Its Time I Spoke Up

johngf_uk

i have been a member os this site for some months and i feel its time to speak up - i forced my wife to sign a trust deed in december 2004 (scotland only) and it was her lightbulb moment as she broke down in tears over debts totalling £10,000.

i have managed to pay back a loan which i took over two years of £7000.00 over and above the £10,000 and the last payment is due in september 2006 :j and we will be debt free for the first time in 20 years.

i personally think in scotland that the trust deed (little known) is the way to go if you really cannot pay off your debt. sorry if i waffle on a bit but i didnt know anything about £10,000 of debt until i found carrier bag of payment demands and court proceedings (nearly evicted from council house) wife wasn`t paying rent for 6 months

i have been through the mill as they say and nothing to show for it but an excellent credit rating of 992/1000 from experian as i pay everything on time and never miss a payment.

bet your all thinking this guys rich/parents/lottery win but no we survived on bread for a year until i paid off all other debts and the best thing i ever done was getting online banking - i.e my wife couldnt spend £1 without me knowing about it.

we currently pay £100.00 to trust deed and my wife has until december 2007 to go and she will never get to that level of debt again - i have checked her credit file by the way (frightening) anyway i will no doubt post again but to say to you all you will get through it and the debt will go away but do NOT MAKE THE SAME MISTAKE AGAIN .

pounds_and_pensive

I'm pleased for you. I really am. I do hope your wife's 'lighbulb moment' was a genuine one though, and not one 'forced' in the same way as you describe a signature on a trust deed. Living on bread for a year and being unable to spend so much as a pound without someone else's consent sounds more like a punishment for being in debt rather than a rational plan for tackling it.

There's more to life than an impeccable credit rating, particularly if obtaining credit doesn't figure highly in your future 'debt-free' plans.

Genuinely wishing you both all the best here though.

johngf_uk

thanks for the reply but to let you into the picture my wife and i were married young (17) still married 21 years later wife only 39 work it out with 3 kids 21 19 and 17 and a grandaughter 2 years old who we both dote on i only wanted to stress that the "household" credit rating would be intact ie. for my sons and daughter which it is.

i know some people will judge me harshly but a scottish trust deed is not to be taken lightly trust me i know - been there done that got the t-shirt i really feel for all you guys on here who can see no end to the debt and some of you have reduced me to tears but it will go away

pounds_and_pensive

Hi again. Sorry if it sounded like I was judging you harshly - I'd quite happily eat nothing but bread too if I thought it would benefit my kids, but I can't imagine having to get my husband's consent before spending a single thing and don't believe the message I'd be sending out in doing so would benefit my daughters either.

I really do believe in the power of the individual though, and 'each to their own', and will continue to send warm and genuine 'non-judgemental' good wishes to you and yours. Take care