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

jimcon

ok - update



we have calmed down a bit and have managed to get money for the mortgage so we don't go into arrears - will be making a manual payment on monday.

Going to see the CAB on Wednesday again with all our figures etc with the desire to go for a trust deed. Then we believe it's onto an Insolvency Practitioner to get the ball rolling on that. We're actually feeling a bit better now we've got a direction to go in.

Went shopping for the weekly shop - spent £38!! and the stuff we got for that money. we looked at one another and realised just how much money we have frittered away on nothing over the years.

Getting new bank account tomorrow - basic one.

house valued tomorrow and Wednesday by estate agents - asking for realistic prices so we know what kind of equity we really have right now.

Have been for an interview for a job that is literally 5 mins walk from my doorstep and it sounds like a great opportunity - here's hoping. But have applied for more anyway.

also been offered half a business! - a friend has diversified into other areas and needs someone to run his firewood business. I can do a lot (95%) of the work in the evening and the profit will be split 50/50. It's seasonal though but if I can get it going I can build up something for later. If it's done right it may build up enough to offset a remortgage in 3 years if we get the Trust Deed.


so I'm going to remove the desperate bit in the title (for now) :rolleyes:

jimcon

update


just had a meeting with an IP - not a shark

we're looking at a trust deed and the value of our house is dramatically different from first thoughts circa 12k in the house.

we've cancelled a lot of rubbish dd's

we've lowered the mobile monthly payment

we've cut right back on the shopping etc


and I've applied for about 10 jobs!!



money is still coming in from my self employment and to be honest things are now looking a lot more structured and "possible" if you know what I mean.


fingers crossed we can make this work and keep the house.


but we're realistic enough to know that sequestration is always there in the background.


thank you for all your helpful replies guys - you made a big difference!!

beanielou

Glad that you seem so much more positive now.
Keep posting.

feeling_robbed

Hi there

I know that your thread is quite old and chances are you've already moved on and made a decision. Just wanted to let you know from experience that the fees for a trust deed can be astronomical. Its charged per hour based on work completed and experience level, eg could be from £6.50 per hour (office junior) to £67 per hour (trustee). Our fees are £39k of which £27k are time costs. Also, although interest is frozen at onset of Trust Deed, you are required to pay statutory interest at 8% per annum for the duration of the trust deed. If you think that the equity in your property is likely to increase dramatically within the duration of the Trust Deed consider this very carefully and look into options to protect yourself from losing any more equity beyond what's currently available. Hope this helps. We were caught out by all of this and feel robbed.

jimcon

the fees for our TD are quite low - like I said he is not a shark. He is a former partner CA with one of the major Accountant firms in Scotland and I really could not reccomend him enough. He has been very up front and honest, explains things very carefully and is available whenever we need to talk to him.

anyway - update.

i got a job which brought money in but still had to rely on other earnings.

Good news is that I have been successful in applying for a job that ticks a hell of a lot of boxes with regards to money and career. The main good news is that my earnings will not affect the agreement with the TD as it still falls within my expected earnings when I took the TD out.



so we are now in a position to meet our commitments and put funds away for the payment required at the end of our TD.

All being equal in under 3 years we will be out of this mess, free of debt and wiser people for it.


many thansk for all your positive and helpful comments and advice. :beer: