what is a trust deed?

financialdisease

I have been trying to find old threads or information on *what is and how* a trust deed works in simple terms that I will understand. I keep ending up on their website with no real understanding of what it actually means for the person entering into a trust deed.

short of it is
hubby has card and unsecured loans of £33k all in his name we have a small joint mortgage with a modest income and no way of paying it back he has mentioned hearing the trust deed advertising and thinks it might be what can save us.

thanks in advance.

Tigsteroonie

Firstly, are you in Scotland? A trust deed is the Scottish version of an IVA (individual voluntary arrangement) - runs slightly differently and, unless things have changed, can be for a shorter period - but basically the same.

financialdisease

Yeah we are in Scotland

so information and threads on IVAs shall be partly relevant for me to read up on?

Tigsteroonie

Link from the Bankruptcy sticky about Trust Deeds: https://www.nationaldebtline.org/S/factsheets/Pages/21%20SCOT%20Trust%20deeds/Default.aspx

financialdisease

Thank you

ontrack

First. PLEASE PLEASE look at the website trust-deed.co.uk
There is a lot of help there, and there are a lot of sharks in the market who will exploit the unwary.
If you need a personal recommendation PM me
Best of luck

financialdisease

ontrack wrote: »

First. PLEASE PLEASE look at the website trust-deed.co.uk
There is a lot of help there, and there are a lot of sharks in the market who will exploit the unwary.
If you need a personal recommendation PM me
Best of luck

Thank you so much for your offer and advice. I have been looking around online and don't understand it at all, the information is really quite vague I always research and gather as much info before making decisions but this is proving difficult even to know if its something he should consider.

I wish there was a tool I could type it all in and get a simple answer dmp or td:cool:

I have been looking for some real life experiences of trust deeds but thats hard to find to.

Miss_Poohs

Financialdisease have you considered a DAS, take a look here, see if there's anything of help to you

http://www.aib.gov.uk

financialdisease

Miss_Poohs wrote: »

Financialdisease have you considered a DAS, take a look here, see if there's anything of help to you

]

No this is the first time I have read it and I think its definitely a better option for us because I really think he can pay the debts off just not as quickly as agreed just now.

Massive thanks for your imput its been a real help.

Miss_Poohs

It's something we have personal experience with, so please feel free to pm me if you need to ask anything

financialdisease

Miss_Poohs wrote: »

It's something we have personal experience with, so please feel free to pm me if you need to ask anything

Thank you that ia really kind ans helpful

My original thread with the information and numbers if you are interested in reading it is in the debt free wanabe sub forum "debt bomb shell dropped on me" I can't link it becomes im new.

thank you I will pm you.