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Mercy
New Member

3 Posts

Posted - 12 December 2020 :  13:53:18  Show Profile  Reply with Quote
I'm hanging my head in shame, how many times can a person have a trust deed? You'd think I'd have learned from previously having 2 over the years but here I am again seeking advice on a 3rd. My mental health is starting to be affected and I'm just going tound in circles with no light at the end of the tunnel. My friend advised me to get a credit card to better my credit rating when my last trust deed ended and since then my debt has spiralled out way of control. I've been robbing Peter to pay Paul and I'm stuck in this viscous circle. I can't sleep with all the worry. I have approximately £11k debt in my name. I have a car on HP which I need for work as I work 60mile round trip from home to work. I valued it on one of the car websites and it said approximately £2900. Please help x

M Mcintosh

TDA (Debt Adviser)
Trust Deed Expert



13618 Posts

Posted - 12 December 2020 :  18:19:53  Show Profile  Reply with Quote
Welcome to the trust deed forum Mercy.

Itís an easy thing for me to write, but please donít beat yourself up about this too much. Itís happened now and there will be a way to make things better.

Thereís actually no restriction about going into a trust deed for a second or third time. If you need to deal with a debt problem itís still one of the options you should consider.

From what youíve written it doesnít seem like your car will be an obstacle to fixing this.

The most important thing to do now will be to get advice and identify the best solution. Weíd be very happy to help you with this, as will many other debt advice agencies.

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Kevin Mapstone
Trust Deed Expert



3932 Posts

Posted - 14 December 2020 :  09:47:09  Show Profile  Reply with Quote
Hi Mercy. You really shouldn't be so hard on yourself. You wouldn't be the first person I have helped who has had problems a couple of times before and you certainly wouldn't be the last. As TDA says, the main thing is that it gets sorted out for you.

If the car is worth less than £3000 and reasonably required then it shouldn't be affected, as long as you can afford to make the monthly payments.

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Mercy
New Member

3 Posts

Posted - 14 December 2020 :  18:10:43  Show Profile  Reply with Quote
Thank you so much to you both for replying. I've just done some more comparisons on my car and some of the companies are valuing my car just over £3k. Think I'm going to see how the next few months go and make a decision then, see if I can get myself out of this rut. If you don't mind Kevin would it be ok to contact you about it if I do go down that road? Thank you

M Mcintosh
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TDA (Debt Adviser)
Trust Deed Expert



13618 Posts

Posted - 14 December 2020 :  18:52:23  Show Profile  Reply with Quote
Hi Mercy,

Just so you know, the value of your car isn't especially relevant if it's on hire purchase.

That's because you don't own a vehicle while it is subject to hire purchase (it's still owned by the finance provider) so it isn't seen as an asset at the moment.


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Kevin Mapstone
Trust Deed Expert



3932 Posts

Posted - 15 December 2020 :  12:03:30  Show Profile  Reply with Quote
A good point, TDA - sorry if my mention of the car value confused matters for you, Mercy! Whilst you should certainly feel free to take your time and wait to see how things pan out for you, please don't do so just on account of the car value as it really isn't relevant.

Of course I'd be happy to help if you wish - just click through the "contact me" button if/when you feel the time is right.

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Swandog
Advanced Contributor

211 Posts

Posted - 06 January 2021 :  16:58:18  Show Profile  Reply with Quote
Hi Mercy,

It's life! It's trying to get by and sometimes things get tough and the only option can be to use credit with the best intentions of paying it back when things improve.

Don't beat yourself up about it. Your health and mental health is important and that is what you want to focus on. I've known people to sign Trust Deeds 2 and three times and have to enter into Bankruptcy multiple times over the years.

Be brave and reach out to an advisor for some help and advice. That way you can see how things go over the next couple of months but also that you have options. If the debt is on a credit card and is approx. 11k and you are now paying interest a Trust Deed or even a Debt Arrangement Scheme might be the best option to manage it.
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Mercy
New Member

3 Posts

Posted - 08 January 2021 :  15:18:51  Show Profile  Reply with Quote
Hello, thank you all for taking the time reply to my posts. I'm having a long hard think about my finances and weighing up my options. Thanks again.

M Mcintosh
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Swandog
Advanced Contributor

211 Posts

Posted - 08 January 2021 :  22:30:08  Show Profile  Reply with Quote
Have you thought about a Debt Arrangement Scheme Mercy rather than a Trust Deed?
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