Confused....

duckie193

I have just had a telephone call from PayPlan to discuss what options there are for me.
I am just so relieved that there is options for me !

I have been looking into it all & thought that a DMP would be the best option for me but the girl also mentioned a trust deed.
As there is one joint debt that couldn't be included in a trust deed so I would have to make an arrangement with the creditor and to be honest I am just thinking that payplan would take control of it all and I can just make sure my monthly payments are made and it should run smoothly.
I have said just to go ahead with the DMP.

What do you think is a trust deed the way to go....so confused.

dfwsometimesoon

trust deed was also mentioned when i started with payplan... they cant do that for you tho they would refer u to an approved money advisor who would go through it with you. what put me off it tho was that this is my dmp not joint with a trust deed all household income is included, plus house equity, assets etc which would mean my oh supplying wage slips and to be perfectly honest i dont want him involved at all, he knows i have dmp doesnt know the figures tho and am keeping it that way lol.

trust deed from what i can recall is a formal agreement with creditors and 90% must agree for it to be approved and takes 6 weeks plus to be put in place, worry i had was that if they didnt agree would they then force bankruptcy?? and where do u go from there 6 weeks+ down the line if no all agree?? ..... u can always start on the dmp and try it for a while if u feel its not working u can go for a trust deed further down the line x

dfwsometimesoon

to be honest looking at ur previous posts im surprised they advised that as an option... u only have 5 years left on mortgage so house would be totally at risk if entering a trust deed one of the questions i saw re trust deed was ...

I'm a homeowner – what will happen to my home?

A. You may be required to release the equity in your home, to increase the amount you can pay your creditors.

As you obviously have a lot of equity id really think twice about a trust deed ....

RAS

Have you also spoken to cccs AND ndl AND ASKED THEIR ADVIce? They are both free debt advice providers who ooperate in Scotland.

I would agree with DFWSS re the trust deed- with the amount of equity in your house you would have to release enough equity in the house to repay your creditors in total and then pay the trust fees

duckie193

Thanks everyone for your replies.
I think I am better with the DMP as i think I understand that better but a wee bit on tenderhooks until it is all arranged.

I am going to go next week and open a bank account up with either Co-op or Barclays - I think they are the 2 that I should be able to get one with.
That means it is all set up if/when I need to move accounts - although the logistics of that is filling me full of dread, I have about 15 direct debits in place - its going to be a nightmare moving them & making sure the funds are there - are tips on how to do this ?

Sorry all I seem to be doing is asking questions but once I am all settled hopefully I will be able to give something back with advice on how my situation is going - here's hoping 1

ta

RAS

The Co-op and Barclays offer basic bank accounts to people who are undischarged bankrupts. There are loads of other basic account providers.