We have signed a Trust Deed

Troythecat

Hello and thanks to all who contribute to these forums.

Cutting a v long story short, a combination of placing £60k of our home equity on a house in Spain (hoping to live there),followed by recession hitting the building trade (hubby in construction), me getting ill and needing surgery/treatment (and ongoing monitoring), house price falling drastically, meant we not only had run up 40k plus in ccard/loans, but had no equity in our house now. It has dropped 50k in 2.5 years.

I had been talking to the debt service through local council who said my portion of the debt (about 12k) would be put through as a lila bankruptcy as I have no income, and hubby a trust deed. This was all to be after the house sold.

Even if we sold the house at the price it has dropped to we would still have a shortfall to pay legal fees etc. after mortgage was paid off. So decided to take advice from debt lady and guy she brought out to see us from the insoilvency practitioners and it seems we can just surrender the keys and let them deal with it. (The Building Society)

Any shortfall of the sale would fall into the Trust Deed. They can pursue me for it until I am declared Bankrupt, which can't happen until after the property is discharged from us. I have been told not to worry about it.

We persevered for a long time struggling to pay everything, suppose pride wouldn't allow us to contact the Council for debt problems. Had it not been for the fantastic MacMillan workers at my hospital, we would probably still be in that situation. They phoned my council on my behalf who in turn contacted me, they helped me apply for a benefit I never even knew I was entitled to as well.

I really never knew there was a solution, I thought once you had debt you were landed with it. I do know that it would be difficult or impossible for us to ever have a mortgage again, but we actually are so sickened with the property market we don't want to buy again. renting will be fine for us from now in. I also know it would appear to be a lot more straightforward up here north of the border than for you guys south of the border for some strange reason?

Anyway, hubby signed the trust deed a week ago, so more c cards for us, ever.

Can anyone advide me how to stop the o844/0845 numbers from getting through to the house phone? It wil take 3 months probbaly for calls/letters to die down we have been told, but I hate the phone keeping ringing!

XXX