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JMCF1
New Member

5 Posts

Posted - 12 June 2019 :  13:27:55  Show Profile  Reply with Quote
Hi all,

Looking for some advice,

Firstly the biggest step I've taken so far is looking for this advice and I can't say it got off to the best start so I have turned to this forum. I checked an online tool from a trust deed company who arranged a call back, it may sound silly but I was nervous and it really took a lot to answer the phone, only to get through a question or two, the adviser then asked me if I could hold then cut me off and hasn't phoned back since. Sorry for the rant on my first post its just incredibly annoying.

I have a total debt of around 10,000 with numerous different companies. I am in a secure job and earn decent income but still find myself in a bit of a mess.

Should I be looking for a trust deed or a Debt management plan ?

All advice and help is much appreciated!

TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 12 June 2019 :  13:38:37  Show Profile  Reply with Quote
Welcome to the forum JMCF1.

This does sound very frustrating for you after you've made that big first step of reaching out for help.

We'd be very pleased to assist you if you wanted to get in touch. There's also organisations like Citizens Advice who can give you rounded and full debt advice.

You may find out that you have several options to deal with the debts. Trust deeds and debt management plans are two of them. Some people are better suited to the debt arrangement scheme or bankruptcy instead.

If you have multiple options (which is common) then the advantages and disadvantages of each can be explained to you. This is so that you can make an informed decision that suits your financial and personal needs.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 12 June 2019 :  13:53:07  Show Profile  Reply with Quote
Hi JMCF1

I can fully understand your annoyance at your experiences so far. It's unforgiveable really to be treated like that, as it takes such a lot of courage to reach out for advice in the first place.

Happily, you should find that this type of experience is the exception rather than the rule. Certainly I think it is safe to say that the firms represented by David and myself on this forum provide a much better service - if we didn't then I am sure you would find this forum would be full of people complaining about us!

As TDA says, we would really need to get more information from you before we'd be able to advise you about the most appropriate options, but i am sure that there will be good routes for you to choose between. The most important thing is that whatever you choose is realistic and suits your individual needs.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed

Edited by - Kevin Mapstone on 12 June 2019 13:54:11
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 12 June 2019 :  14:06:40  Show Profile  Reply with Quote
Hi JMCF1 and welcome to the forum.

Just to echo what TDA and Kevin have advised, I can completely understand your frustration about reaching out for help. Big step to take and then nothing from that company. It could have been a blessing as lots of companies online that are only middle men and not the actual company that will handle your plan. If you need a wee rant this is the place for it.

The £10,000 of debt that you have, who do you owe this to? Some lenders have a strict criteria on what they will and wonít accept in a Trust Deed.

In terms of your options i.e. a Trust Deed or debt management plan, the main thing that will decide this is how much you can afford to pay per month to a plan. If you can afford a payment that you can clear the debts within approx. 4-5 years then a Debt Arrangement Scheme might be the best option rather than a Trust Deed.

Itís a good idea to reach out to a good firm with good advisors who can work through everything with you and give you the options available. Kevin or I would be happy to help you with some advice.

Try to remain positive, you will have a solution available itís just working through this with an advisor.

David is not currently posting in the Trust-Deed.co.uk forum
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JMCF1
New Member

5 Posts

Posted - 12 June 2019 :  14:33:15  Show Profile  Reply with Quote
Firstly many thanks for the replies and advice so far.

I understand there are a few options on there and I would be keen to explore some of these.

David, I have around 3000 to 118Money, 3000 to Bamboo and 3000 to Hitachi (Which i imagine could be problematic as my car finance is also with them but on a separate finance if that makes sense). The rest are owed to 2 payday loan companies (Satsuma/My Jar) no more than 1000.

Hope the above makes sense.

I'm a bit more positive reading through this forum that there is solutions out there rather than suffer in silence as this is the first I have spoken about it to anyone.
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 12 June 2019 :  15:32:06  Show Profile  Reply with Quote
Hi JMCF1,

Thanks for this information.

Sometimes Hitachi can object to a Trust Deed. If a lender has 1/3 of your total debt or itís a majority in number object it can stop the Trust Deed from going ahead. Based on Hitachi having a balance of £3,000 and a total debt balance of approx. £10,000 they only have 30%.

With regards to your car, is this hire purchase or pcp? You can find this out by looking at the original credit agreement or having a quick look online at your credit report. If itís hire purchase or pcp then itís secured against the car. If itís just a loan then this would need to be included in any plan that you did.

What about an overdraft or council tax? Anything outstanding like that?

How much do you think you could afford to pay per month towards a plan if all the debt was combined into one payment?

David is not currently posting in the Trust-Deed.co.uk forum
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JMCF1
New Member

5 Posts

Posted - 12 June 2019 :  15:58:57  Show Profile  Reply with Quote
David,

I am miles off with my hitachi figures I have based it around settlement figures.

Outstanding for Hitachi is 6108, it also looks like my car would be a personal loan at a figure of around 12000 outstanding, I need my car for work so unsure how this would effect things.

I pay around £400 towards bills and mortgage however it is all in my partners name, who has no idea of my personal debt.

Combined into 1 plan i reckon I could pay £200 a month.

Apologies for the earlier figures, its all a bit new to me.
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TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 12 June 2019 :  16:14:31  Show Profile  Reply with Quote
Hi JMCF1.

If the car loan is unsecured (rather than being finance attached to the vehicle) then it will be treated the same as your other debts.

You'd still be able to keep and use the car even if the loan was not paid.

This lender would have the opportunity to accept/reject certain types of debt solution in the same way as the others.

How much is that loan payment each month? Did you factor it into the £200 figure you think you can afford to pay into a debt solution?

By the way... there's more information about high-cost loan providers like 118 Money at:

https://www.trust-deed.co.uk/expensive-unsecured-loans.html

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 12 June 2019 :  16:26:21  Show Profile  Reply with Quote
Hi JMCF1,

Thanks for the extra information. Donít apologise. As you said itís all new to you. Iíve being doing this almost 17 years and know the quick questions to ask.

It might be a good idea to run a credit report for yourself. You can do this online for free on a couple of websites. I used to suggest Noddle but they are now called Credit Karma. Have a look on that and it should give you up to date outstanding balances.

As TDA has advised if the car is just a loan then that debt needs to be included into a plan. That doesnít mean you would lose the car and there is normally always a work around to ensure you keep the car so donít panic at this point!

What do you think the car is worth? You can use a website called Parkers and input your registration and it will bring up the value. Itís free to use. Any car worth more than £3,000 is considered an asset in a Trust Deed. In a Debt Arrangement Scheme assets donít matter.

If your partner isnít aware of the debt donít worry, you donít need to tell them if you choose not to.

Your mind is probably doing overtime thinking about all the options. The best thing to do is reach out to an expert for some 1 to 1 advice. In the space of a 20 minute phone call with you, you will have a good understanding of your options and the pros and cons of each. Iím positive by the end of that call you will feel a whole lot better. If you do reach out to Kevin or I we will call you back. ;-)

David is not currently posting in the Trust-Deed.co.uk forum
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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 12 June 2019 :  22:47:50  Show Profile  Reply with Quote
Hi

As the others have said, Hitachi may object and if the car is on a personal loan then that debt would be included too, so they would be over 1/3 and a Trust Deed may not be possible. In any case, a DAS plan may be more appropriate once the payment you have been making for the car is factored in.


Just take your time and ask lots of questions to whoever you end up speaking to.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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JMCF1
New Member

5 Posts

Posted - 01 August 2019 :  12:55:02  Show Profile  Reply with Quote
Apologies in advance for the long winded post but I hope my post can help someone who is reluctant or hesitant to reach out for help.

Having taken the initial first step of joining the forum and snooping around reading messages, following my original post I reached out to David for some advice regarding my personal situation. At first acceptance from myself that I had a debt problem was the hardest thing for me but after discussing all options with David I started to feel like even the slightest weight was being lifted just having the chance to be so open with someone about my struggles.

Today after seeking advice, I signed my trust deed and just need to wait to hear if it will be protected. However even if it doesn't I am more than comfortable that we have a suitable plan in place to manage my debts.

I cannot thank David enough as he was the first person I opened up to about my circumstances, very non judgemental and just had a real willingness to help.

For the first time in a long long time I can honestly look at myself and say I've made a sensible decision regarding my future.
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TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 05 August 2019 :  09:20:57  Show Profile  Reply with Quote
Good for you JMCF1.

These are big steps to take. It's great to hear that you're feeling so positive about them.

For anyone else reading, there's in-depth information about the advantages, disadvantages, costs, and risks of protected trust deeds in Scotland at:

https://www.trust-deed.co.uk/scottish-protected.html

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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JMCF1
New Member

5 Posts

Posted - 23 September 2019 :  13:45:22  Show Profile  Reply with Quote
Just a quick update.

My trust deed was protected last week and I am now on the journey to being debt free!

Feels like a massive weight off my shoulders.
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TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 23 September 2019 :  21:12:33  Show Profile  Reply with Quote
That's great to hear JMCF1.

I'm really glad that this has worked out as you hoped.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 02 October 2019 :  10:36:44  Show Profile  Reply with Quote
Hi JMCF1,

Glad to have been able to help you deal with the debts and set up a Trust Deed for you. Now it's protected you have nothing to worry about.

It's over to you now to make all of the payments and before you know it you will be coming to the end and will be back onto the forum to ask about rebuilding your credit rating and life after the Trust Deed.

David is not currently posting in the Trust-Deed.co.uk forum
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