Advice Please - Trust Deed

Tornface12

Don't bother, not worth it, waste of time.

GeorgeUK

Can i ask what made you think of a trust deed? Just wondering.

You could perhaps try a Debt Management Plan (DMP) or even look at a Debt Arrangement Scheme (DAS).

Have you a clear idea of your income and expenditure?
Do you know how much you have available to put towards your debts?

There may be a few options open to you before going for a Trust Deed - that is often seen as one step shy of bancruptcy as it is a form of insolvency. The English equivalent is an IVA and this is only recommended to a small number of people (or should be).

Can you post up a SOA so we can see what your financial situation is?
https://www.makesenseofcards.com/soacalc.html

stroppyjock

Trust deed? best thing I ever done! £42500 in debt, cleared in three years, credit rating back to normal after seven years.

What problems did you have then?

GeorgeUK

He deleted his post 2 min before i posted my reply.

He has 7.5k debt i think. Hopefully he'll be back.

stroppyjock

Would like to think he would come back on, Trust deeds worked very well for me, maybe it depends on your trustee?

Will keep popping back to see if he returns.

Tornface12

Hi Tornface here - and I'm a she not a he!! I deleted my post last night because it sounded so absolutely dreadful and lame and I didn't think anybody would read it never mind take it seriously.

I entered into a DMP in January 2006 and was doing really well up until the autumn of last year. I've had a lot of family issues over the past year or so which have had a huge impact on things. I also changed energy suppliers twice and have ended up with hefty bills from them plus I stupidly started a Studio Cards catalogue which I used for Christmas, household goods, clothes etc and slowly the balance crept up and now stands at £1800 with my total debt at approximately £7,000. I know compared to a lot of people this isn't too horrendous but I feel so totally stupid and such a fool, I feel I've done everything I said I would never do again and now need to really bite the bullet and stop drifting which is what I feel I'm doing right now. I have a close friend at work who took a Trust Deed and spoke to her about it today, she explained it to me and I've approached a firm who should be phoning me back any time soon to discuss the situation.

Thanks to everyone who took the trouble to respond to my post, it is so much appreciated. The road to being debt free can be very rocky and you sometimes think, why am I even bothering but I suppose everyone feels like that at some point. I just want to get myself straight once and for all and wonder if a Trust Deed would be the answer cos I can never at any point see myself getting out of the mire on the road I'm on.

DarkConvict

Your health needs to come before money, if it is getting to you speak to the debt charities they can point you in exactly the right direction, speak to atleast 2 of these - http://forums.moneysavingexpert.com/showthread.html?t=2077631

I entered into a DMP in January 2010 and was doing really well up until the autumn of last year.

Go get them you Timelord.

Tornface12

You sussed me out but it's Madam Timelord to you!!!

Just edited it - should have been January 2006 - duh :rotfl:

stroppyjock

Hi Tornface, sorry about the he/she thing

I was £42500 in debt (wife racked it up without me knowing, forged sigs on cards ,loans etc)

I know trust deeds are not for everyone, but they really worked for me, no hastle with creditors, no phone calls or letters.

Yeah it does knacker up your credit rating for at least six years, but my reasoning was that the way I was going going it would be knackered anyway.

Dont know what the rules are now but think there is a minimum amount of debt and creditors required for trust deed, the figures of £15000 owed to at least three creditors rings a bell, but you had better check that!

Hope you get it sorted mrs/ms/miss tornface

stroppyjock

just found a site for you to try, www.scottishtrustdeeds.com it has an online calculator to see if you qualify.

GeorgeUK

Hi Tornface, sorry about the mixup
Glad you came back though.

I would still advise giving one of the debt charities a call even if it's just to enquire about Trust Deeds and if there is any way it may affect you negatively. (Not read up enough on them to know).

Do you own your own property?
I know that this can sometimes be used for equity release at the end of an IVA so want you as fully informed as possible