New to Board

janey_jones

hello there everyone,

New to this board after taking a long look at myself in mirror and admitting I am in debt crisis I am looking for some advice.

I have around £70,000 in insecured debts and am struggling to make minimum payments and end up borrowing more to feed the family and keep a roof over our heads.

I will use the ccs this week to set up a DMP hopefully.

As I live in Scotland can someone explain how a Scotttish trust deed works. I know the basics but am confused about the bit about equity in the house. Its about the only thing of value we have, bought for £45000, value circa £90,000 and owe £44,000 and now on repayment mortgage.

Any help would be appreciated Cheers

skintscotslass

Hi Janey and welcome. I'm new myself and I have no idea what ccs and DMP mean yet. However, you're in the right place. Some one will know xx

Shineyhappy

Hiya and welcome!

First thing to read is Sticky: Debt-Free Wannabee Newbies Guide: Challenges, Honour Roll, Nerds & Where to start! and try and post an SOA (statment of affairs) ie a list of income vs debts and outgoings.

You are in the right place for advice, help and support.

jo1972

Just popping in to say hi and welcome :wave:

Well done on realising that you need to do something to sort your finances out, you are in the right place. Click the link that Shineyhappy has given you and post up your statement of affairs for everyone to look at, they will tell you where to cut back and what changes to make to make your life easier

Good luck

Jo.x

rayday2

Have you checked out the national debthelpline website I know they have a bit where you click on english or scottish and I have found the english bit to be wonderful helped me run my own DMP. SO should answer your queries hopefully!

postingalwaysposting

welcome, you are in the right place to tackle these debts. Welcome aboard and good luck i your journey

Bexter

Hi there

Re a trust deed - it's a little complicated but basically you need to have no more than (I think) 30% of your debt to one company as they can then refuse it. Your Trustee (someone like KPMG) set it up and notify all your creditors that they intend to protect your trust deed. Providing 50% of them don't object by the deadline, it becomes protected and therefore cannot be contested - you cannot be pursued for the money owing. The trustee agress a monthly paymeny with you having looked at your expenditure, and this continues for 3 years. Your debt is then cleared, the trustee's fees are taken from this pot and the rest is shared amongst your creditors. You can apply to stop making payments if for example, you became redundant. You're obliged to declare ALL additional income to the trustee and they will take a share of it. Re your house - for that amount of equity, they would look for a significant sum to 'buy out' the equity so that your creditors would have no further interest in it. Otherwise, at the end of the 3 years they could look to claim a significant proportion I think - you need to speak to a trustee arrangement company about this.

This is all just my recollection from when I set mine up 4 years ago so don't take it as gospel! I started by going through cccs who were great. If you need more info, let me know.