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| The independent answer to your debt problems | login join |
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brighteyes
| 17-05-2007 12:55 PM |
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Joined: 17 May 2007 Posts: 5 | I'm considering doing a Trust Deed, I have spoken to CCCS and they think that a DMP is a better option. Basically I have £27k worth of debt amongst 9 creditors and I live with my parents. I earn £15,000 a year as a call centre operator. Can you guys help? |
| DW George | 17-05-2007 01:55 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Your course of action is dependent on your financial status. Its sounds to me that you are insolvent. Work out from your disposable income how long it will take you to clear all of your debts. Also think long and hard about how certain you are that you can remained disciplined in your spending not to take out more credit. A Protected Trust Deed is the other option. With this your debts will be cleared within 3 years. On protection a trust deed will prevent all your creditors from taking action against you, even those who objected to your trust deed. |
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brighteyes
| 17-05-2007 02:00 PM |
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Joined: 17 May 2007 Posts: 5 | Thanks George Could you also tell me how much it costs and how long will it take to sign up for a PTD? |
| DW George | 17-05-2007 02:06 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Its difficult to say how much it will cost as this is dependent on the number of creditors and size of debt. Ask your IP for information on their fees. The fees will be taken from your assets and available income by the trustee. |
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brighteyes
| 17-05-2007 02:09 PM |
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Joined: 17 May 2007 Posts: 5 | I appreciate your help. xx |
| James H | 27-05-2007 04:53 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Be aware that CCCS will make money from you doing a DMP and a Trustee (Insolvency Practitioner) will make money from your Trust Deed. Take impartial advice based on your disposable income figure, assets and future desires, such as the purchase of a house of your own. Calculate how long a DMP will tak to clear your debts and compare it to the three years of a Trust Deed. The TD is harsher, but offers protection and a quicker release from the problems in exchange. |
| mallorca | 28-05-2007 02:15 PM |
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Joined: 28 May 2007 Posts: 17 My Profile | brighteyes - buy a house get a 125% mortgage clear your debts and dont move for 10 years, cut your cards and stop spending if you are lucky you could comeout of in profit and own a house. |
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brighteyes
| 28-05-2007 08:19 PM |
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Joined: 17 May 2007 Posts: 5 | I've tried to get a mortgage but i seem to have some problem with my credit file. I have been rejected twice for a loan. I would love to move out and get a place of my own. A 125% mortgage sounds as if I would be overstretched, I don't want to get further into debt. |
| MALLORCASPAIN | 28-05-2007 09:51 PM |
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Joined: 28 May 2007 Posts: 10 My Profile | it is not rare to be turned down for a loan, i have an A1 credit profile and i made over £80k a year b4 i left the Uk an di got turned down by HSBC for a credit card. Try Northern Rock, take teh mortage over 40 yrs sounds long but you will only stay in the house for ten, rent a room or two to cover the mortage, it takes balls but it really could work, have a chat with a mortgage broker but what ever you do DONT TAKE THERE PPP you can get it for 25% of the cost online. Good luck |
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brighteyes
| 30-05-2007 11:21 AM |
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Joined: 17 May 2007 Posts: 5 | Thanks for all your comments. I am going to go for a Trust Deed. I have made an appointment with an IP for tomorrow. Hopefully everything will go well. How long will it take to stop my creditors from pestering me? I don't think I have the balls or confidence to go through with your suggestion mallorca. I just want to get rid of this debt. It's making me feel ill at times. |
| MALLORCASPAIN | 30-05-2007 11:21 PM |
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Joined: 28 May 2007 Posts: 10 My Profile | brighteyes good luck the good thing is that it makes you feel sick, for so many years i heard clients storys of how they got into debt many stated it was not there fault but someone else did not make them put new cars on credit cars and that king of thing. I hope for you you dont let it happen again, for most they end up in the same debt in two or three years times. Once again good luck. |
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sanfran69
| 01-06-2007 02:10 PM |
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Joined: 18 May 2007 Posts: 4 | Good luck brighteyes. I'm in a similar situation and would like to know how your getting. |
| James H | 02-06-2007 12:49 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Mallorcaspain really is an informed person, abit too brave for the average person but perhaps that is why they can live in Spain now whilst the rest of us suffer the British way of life. |
