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pinkash
New Member

3 Posts

Posted - 06 April 2018 :  15:36:58  Show Profile  Reply with Quote
I have had my trust deed since 2015 and pay 140 monthly to it. I was in quite a bad place when i entered into this. I recently got married and my husband and I have accrued other debts... 3 of which are in a DAS since june 2017 and a pay day loan. I have been looking into ways of consolidating all these as the payments are quite high and we are not high earners. im now quite nervous as looking at the paperwork for my TD my property seems to be mentioned quite a lot!! Can they take our home??

TDA (Debt Adviser)
Trust Deed Expert



12291 Posts

Posted - 06 April 2018 :  15:53:00  Show Profile  Reply with Quote
Welcome to the forum pinkash.

Sorry to hear that you're struggling like this.

Are you involved in the DAS personally, or is this in your husband's name?

Who took out the payday loan please? How much is owing on it?

Regarding your home, would you mind letting us know who owns it (just you, joint etc) how much you estimate it's worth and how much is owing on the mortgage?

Sorry for all of the questions, but a little more information is needed to be able to try to help you.

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

3 Posts

Posted - 06 April 2018 :  16:00:06  Show Profile  Reply with Quote
Thank you for replying...
DAS is in both names (although it is my maiden name)
Payday loan is in my husbands name and we have only made one payment so 5 months to go at approx 150 - on a loan of 350
My home is in mine and my mothers name(although that is only on paper so i could keep my mortgage on splitting with partner), worth about 83,000 and remaining mortgage of around 17,000.

appreciate your time
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TDA (Debt Adviser)
Trust Deed Expert



12291 Posts

Posted - 06 April 2018 :  16:28:16  Show Profile  Reply with Quote
Thanks pinkash.

I think there may be an issue regarding the DAS I'm afraid. You're ineligible if you're already in a trust deed to the best of my knowledge.

Did you disclose the trust deed to the adviser who helped set-up the DAS?

What was discussed and agreed with your trustee about the equity in your home when the trust deed began?

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

3 Posts

Posted - 06 April 2018 :  16:55:21  Show Profile  Reply with Quote
I did tell them i was in TD and this was apparently ok.. i did query it a few times.

As far as i was told regarding equity my home was not part of the TD only had to go down on paper as it was there, I would pay and extra 12 months at 140 after the 48 months and that would be it.

It is causing sleepless nights thinking now that I have agreed to something that was not explaoined properly and reading other posts think my home may be at risk!!
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TDA (Debt Adviser)
Trust Deed Expert



12291 Posts

Posted - 09 April 2018 :  09:29:54  Show Profile  Reply with Quote
Hi pinkash.

If you have a written agreement in place about how the equity in your home will be dealt with then you have a significant degree of protection.

The risk seems to be if the trust deed were to fail for some reason. This equity agreement wouldn't necessarily apply in those circumstances.

Regarding your initial post, I cannot see how you could consolidate your trust deed payment, your DAS payment, and a new payday loan payment. The solution here is, I think, going to have to come from making sure that your trust deed and DAS payments are set at an affordable level and by trying to come to an affordable repayment arrangement with the payday lender.

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Kevin Mapstone
Trust Deed Expert



3494 Posts

Posted - 09 April 2018 :  15:32:48  Show Profile  Reply with Quote
Hi Pinkash

Debts that are in a Trust Deed cannot be consolidated as they are part of a formal insolvency procedure. You shouldn't have anything to worry about in respect of your home as long as you stick to the agreement made with your trustee.

There are no two ways about it - you are not eligible to enter into a DAS payment programme if you are subject to a Protected Trust Deed and it amazes me that you were told differently by whoever set it up for you to be honest. It also surprises me that it wasn't picked up by the Accountant in Bankruptcy as i thought they checked these things.

So I'm not quite sure where to start in terms of what you can do . I think the most important thing is to maintain your repayments to your Trust Deed as otherwise your home could be put at risk. I do appreciate however that this may mean you can't meet your obligations to the newer debts, which could lead to further problems. I suppose you will just have to do your best to keep them happy with some sort of payment arrangement until you get through the Trust deed.

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