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| The independent answer to your debt problems | login join |
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MICKEYMOUSE
| 14-07-2008 10:25 PM |
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Joined: 14 Jul 2008 Posts: 1 | I am in debt of £29000, I tried to clear this but its keep going on and on since last 6 years, I have personal loan and 2 credit cards. I have not missed any payments, but now I want to clear this debt, but can not afford payments. I never received any letters from creditors for chasing up for payments. My IP offer me to go on Trust Deed , Could someone please advise me if this is the right path, because my IP advise that it is too late for me to cancle , but I have not sign any paper work. Someone please help me!!!!! Regards! |
| paladin | 15-07-2008 12:23 AM |
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Joined: 06 Jun 2007 Posts: 63 My Profile | Hi Mickey If you have not signed any papers, you can still pull out of the Trust Deed. However, if you can't afford the repayments to clear off your debt, then more formal action against you by your creditors. A Protected Trust Deed will stop this. There are alternatives to a Trust Deed. If you don't have any assets (eg house) to protect then sequestration (personal bankruptcy) may be a solution. You can now petition for your bankruptcy and this will mean in a year you'll be debt free. There are some downsides to sequestration which you should study before going down this route. A debt management plan may be an option, but there are no guarantees that your creditors will stick to the payment plan. However, in Scotland there is DAS, Debt Arrangement Scheme, a debt management plan which guarantees that the interest will be frozen and stops your creditors from taken any formal action against you if you sign up to it. In DAS you are committed to paying back the full amount in not more than 10 years. For more info on DAS speak to your local Money Advice Centre (local government). Control on your spending is the key to any debt solution though. Your Trust Deed may be the right option. Post back if you want more info. It's late and i am tired and may have missed some things. Regards George |
