Hi guys - advice needed for Scotland..... but from anywhere is appreciated

jimcon

ok we are in a bit of a mess and I'm meeting with the Local CAB tomorrow.

basically personal debt is circa 50k (oh god that looks awful seeing it like that) and I'm looking at 2 choices


1. A debt repayment program arranged by a DAS adviser (Debt Arrangement Scheme) which means paying off our debts over a long period of time with interest frozen and no litigation being raised by creditors.

2. a Protected Trust Deed which would make us debt free in about 3-5 years. The main concern with this is the chance of losing our home - I don't want to go down that road. We have equity in our house of about 30 - 40k but realising that would I think be difficult.

I am self employed

wife works part time


outgoings £3k per month


incomings £2.4k or more depending on how busy I am. I'm trying to get a full time job but so far no good.


could anyone offer me advice on the genuine pro's and cons?

loulou88

I dont know much about this but i just wanted to say the cab that I used were fantastic they filled in my forms explained everything and even sent a cheque off for me for bankruptcy fee because I didn't have a cheque book (I did give them the money first) If you are honsest with them and tell them your concerns they will advise you of the pros and cons of your options but at the end of the day it is your choice do and what is best for you and you family. Good luck

gettingbetter

hi

just wanted to say you came to right place

everyone on here is great

they will point you in right direction

kas

jimcon

we are hoping to get something resolved as soon as possible.


Thanks for your kind words.

J

gettingbetter

Jim

keep smiling

there is always an answer

you are never sent more than you can handle

(never quite worked that one out) my aunt used to say it all the time

Kas

jimcon

gettingbetter wrote: »

Jim

keep smiling

there is always an answer

you are never sent more than you can handle

(never quite worked that one out) my aunt used to say it all the time

Kas

My wife and I looked at one another today and we both held our hands up and said "our fault" but we looked at one another again and agreed that we will NEVER get into this situation again.


oh our bank The RBS have been absolutely useless. we have been great customers of theirs for over 10 years, have never missed a payment and have always settled our debts but they just do not want to know. Once we are out of this mess or are moving away from it we will be saying goodbye to the RBS and good riddance.


It's scary and terrifying and embarrassing but I come from a life that had much much less than we have now so I know we can and will survive - we jst need to get the repayments sorted.

with regards to a repayment plan is 20 years out of the ordinary? I'm thinking about this because it would give flexibility should our circumstances change for the better.

gettingbetter

jim

i know how you feel


i have been with clydesdale bank for 38 years
they have turned there back on me

folks on here can and will help

i wish i had asked for help sooner

kas

jimcon

good morning to you all.

another question - which I know the answer to - should I sit down today if I don't manage to get an appointment and call every creditor I have, explain the situation and make an offer of a monthly payment? Can I ask them to freeze the interest and in general do credit card companies and personal loan issuer (RBS) do this?

jimcon

hi - was in the Isolvency helpline website last night and left my number.

chap just called and I explained the situation - right away he says Deed of Trust. I asked if there was a fee and he said no, then later clarified that by saying, no up front fee. I advised i was going to the CAB this afternoon - 3.00pm and he said that they would only point us in his direction anyway. This made me wary about his impartiality - can anyone advise on the Insolvency Helpline: http://www.insolvencyhelpline.co.uk/


many thanks - also if anyone could answer or respond to my earlier queries that would be great

J

jimcon

sorry for this shameful bump but we are really really nervous about everything and any words or advice would be really really appreciated

jorichste

if they say no up front fee, i'd be worried that its going to cost you a lot! I don't really have any answers, but some folks on here are very clever and will know what to do. I just didn't want to read and run, and wanted to say DON'T PANIC!!!!just have a cuppa tea and wait until you have spoken to cab, and some of the lovely folks here have had a chance to read your thread.