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

jorichste

well done for getting that soa done!!! just the cab and call to cccs to go now. best of luck with it all, I'll be keeping an eye out for you to see how its going.

jimcon

have got tiscali for phone but bt for line rental and sky for tv




just back from the CAB and it's looking like a Deed of Trust (IVA) but that would mean releasing the equity in our home by remortgaging it - can you see a self employed person getting a new mortgage in todays market? Neither can I. The other step is a debt repayment program under CAS which in our circumstances means 10 years at about £500+ per month!! (the maximum is 10 years).

I'm so bloody nervous about it all. I'm scared we will go bankrupt, lose our house and everything else!! The deed of trust if we could get it would be ideal but it all hinges on the remortgage.

Taygal82

I think you have been given the right advice, a Trust Deed is more suited to your level of debt. With an arrangement scheme it would take years and should you come into difficulty later on, you may have to go bankrupt anyway.

Trust Deeds are not free but there is also no upfront fee. The fees are included in your monthly payment. You should get an estimate of the total fee involved BEFORE you sign anything.

It is not a given that you will have to remortgage or even sell. Do you realistically know what you're house is worth? You may have negative equity or an amount of equity that is too small for re-mortgage. Often a Trustee will agree to extend your Trust Deed by a fixed amount of time to take account of any equity. Remember if only you sign a Trust Deed and the house is in joint names it's only your share of the equity you need to deal with.

Any insolvency practise worth their salt will offer you an initial consultation free of charge, visit a few and see what different views you get.

Sorry for any spelling errors, grammar etc but I have to dash. Any questions just ask. :-)

RAS

Hi

The basics

You are spending £125 on communications and you could probably get this down to £30-40

You could sign up for www.freecycle.org survey/clicks sites and cut the pressies and ents, and cut back on the hair appointments - which would save another £90ish

You should be able to shave back the housekeeping budget, depending on how many children you have.

That is not going to get you back on track without some sort of deal but it will be essential if you are to live within you means in future.

You need to open an alternative bank account urgently and get your income paid into that, so they cannot offset your income against the OD at some stage.

It would also help to know which if the debts are yours, the missus and which are joint?

Also, with the car deals, are you able to return the car at any point?

jimcon

credit cards are in my name

p/loan is joint

o/draft is joint

cars are in my name and cannot be handed back yet - not halfway through payments yet. I'd happily give mine up but wife needs hers for work.

jimcon

Taygal82 wrote: »

I think you have been given the right advice, a Trust Deed is more suited to your level of debt. With an arrangement scheme it would take years and should you come into difficulty later on, you may have to go bankrupt anyway.

Trust Deeds are not free but there is also no upfront fee. The fees are included in your monthly payment. You should get an estimate of the total fee involved BEFORE you sign anything.

It is not a given that you will have to remortgage or even sell. Do you realistically know what you're house is worth? You may have negative equity or an amount of equity that is too small for re-mortgage. Often a Trustee will agree to extend your Trust Deed by a fixed amount of time to take account of any equity. Remember if only you sign a Trust Deed and the house is in joint names it's only your share of the equity you need to deal with.

Any insolvency practise worth their salt will offer you an initial consultation free of charge, visit a few and see what different views you get.

Sorry for any spelling errors, grammar etc but I have to dash. Any questions just ask. :-)

we will be getting in estate agents fo a realistic price for house.

my main concern is right now I'm self employed and work is dying on it's ****. I'm looking for full time work also but being self employed means remortgage very difficult (I'm in 1st year of business).


The CAB was ok but she's only in one day a week and we're desperate for guidance because we are scared

annamc75

Is she the only debt advisor at your local cab? I ask as the Cab where I am training at the moment has 3 I think and there is always someone there who can help answer general questions.

jimcon

there are 2 debt advisors one in on a Tuesday and the other on a Wednesday.

I tried calling CCCS but they were v busy and have left a message for payplan to call me back

we need to know the implications of a deed of trust where any re-mortgage is done at the end of the process as opposed to the beginning - that way appeals because we won't have an increased mortgage payment to contend with

jimcon

it's the waiting that is the killer - we need to pay the mortgage but there is nothing in the account and we need things to move NOW.

coolcait

Hiya Jim

Is there a council advice office/welfare rights office in your area? They might have full time staff, which might mean that they could see you quicker.

If you're interested in DAS you can find DAS approved advisers on here www.moneyscotland.gov.uk . If your CAB advisers aren't DAS approved, it might make sense to try to go straight to one of the DAS ones from the start?

You might be looking at paying your debts over too many years to be accepted for DAS, but there's no harm in asking, is there?

I'm not going to comment on Trust Deeds because of negative family experience - which makes me passionate and opiniated (but biased) on that topic!

Good luck!