New member needs advice

Bendy11

Hi there, I am new to this site but feeling quite motivated just by reading all the other threads!

I have been riddled with money problems for a very long time, my husband and i separated and he left me with two loans and credit card debts. I had to move into a new flat of my own and made the mistake of buying a lot of things for the flat on credit!

Things got so bad that I ended up having to enter into a Protected Trust Deed (Scottish), unfortunately there were two credit agreements not registered with the Trust Deed as they had not started (Buy Now Pay Later deal). I now feel that I am struggling again, I also borrowed money from my parents and am having to pay that back monthly. I just feel like its a never ending circle of unhappiness!! I cant get out of the circle!!!!

I also have a silly little building society bank account which i have had since a child and i can not get any other bank account at all, my credit rating must be terrible and I am scared to find out! I also dont know how long I will have a bad credit rating with having the Trust Deed, obviously i dont want to stay in my flat forever and would like to think i can move on.

Just need some general advice from anyone who has been in the same situation and whether you have managed to pull yourself out from debt hell!! And how you managed to do it!

southernscouser

Hi Bendy and welcome to MSE!

First things first, well done for facing your problems! I can promise you that today will be a new start for you! :j We call it the "lightbulb moment" on here and is the first step to debt freeness!

OK, I'm afraid I'm no help on the Trust Fund thingy but someone will be along soon who can help with that one!

Have a look at this thread and post a SOA here so people will be able to see where you can cut back and save money.

Also, start a spending diary. Everyday note down every penny you spend and on what! That way you will see where the "spare" cash goes!

Also look at what you can sell on ebay! It's a great way of making a bit of money!

Bendy11

Thanks!

A Trust deed in Scotland i think is like what some people on these forums are calling IVA's(?). I will do a spending diary and i am going to get onto writing down all my outgoings.

thanks for the advice, watch this space!!

southernscouser

Bendy11 wrote:

Thanks!

A Trust deed in Scotland i think is like what some people on these forums are calling IVA's(?). I will do a spending diary and i am going to get onto writing down all my outgoings.

thanks for the advice, watch this space!!

Oh OK! Afraid I don't know much about them either! :rotfl:

Good luck with the SOA!

davek1

Bendy

Firstly you have done the right thing. You have confronted the situation. i realised a few weeks ago things were pretty dire for us and we owe over £45,000 not including the mortgage i got help from payplan and now things seem better.

Things can only get better now and i understand how u are feeling at the moment. Post your SOA on here loads of people will help.

Now the bank account try Nat West ask for a step account ( assuming they are not one of your creditors) they are fairly relaxed about these accounts if they give me one they will give anyone one. If not dont despair try the Co-Op i just approached them and got one of their basic bank accounts, cashminder, again they dont credit score and you will get an account and a visa electron card.

Once the Two buy now pay later deals kick in just talk to whoever is advising you and seek to vary the terms of your repayments to include these credit agreements.If you haven't yet try talking to Payplan or CCCS who can help even at this late stage.

Hope this helps

Dave