Scottish DAS or trust deed?

bg1976

Help - I don't know which way to go and im need of help! I have an income of 30k. I have an unsecured loan(northern rock) of about 23k and credit debt of around 9K between the bank and a credit company.
My home is in negative equity at the moment.
Has anyone been through either of the above processes and which way would you go? What happens to my bank accounts? Wages? Home? What happens at the end of the 3 year trust deed? What happens if northern rock (Or another creditor) don't agree? HELP!!!:eek:

beanielou

Hi bg & welcome to MSE
Do you have a disposible income to pay to your debts each month?
If you pop up a SOA peeps can give you more advice.
Keep posting

beanielou

Meant to say have you spoken to a money advisor or CAB?

bg1976

Hi - spoke briefly to CAB who said i could contact a debt advisor through my employer. I am able to pay my debt each month but don't have much left and will be paying it for years to get out of it - feel pretty tied in!

beanielou

Its not recommended that you enter into a DAS if it would last longer than 10 years~so would you be able to pay off your debts in less than that?
If you go for a TD & it doesent become protected then AFAIK a creditor could petition for your bankrupcy.
If you can pay off debts in less than 10 years through DAS that mightn be better than TD.
HTH

[Deleted User]

Hi bg1976
I've just completed a TD and am awaiting discharge. Although Northern Rock were not one of my creditors I have heard that they quite often reject the TD's being protected. If you are looking for some other advice please post on the "Scottish Trust Deeds Help and Advice" thread here http://forums.moneysavingexpert.com/showthread.html?t=1271349

The people on there are great and full of help and advice
Good luck in whatever you decide

bg1976

thank you so much -

\i've enclosed a copy of my soa if anyone can help?!?

will check out the other thread for trust deeds. Thanks again.

Monthly Budget Summary[/b]
Total monthly income.................... 1,700
Expenses (including HP & secured debts). 1,358
Available for debt repayments........... 342
Monthly UNsecured debt repayments....... 190
Amount left after debt repayments....... 152

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.[/font]

GeorgeUK

Hi bg, can you post up your full SOA?

From what you have put it looks like the loan and card are only costing you £190pm. That can't be right.

How much are you spending on groceries? Have you changed your utility supplier recently/compared prices? PAYG mobile?

If you are able to make the minimum payments rightn ow i think you should continue and we'll look at other ways you can save money and hopefully pay less interest on the debts - allowing them to reduce faster.

bg1976

Hiya - Yeah i think i did the SOA wrong! My unsecured debts add to around
£ 32k.
I'm paying Nortehr rock - unsecured - £150 p/mth( for next 32 years) and credit cards are about £200 p/mth - prob for ever too!!!

What do you think? I can afford the monthly paymenst but will be paying it for ever!!
HELP!:rotfl: