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Payplan DMP or Trust Deed
jennb_2
Posts: 37 Forumite
Hi there,
I'm on a DMP with Payplan,who have been great, but the creditors haven't been so understanding!
I lost my business in August and got help in November for debts of £70,000, credit cards and loans.
I only have £110 spare each month as I haven't managed to find a job yet and even when I do, sinlge unqualified mum aged 43, it won't leave me much better of than I am at the moment (£820 income per month plus a couple credit card payment insurances).
So I can't see myself being able to pay much more back even in employment and the level of debt I have at the moment would take me 50 years on my DMP!
I'm fed up with court threats! If any of them take me to court do I have to appear? Do I have to pay for a solicitor?What happens? I live in Scotland.
Can anyone who knows much about trust deeds tell me if I would be better off on them? They sound scarey and I did want to try and pay all my debt back but the creditors just aren't being very nice or understanding!
I don't own my own home, and I don't have any assets other than household contents.
I'd appreciate any advice.
Thanks!
I'm on a DMP with Payplan,who have been great, but the creditors haven't been so understanding!
I lost my business in August and got help in November for debts of £70,000, credit cards and loans.
I only have £110 spare each month as I haven't managed to find a job yet and even when I do, sinlge unqualified mum aged 43, it won't leave me much better of than I am at the moment (£820 income per month plus a couple credit card payment insurances).
So I can't see myself being able to pay much more back even in employment and the level of debt I have at the moment would take me 50 years on my DMP!
I'm fed up with court threats! If any of them take me to court do I have to appear? Do I have to pay for a solicitor?What happens? I live in Scotland.
Can anyone who knows much about trust deeds tell me if I would be better off on them? They sound scarey and I did want to try and pay all my debt back but the creditors just aren't being very nice or understanding!
I don't own my own home, and I don't have any assets other than household contents.
I'd appreciate any advice.
Thanks!
0
Comments
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Welcome to MSE
I think you have to have roughly a minimum of £200 pm for a trust deed.
I think you should have a wee think about bankrupcy TBH.
You could also try posting this on the bankrupcy thread.
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One debt remaining. Home improvement loan.0 -
Hi Beanielou,
Thanks for the reply.
I'll post on another thread
Thanks!0
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