DMP or Trust Deed (Scotland)

RedBear

Hi all,

I really don't know what to do, I'm in £9 grand of debt, a full time student, work part time and pay for my own college fee's. I'm struggling to pay everything each month and wonder if it worth while entering into a Trust Deed, I think its similar to an IVA. I will be debt free in three years but it will stay on my file for 6 years, I figure my credit rating is at its worse anyway. Or a DMP would see me paying my debt back for 8 years.

Any help or advice would be very much appreciated.

Thanks!

mhairib_2

hi there

Trust deed is a better option. I entered into one 4 years ago and it took a huge weight of my shoulders as the Trustee contacts the companies you owe money too to sort it all out. As long as each company agrees to it, the trust deed then becomes protected which means the company (s) cannot come along at a later date and change the amount you owe them.

I roughly paid £100 per month and that was based on what I had left after paying bills, food, petrol, and general living expenses.

Do you have equity in your house?? if so the trustee will more than likely take that from you.

I started mine up by going to my local Money Advice Office within my local authority.

Give me a shout if you require any more questions.