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Regreteverything
New Member

4 Posts

Posted - 13 September 2021 :  08:50:06  Show Profile  Reply with Quote
Please no judgement here. I truly regret everything and my mental health has been severely affected and now facing the consequences of my actions. I donít know why but I wish I could turn back time but I have started gambling during lockdown.

One year on and I have a shocking amount of debt to the tune of 47,000

Here is a breakdown

Barclayloan 21800
Nationwide Perosnal Loan 9800
Nationwide Credit Card 3900
RBS Overdraft 8500
MBNA Credit Card 3000
Capital One 900

My take home pay after tax is 1300

I do not own my property as I stay with my partner who owns the house and makes the mortgage payments. I contributte to the bills £200 per mo month and groceries £300 per month

Here are my priority outgoings

£200 rent/bills contribution
£300 groceries for 3 people including my partner and son
£100 Pet insurance, dog food and vet bills as the dog is mine and he is older so pet insurance is at £55
£55 public transport (I do not own a car)
£100 other household and personal expenses
£27 gym


I have contacted Stepchange who done a budget calculator with me who basically said I have around £250 left over a month to pay back my creditors however they suggested a DMP instead of a DAS (I live in Scotland)

I really want some help moving forward as I am really struggling mentally what to do. Even at a DAS itís going to take atleast 16 years to pay off. Would this be my best way forward? Can some qualified advisers give some advice and help me where to start

TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 13 September 2021 :  10:29:53  Show Profile  Reply with Quote
Welcome to the trust deed forum Regreteverything.

I'm really sorry to hear that you find yourself in this position and that it's affecting your wellbeing so much. Your health is the number one priority here and we'd recommend contacting your GP (or another medical professional) for help and support if you haven't already.

Please be reassured that there will be a way to bring the financial situation under control and then to begin moving forwards again.

Would you mind letting us know what your current situation is with regard to gambling please? Is it something that you have already stopped or that you have begun to bring under control?

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



4012 Posts

Posted - 13 September 2021 :  10:42:54  Show Profile  Reply with Quote
Hi Regreteverything. I'm sorry to hear that you are in this situation and are feeling the strain on your mental health.

The good news is that there I am very confident that there will be a solution that fits your circumstances and enables you to get the debt under control and hopefully ease your stress as a result. I don't say that lightly - having advised many others in similar situations during the course of almost the last 20 years, I know from experience that this can be fixed and things aren't as bleak for you as you might feel just now.

There may be more than one route that might suit you - though from the information you have provided, a Protected Trust deed is certainly likely to be one such option. I'm surprised if only a DMP was put forward to you by the agency you mentioned, but you have done the right thing looking for a second opinion in that case.

As TDA says, first thing is to ensure you have stability and are getting help with the gambling issue. Apart from that, myself or any of the other experts on this site would be happy to help you with further advice and assist you in taking the steps you need with your chosen solution if you wish. You should feel free to contact us directly by clicking through the "contact" button and we could have a closer look at your details for you.

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

Edited by - Kevin Mapstone on 13 September 2021 10:46:10
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Regreteverything
New Member

4 Posts

Posted - 13 September 2021 :  18:17:29  Show Profile  Reply with Quote
Thank you so much for your reply. I have spoken to Stepchange again and I said Iím willing to bring my budget a little bit tighter so I can release more funds to pay as Iím really hoping to get on to DAS. After the final budget completed, I have now managed an extra £400 a month which will take 9 years and 10 months, on this case Stepchange has now recommended a DPP. I am really worried about my DPP not going to her approved, has anyone have any experience about a DPP that long? Stepchange did suite me most likely it will be approved as I have cutdown on a lot of essentials. Also because I have cut down in a lot of essentials and want to pay more to DAS, I am looking to take on an extra part time job and maybe look for a better paying job sometime in the future just so I can have a little extra to cover my tight budget. If I do change jobs and receive little extra from part time job like an extra £100 a month, will I be able to keep this? Or does it have to go to the DAS. On the annual review do I have to tell them about this and will they demand to take it? The only reason why Iím looking to work extra few hours part time job is so I have enough to subsidise my already tight monthly budget so i can start living a normal life again. I hope you can help.
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Zandra
Contributor

14 Posts

Posted - 13 September 2021 :  21:05:51  Show Profile  Reply with Quote
Hi Regreteverthing, I was in a similar position to yourself, contacted various Companies including the one you have had advice from. Eventually I sought help from this forum and contacted one of the experts on here. It was the best decision I ever made and with their help I entered a Trust Deed for four years which I completed last year. Kevin has reached out to you to contact him or one of the other experts, Hand on heart I donít know where I would be without them. Wishing you Good Luck in going forward and better days ahead. This forum is a great source of invaluable information from the TDA, experts and members for people who donít know where to turn when they find themselves in this situation.

Zandra

Zandra
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TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 14 September 2021 :  07:43:33  Show Profile  Reply with Quote
Hi Regreteverything,

Finding a way to clear the debts sooner sounds like a good idea, and DAS will provide you with more certainty and protection than a debt management plan.

There are no absolute guarantees, but your potential DAS will have a really very good chance of being approved if you're offering to pay a significant sum that will clear the debts within a reasonable period of time. It's not necessary to pay over every single penny of your disposable income when using DAS.

I do think it's also important to consider sustainability. A really tight budget and/or extra part-time work for nearly 10 years is potentially a stretch and it's important not to accidentally replace one worrying problem with another.

Have you also discussed trust deeds and sequestration (bankruptcy) with your adviser? There may be good reasons why these debt solutions have been considered unsuitable, but on the surface of it they both seem to present you with an opportunity to get out of debt much sooner, at a lower overall cost, and potentially without having to take on additional work for a period of years.

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

4 Posts

Posted - 14 September 2021 :  08:03:17  Show Profile  Reply with Quote
I did read up about the trust deed and Iím not so sure about it. Iím really scared of sheriff officers coming to the door. Iím about to miss a payment on all the loans in a few days time. How long after a missed payment will the sheriff officers come? What happens when I enter the trust deed or DAS? Will they come too? I donít own the house, my partner does and he said if people come knocking at the door Iím out the house thatís why Iím just in a terrible mental state and want to get something sorted ASAP and Iím not sure how long that will take with the trust deed and implications behind it I will try to call today as Iím just so confused about everything, have really lost myself in all this process and havenít slept for days
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TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 14 September 2021 :  08:50:41  Show Profile  Reply with Quote
Hi Regreteverything,

If you're about to miss repayments for the first time then you're honestly quite a long way away from anyone turning up at your door.

You still have plenty of time to make sure that you're entering the both the right debt solution and a debt solution that you feel very comfortable with.

Once agreed with creditors, DAS and trust deeds provide you with legal protection from your creditors, so there's no reason for anyone to turn up at your door. Sequestration (bankruptcy) also protects you from your creditors, though in this instance without any creditor agreement being needed.

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



4012 Posts

Posted - 14 September 2021 :  09:19:58  Show Profile  Reply with Quote
Don't worry, there is very little chance of anyone coming to your door any time soon. In any case it is easy to protect yourself from that prospect temporarily while you get your chosen solution set up, by registering a "moratorium". Hopefully Stepchange advised you about this? It might just help you sleep a bit better while everything is being sorted out for you.

The formal debt solutions all stop further creditor action too, so there should be no prospect of anyone coming to your door at all once one of them is set up, whether a DAS, Trust Deed or Sequestration. All can be set up quite quickly, but I would echo what TDA says - you should take your time to make sure you are comfortable with the choice you are making. Repaying your debts in full via a DAS is great and I wouldn't at all wish to discourage you from that if it is what you would rather do, however stretching your budget tight and having to stick to that over almost 10 years may just be jumping into a new source of stress for you.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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Dazzla359
Contributor

12 Posts

Posted - 14 September 2021 :  11:19:44  Show Profile  Reply with Quote
Hi Regreteverything,

Firstly Iíd like to say that nobody is judged within this forum and most on here certainly regret the reason why we need to to be here in the first place but the big step has been made. I was in a very similar position to you and didnít think there was a way out and found step change gave me some hope by setting up a DMP with a monthly payment of £420 which I was in for several months. Unfortunately I found this really tough to keep up with and the thought of paying this for 10 years plus was damaging me mentally and my quality of life was zero so I done some more research using this forum and after a lot of thinking and research into a trust deed (scary thought) I finally went for it in December 2019 so almost halfway there with an affordable payment of £230 for 4 years. I signed the forms late December and it was confirmed protected in early January and that was the lightest Iíve felt in years, it was certainly a scary thought to enter a trust deed but I would certainly recommend it for you (not a professional) and your mental health. The advisors on here are 2nd to none and Iím sure they will keep you right Be honest with your income and expenditure and make it achievable, itís all about budgeting from now on. I can confirm that I hear nothing from my creditors other than the mandatory annual statement for each account. I hope the advisors donít mind me commenting and if Iíve said anything thatís untrue then Iím sure I will be corrected. Good luck on moving forward and breathing easy again.
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Porcupine
Advanced Contributor

218 Posts

Posted - 15 September 2021 :  12:37:13  Show Profile  Reply with Quote
My advice is before committing to one plan, is seek advice from second opinion if not more......

May sound daft but "shop around" and seek advice from various companies and go with the one that suits your circumstances best......

That's exactly what I did nearly a decade ago, found my advisor on here and have never looked back since then......
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Regreteverything
New Member

4 Posts

Posted - 15 September 2021 :  18:13:15  Show Profile  Reply with Quote
Thank you so much for your advice. I really need time to think about it and speak to advisors and decide what I have to do so I can finally have peace in my head. I am just speaking to my GP so I can get help with sleeping at night and once I will have a clear head I will contact the money advisors to get more understanding. Iím about to miss payments which Iím really worried about the sheriff officer but I have read that I can apply for a moratorium up to 6 months so they cannot take any action? This will give me time to think. But can someone confirm if the 6 months only applies if I make application before September 30 2021? If I apply for this after 30 September 2021, will this go back to 6 weeks? Thanks for your help

Edited by - Regreteverything on 15 September 2021 18:15:30
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Kevin Mapstone
Trust Deed Expert



4012 Posts

Posted - 16 September 2021 :  09:30:30  Show Profile  Reply with Quote
That's not quite right, Regreteverything. It will still be 6 months even if you apply for the moratorium after 30 September, as the availability of this provision has been extended until the end of March next year. The only change coming into effect from 30 September is that you will only be allowed to register one moratorium within any 12 month period.

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

5 Posts

Posted - 17 September 2021 :  21:11:51  Show Profile  Reply with Quote
Hello, just wanted to let you know, i was where you where just over 4 and a half years ago and saw no hope of getting out of the quicksand of debt and it was badly affecting my sleep, health etc.

It was pure desperation one Sunday, when i was working out how much money i had left from my wages to last me the month and it transpired that i was still 300 short, that led me to making a call seeking help. Since that day i got my life and health back.

I took all the advice, looked at the options and a 4 year trust deed suited my needs and within 6 weeks i was in a protected trust deed and the hassle from the creditors stopped, and i got my life back. Like Dazzla says, personally i dont think a 10 year programme would have helped me as much as it appears a long way off, and the Trust Deed meant i could see light at the end of the tunnel. I can honestly say the time has flown in, and in 6 months i will make my final payment and become debt free.

But take your time and take on board the advice and realise there is light at the end of the tunnel. Good Luck
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