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Munrodude
Contributor

7 Posts

Posted - 11 October 2017 :  20:54:36  Show Profile  Reply with Quote
Hi recently got car on PCP £ 119.00 per month for 4 years and I need it for work. Also got a car which is registered in my name for my wife which my dad pays for £204.99 per month as both mum and dad are disabled and my wife runs them to hospital appointments food shopping etc. This is the only way I could afford a car at this time by financing it through pCP scheme. Would this be a problem if I apply for a trust deed. Also I have a sizeable secure loan on my house which would rule out any assets. Thanks

David Tannock
Trust Deed Expert



2096 Posts

Posted - 11 October 2017 :  21:06:12  Show Profile  Reply with Quote
Hi Munrodude,

That all sounds reasonable and shouldnít cause a problem for you if you are applying for a Trust Deed. The only one thing I would say is that under the terms and conditions of the pcp there will be a clause about entering into a Trust Deed can give them the right to terminate the agreement. Iím my experience this doesnít tend to happen unless there are arrears but itís something a good advisor should make you aware of.

You will need to provide the advisor you are dealing with a mortgage settlement figure along with same for the secured loan.

Has a valuation of your property been carried out yet?

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Munrodude
Contributor

7 Posts

Posted - 11 October 2017 :  21:12:42  Show Profile  Reply with Quote
Hi yes last year mortgage was 79,000 still to pay with £ 50,000 secured on it. House next door went for £125,000 nov last year. Thanks
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 11 October 2017 :  21:16:58  Show Profile  Reply with Quote
Hi Munrodude,

The best way to confirm this is speak with an advisor and ask them to arrange a chartered surveyor to value your house. Based on your figures though it looks like there is no equity in your property which is good.

How much debt do you have and how much do you think you can pay per month towards a plan?

Also, have you reached out to a qualified advisor for some advice?

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Munrodude
Contributor

7 Posts

Posted - 11 October 2017 :  21:24:50  Show Profile  Reply with Quote
Approx 22,000. Not spoke to anyone yet just came on this forum to get some advice first. Think I could pay £150.00 per month as I pay £ 400 odds for secured loan and wife pays mortgage.
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 11 October 2017 :  21:27:25  Show Profile  Reply with Quote
Seeking as much advice and information is key and a good first step to take.

Of the £22,000, can you give me an idea of who your biggest creditors are?

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Munrodude
Contributor

7 Posts

Posted - 11 October 2017 :  21:31:54  Show Profile  Reply with Quote
Creation then tsb and next. Creation is biggest about 10,000
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 11 October 2017 :  21:51:20  Show Profile  Reply with Quote
Thanks for sharing some more information. These are all creditors that we deal with on a daily basis.

Do you have your bank account with the TSB? If you do then you will need to change to a bank that you donít have any debt with.

Also, when in the month do you normally pay your debts? Depending on when you decide to reach out for help and advice could mean that you donít need to pay your debts this month and from next you would commence payments. This would allow you to build a little savings for any emergencies.

If you decide to proceed with a Trust Deed it could be all set up in time for Christmas which would allow you to start 2018 with a fresh start. If you need some one to one advice Kevin or I would be happy to help.

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Munrodude
Contributor

7 Posts

Posted - 11 October 2017 :  22:05:00  Show Profile  Reply with Quote
Thanks for all the information definitely thinking about it
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 11 October 2017 :  22:11:08  Show Profile  Reply with Quote
Is there anything that your still a little unsure of that I can reassure you about?

In terms of your alternative options, for £22,000 if you considered a Debt Arrangement Scheme and your payment was £150 per month it would take approximately 12 years to clear off the debt.

How much is your debt repayments at the moment and are you finding these a struggle?

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Munrodude
Contributor

7 Posts

Posted - 12 October 2017 :  08:34:10  Show Profile  Reply with Quote
Really struggling sometimes using visa to pay minimum payments. £100.00 next£100.00visa £237loan plus more 119 car 490 sec loan. Using visa to pay more often than not.
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 12 October 2017 :  08:51:51  Show Profile  Reply with Quote
Hi,

Thatís a lot to be paying out in unsecured debt payments and if you feel your struggling month to month and have fallen into the ďrobbing Peter to pay PaulĒ scenario then itís probably a good idea to reach out to a qualified advisor for some one to one advice. In the space of a 10-15 minute phone call with us Iím positive you will feel a whole lot better about your options.

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Kevin Mapstone
Trust Deed Expert



3411 Posts

Posted - 12 October 2017 :  10:46:51  Show Profile  Reply with Quote
If you are using your visa card to cover minimum payments then the debts are only going to go one way - upwards. So unless you foresee that your situation is going to change significantly in the not-too-distant future (eg jump in income) then you are definitely doing the right thing by considering your options now.

As David has said, your situation looks pretty straightforward and a Trust Deed should be viable if the figures you have stated are roughly correct. There may be other options too, though, and a chat with an adviser would be the first port of call in order to give you the full range of options at your disposal so that you can choose the one that suits you best.

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