikely to be the best option. This is because it may be more expensive than other non-insolvency options, and basically just unnecessary. There are other ways to protect your position whilst a property is being marketed for sale which don't involve entering into an insolvency procedure - for example the Debt Arrangement Scheme.