starting to wake up

pineapple_beach

Hi there
I am new to all this and trying to follow - what do you mean by a trust deed and it being protected...? What impact does that have on you getting the interest rates frozen as this can be the only way to even start to pay it all back?
I think you are brave to post on here, it is a good first step as there is much advice around. I have not yet had the courage myself, but I am working up to it...
p_b

village_idiot_2

I am in Scotland, a trust deed is similar to an IVA except over 3 years

$17mma

Someone on here gave me these sites that are brilliant.

The first has a list of letters that will help you to write toyour creditros. the second is an excellent site that will help you prioritise your debts depending on interest rates.

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

http://www.whatsthecost.co.uk/snowball.aspx

Well done for making the first step.. I know it is hard, nothing good comes easy but you are heading in the right direction.

rubytwilight

The way a trust deed was explained to me was , in terms of your property , you look at remortgaging if there is equity in your property. A survey needs to be done , if there is significant equity you would remortgage and this would go to the insolvency practicioner to distribute to your creditors . This "buys out" their interest in your home. An arranged amount is drawn up to be paid back over the three years and you are discharged after the three years is up.
I am in a similar situation to yourself and am thinking this may the best route in my circumstances too.
Good luck

village_idiot_2

Rubytwilight

Our mortgage is in 3 names so I am only in for 1/3 share. A very kind relative has offered to help financially but we have also spoken to our lender about the possibility of releasing equity and they have stated that they would after they had done their own valuation

The IP would get their own valuation done and if we have to go through our lender we would have their valuation to compare it with

Our IP has advised us to put a lump sum in the pot at the beginning and then make a monthly payment as well

Feel this is the best option for me so fingers crossed

Good luck whatever road you decide on