Scottish Trust Deeds Help and Advice

kev1980_2

richiescotland wrote: »

Need advice on next step and what happens next, I feel so stupid here
Here is my SoA
[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 1200
Partners monthly income after tax....... 1200
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2400

Monthly Expense Details
Mortgage................................ 730
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 200
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 15
TV Licence.............................. 15
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 350
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 10
Buildings insurance..................... 20
Contents insurance...................... 0
Life assurance ......................... 150
Other insurance......................... 70
Presents (birthday, christmas etc)...... 50
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1820


Assets
Cash.................................... 0
House value (Gross)..................... 168000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 168000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(730)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
capitaln one...................5097......140.......0
virgin.........................14660.....25........0
egg............................3300......63........0
egg............................1000......9.........0
halifax........................8000......110.......0
M&S............................2850......70........0
lloyds.........................4300......90........0
lloyds.........................4000......82........0
Mint...........................6300......283.......0
Rbs............................7700......176.......0
BoS............................1170......27........0
barclaycard....................3200......110.......0
Total unsecured debts..........61577.....1185......-


Monthly Budget Summary
Total monthly income.................... 2,400
Expenses (including HP & secured debts). 1,820
Available for debt repayments........... 580
Monthly UNsecured debt repayments....... 1,185
Amount short for making debt repayments. -605

Personal Balance Sheet Summary
Total assets (things you own)........... 168,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -61,577
Net Assets.............................. 106,423

Crazy borrowing I know but what will CCCS say and what will they think best a PTD or BR

Hi there,

Welcome to the forum.

If you click on the link below it will take you to the CCCS website where you can input the above figures and it will tell you whether a trust deed or DMP is your best option.

https://www.cccs.co.uk/debtremedy/(S(vss0neihe5ipobvffu2l1y45))/start.aspx?hp=7

You can also give them a call there a great bunch and will give you lots of help and support.

richiescotland

thanks will try

fatgit

Palema wrote: »

I have been reading this thread with great interest. I am due to make my final payment to my Trust Deed on 1st February, its been really helpful reading all the posts from others who have already or are in the process of being discharged by their IP.
I would like to ask one question to those who have been through discharge - How long after you finished paying your TD were you able to start saving again? The reason I ask is I would really love to start saving for a house as soon as possible once I finish paying my TD.
Thanks again to everyone for the valuable reading of others experiences.

Hi Palema - good to hear you're almost at the end of your PTD! I have just over a year left of my PTD. Must say, the past two years have gone in so quickly. Of course, have made some sacrifices in the past couple of years but, in the financial sense, life has been so much simpler!

I don't see why you can't start saving as soon as you've paid your final payment.

From what I gather, waiting to be discharged is a formality that seems to take a good few months, sometimes longer. By your final payment, you will have satisfied the Trust Deed. You're going to have the spare cash anyway, so I don't know what your IP would expect you to do with it if you didn't spend it or save it!

[Deleted User]

Thanx for the reply fatgit,
The three years has flown in (I didn't think it would but it has!) I have grown up alot in the last three years, with regards to money, and all I want now is to start saving so I can move out of my parents house and into a place of my own.
Having the TD has had its down sides though, not being able to save for anything, not going out as much as I would have liked. Other than that it has made life much more simpler.
I will never be getting another credit card and the only credit I intend on taking out will be a mortgage and possibly eventually HP on a new(er) car if I can but not for a while.

The house is my 1st priority - I spoke to the financial advisor at my bank in July after going for a account review and when I explained I was in a TD he looked at me as if to say "why are you here if you are in a TD" I explained about the end of my TD in February and what I wanted to do and after the final payment was made and he said he was glad to see I was thinking ahead about what I wanted to do after the TD , he even told me that I could possibly apply for a mortgage within 2 years of the end of the TD, as long as I could prove I had savings - This was news I didn't expect but it was most welcome.
I intend on going to see a IFA to see if they can advise me on the best accounts to open, for me reading other people's experiences from this site has been so helpful and I will contiune to visit to gain ideas and tips on moneysaving.
I have also started an online journal so I can track my progress from my final payment until I buy my 1st house!

Not alot to ask of myself really!

red22

Hi,
any help or advice would be thankfully received.
I am considering signing a trust deed but I'm not entirely sure of all the implications once the trust deed is finished and whether this is the right solution for my debt problems.
I have no assets to sell, I have a part time job, am self employed on an as required basis and I started a business about a year and a half ago to try to increase my income. The business is not in a position to pay me any money at the moment but may do well in the future. It is a limited company.
My debts are around 23k my "disposable income" is around £200 a month that could go towards the debt if I didn't have the interest to pay.
I have been advised by the CAB to talk to an IP which I have and a Trust deed has been recommended by both(very gently I might add).
I was told that a debt repayment plan or equivalent would take me around 12 years where as a trust deed is around 3.
My partner and I were hoping to get a property within the next two years which would mean he would have a mortgage and I would contribute what I have available.
I would obviously like to get my debt under control and start living my life again as soon as I can but I feel really confused about which path to take. To me three years seems like the easy option but what are the implications?

fatgit

Trust Deed sounds best for you.

However, you'd really struggle to get a mortgage, even with your partner.

red22

thanks for the reply, would this mean that if he asked for a mortgage he would be refused because he was connected to me even though we are not married and it would be in his name?
Also if we were to get married within the time I was tied to the trust deed would my credit rating affect his?

[Deleted User]

red22 wrote: »

thanks for the reply, would this mean that if he asked for a mortgage he would be refused because he was connected to me even though we are not married and it would be in his name?
Also if we were to get married within the time I was tied to the trust deed would my credit rating affect his?

The only way your boyfriend would be refused a mortgage would be
1. If he had debts and a bad credit rating.
2. If you had joint finances (ie joint bank account)

If you were to get married again the above would apply, as long you are not financially related he should be ok.

I hope this helps a little.

lovemusicjoy

Hi,

My husband and I are in a bit of a mess financially and i hope a scottish trust deed is the answer. we both have debts individually and the monthly repayments are getting out of hand.
we have recently went through our finances and really trimmed that fat so to speak! (got rid of SKY TV and other luxuries etc)
our combined monthly income is £2100 and on debt repayments we pay a minimum of £890- if we can afford to pay them all. we have a few companies chasing us for money but we just dont have it, so we dont answer our phone or open the debt letters, its really getting ridiculous and i am frightened of what might happen. im half expecting someone to turn up at our door and try to take our possessions...
we dont own our own home, im actually very glad we got refused a mortgage last year! :rotfl: the stress of that would have been unbearable!

so basically i am just looking for a little advice, can we enter into a trust deed as a couple or do we have to have a separate one as the debts are not in joint names?
will it be advertised in the paper if we enter into one? (my parents would be so proud!)
can we really be debt free in 3 years? it just sounds too good to be true.
who is the best person to go to for one?

are there any success stories regarding trust deeds out there??????

[Deleted User]

Hi Lovemusicjoy
You can enter a TD jointly. It is only advertisd it the Edinburgh gazzette (a paper for legal profession?) I think.
I am due to make my final payment to my TD on 1st Feb The three years has flown in.

My advice would be to call CAB or CCCS or find an insovency practitioner and arrange a meeting.
Good Luck
X