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| The independent answer to your debt problems | login join |
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Debz1809
| 02-02-2012 02:13 AM |
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Joined: 02 Feb 2012 Posts: 1 | I singed Trust Deed on 08/02/2011 and so far I have not made any payments. This is for my husband and I. We have a Mortgage but it is only in hubby's name because of my Credit Rating. I got a phone call from a company regarding a Debt Management Plan and I am definatley wanting to do this rather than the Trust Deed but when I phoned the company I have it with, I was advised that I cannot cancel it as I have signed the agreement. Since taking out the TDeed, I have had a few Payday Loans and they are not going to include these into my TDeed as the debts were taken out after the TDeed was signed. I am very scared as I cannot afford to pay off these and also my TDeed. I have asked the TDeed to reduce my monthly payments as I was to be paying £175 and my hubby £160 per month, we cannot afford this!!! DMP was gonna allow me to pay £200 per month jointly ... I have asked the TDeed to see if we can pay this and they said they are gonna have to reasses. I am really scared taht we loose our house! I dont think we hv any equity on property bcos we took it out 2yrs ago and mortgage is in arrears at the moment (which I am paying off seperatley) Can someone plz gv me advice Thanks x |
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loobyloo1974
| 25-02-2012 10:20 PM |
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Joined: 25 Feb 2012 Posts: 2 | Hiya, first of all i would say the Trust Deed is the best thing to do. I entered into mine in June last year so i'm half way through mine. I am now far better off than I was then. Like you though, I was petrified that I'd loose the house etc. But, after about 6 months all the calls and letters stopped. I am in a protected trust deed, which means noone can touch you. You will get an assessment every 6 months to see if your situation has changed. It will be difficult to re assess at the moment as your Trustee will be trying to get something in place for you. You shouldn't lose your house as the Trustee should be able to calculate a manageable fee etc. Don't take out any more credit or these Payday loans as you pay back far more than you borrow. You will end up a lot worse off if you do. I don't know if that has been any help to you, but I got myself into £34k worth of debt, I couldn't sleep or eat and worried all the time. My husband told me to do it and because its my name on everything he can get credit but we WON'T be going down that route again. I have to young children so my fear was also losing the house. Hang on in their and keep continual contact with your Trustee, they are there to help you. Good luck x |
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micky123
| 06-03-2012 12:01 PM |
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Joined: 06 Mar 2012 Posts: 2 | hi i am going to default shortly on credit cards and am worried eventually i will be issued with a ccj then bailiffs the home is in my wifes name she owns it 100 per cent so surley no one casn touch it? someone said place in a trust to make sure whhat you think?also in eyes of uk law im not married thanks |
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DSS
| 26-03-2012 11:10 PM |
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Joined: 26 Mar 2012 Posts: 1 | I'm a senior debt advisor for Debt Simple Solution If need any advice or queries about Debt Management then email myself sam@debtsimplesolution.co.uk You are probably already aware of the benefits of a debt management programme, including freezing or reducing the interest; preventing any future late fees or other charges and paying back a sum you can realistically afford on a monthly basis. We will hold all future negotiations with your creditors, giving you peace of mind and resolving your financial worries. Kind Regards Sam Debt Simple Solution |
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kt0362
| 27-03-2012 11:12 AM |
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Joined: 27 Mar 2012 Posts: 1 | Hi. I entered a trust deed 10 years ago. It really helped at the time and i said would never happen again. Im finding myself at a level where i think the only option is to apply for it again. Would i be eligible. Im worried due to having one previously. Any advise would be much appreciated. |
