If in trouble contact CAB.

redvanman

I owed 12,500 to credit card company,7,500 to bank for loan and 1,000 in H/P my total repayments were 500 p/m while i was only earning 800 p/m with a wife and child to support i was really struggling, I had used up all our savings and had started to gamble to try and get rid of some of the debt, of course I proceeded to get even deeper in to debt, i had not told my wife about most of the debt I really did not know what to do next so I contacted CAB, the first thing they asked me to do was open an account with another bank and get my wages payed into the new account, they then got me in touch with a company who deal with Trust Deeds,they then came to my home and we worked out my imcomings and outgoings, we worked out that realistically I could afford 120 pounds p/m, they told me to stop paying all my debtors, they then wrote to the companys I owed money to and told them i had applied for a T/D, the companys then accepted my offer of 120 pounds for the next 3 years which will then be divided amongst them, so in 3 years time i will be debt free with a great weight lifted of my shoulders. ( sorry about the grammar ).

Homework

As well as CAB in Scotland there are money advisors at the councils who can give advice and set up Debt Arrangement Schemes if you just need time to repay your debts. They can also advise with Trust Deeds and Bankruptcy.

www.moneyscotland.gov.uk

If this is a Scottish trust deed then once it is protected any creditor wanting to make you bankrupt has to wait for you to breach the terms of your trust deed to do anything.

There can be problems if you are unable to pay your contributions as the company dealing with the trust deed will make you bankrupt to recover thier fees. Their fees are paid from the contributions and what is left is divided between the creditors.

Well done in sorting things out, good luck for the future.

tigerfeet2006

There are also several free debt charites you can contact (see my sig.) The CAB are incredibly busy and understaffed at the moment so it may be better to phone one of the others. Though they do do an brilliant job under some very trying circumstances, they have helped me several times.