Struggling need help and advice 😔😔😔

A question about : Struggling need help and advice 😔😔😔

Hi everyone im new to this but really need help!!!!! im currently in a trust deed for all my unsecured debt which I was paying Ј480 pm this was my husband as well. I have a secured loan on my property which I have fallen in to arrears with and they now want double my original monthly payment now Ј1068. my trustee has reduced my payments to Ј200 however im struggling big time I hardly have enough for basic essentials such as heating and food at times. im so depressed I just want to hand my keys back. my parents have been great but theyre not exactly in a position to pay my bills. they have said myself husband and 2 children can go live with them. im also in arrears with my mortgage Ј968. Please can someone give me some advice. I have an app with citizens advice but I was told because I have a trust deed there wont be much they can do.

Best answers:

• Sorry I don't know what a Trust Deed is? I am sure people who do will be along here to help you soon.
  Do you know why you have got into difficulties? Are you both earning now? The best thing you can do is fill in a SOA and look very seriously at what you are spending your money on and what you can cut down as you will probably seriously need to cut your spending down to get back on track but you can do that.
  Study this forum for tips on all sorts of things especially got to get by on very little money and how to get back on track.
  Is your partner fully aware of the situation?
  Good Luck, you can beat this without having to hand your keys back!
• I've cut back on everything. We don't go out or have any luxuries part of me just want to get rid and start again. Yea my husband is fully aware. We have been in debt for years but now it has finally spiralled out if control . My other option was to sell my house myself to pay my mirtgage and loan but I don't have the money for upfront fees. When I speak about leaving our house I actually feel as if a weight has been lifted but it's just funding out how to do it and making that huge step. My house is actually falling down around us dampness condensation leaky roof . Sorry I'm rambling on just need to get it out
• Hi Dell, I think a Trust deed is some sort of Scottish mechanism for debt, but I don't know the ins and outs of it.
  Maybe Stepchange could give you advice.
  Clearly the budget you are trying to stick to is too tight, but I don't know how to get it changed. Perhaps a SOA on here might give some clues as to how realistic expectations are that you could stick with it or not.
  Sorry can't give you anything specific to hang your hat on to tonight. Don't give up, there will be a way to get through this.
• Hi,
  As far as i am aware, a trust deed is the Scottish equivalent of an IVA.
  I would assume they will operate pretty much in the same way, what you must do is get in touch with you IP (or whoever runs your trust deed) explain you cant cope with the level of your current payment, they may allow you a few months without payments, in order to catch up, how long have you been in your trust deed ?
  If its a few years, and your financial situation will not improve in the near future, you may be able to offer all payments to date as full and final settlement of your TD, whatever your situation, you need to talk to your IP`s office ASAP, to sort this out, doing nothing is not an option.
• ive been in my trust deed for over 2 years. i tried step change they said there was nothing they could do becaucse i already had a trust deed in place. i don't know how to get out of my trust deed. can i stop paying it so it fails then go to somewhere like stepchannge. its not the payments to them im struggling with its the secured loan like i say they've doubled my payments. ive been thinking of selling my house rather than just handing the keys back. the only thing thtas worrying me about that is the upfront fees id need to pay. please any advice would be much appreciated.
• thank you for your advice. like ive said im going to cab on wed im going to ask them advice. then maybe an estate agent to find out about selling fees. i feel the mortgage and second loan is a rope round mu neck getting tighter and tighter. theres times i cant even putting my heating on cause ive no gas or we have to go to my mums for dinner. my daughter needs new school boots which we simply cant afford so she has to wear her trainers. i just want a clean slate and the way i feel getting rid of my house is the only option, i used to love my house now it depresses me. im so sorry im rambling again. .my secured loan has 12500 left to pay 4500 is arrears they want it paid within the original agreement which is finished next January ive offered them several payments but they refused and said i had 8 weeks to make other offers or the would send me a calling up notice
• Just a wee note, if you plan to stop paying your trust deed I would suggest you set up a new bank account as your trustee can freeze your account. It is highly likely that bankruptcy would be sought if you fail your TD so have a think about that. If you want to be "free" and you're not bothered about losing your house then maybe that's the best way to go. Any shortfall in the sale of the house will be covered by the bankruptcy so you wouldn't have to worry about that.
  On the flip side, you have 1 year left to go before it's all over. If you go bankrupt and an IPA is is requested then you have another 3 years of payments ahead of you, all be them much smaller no doubt (they wanted Ј450 from my husband and I for a trust deed but only Ј70 for sequestration) .
  If you're really struggling and can't last the final year without making yourself poorly or struggling to meet even your basic costs then it seems to be a bit of a no brainier. Good luck with it all and if you have any questions on Scottish bankruptcy I'm happy to help as much as I can. Next year will be our 6th year and it will finally be off our credit files. We are in a much better financial position and our lives are a lot less stressful for which I will be forever grateful for. Of course there are bumps along the way but all in all I would not change the decision we made.
• Thank you f0nz I'm going to fone my trustee to see if selling my house is an option (if I can pay the fees) was thinking I could miss my secure loan to pay certain things upfront then the rest taken from the sale assuming it sells. Also I think by doing this I can keep the deed going but if I make a profit it will go straight to my creditors . My heads kinda all over the place just now but I'm fairly sure I want out . If selling is not an option then bankrupcy it will have to be there is noway we could survive a year 😢
• Hope the phonecall went well and that you have a better plan of what you can/want to do. Hang on in there, you've come really far so don't let it grind you down now! (Hugs)
• well went to CAB today and as I thought there was nothing they could do, so I bit the bullet and phoned my trustee and they couldn't have been nicer (wish id phoned sooner) basically im free to sell my house however any equity will co straight to debts.however any shortfall can be added to my trust deed. she is going to find out if there are any other options for us. i'm still not going to be able to make full payments to my secure loan I will however pay what I can until my house sells. can they still make me bankrupt while im trying to sell?
• so just of the phone to trust deed again!!!!! they've said if there is no equity then handing back my keys would be the best option even if I do have equity is handing back my keys not simplier as I don't receive any of the equity anyway? help im stuck what to do???
• It really all depends on what you want to do and how much involvement you can deal with.
  If you have your house repossessed then you will find it very hard to get a mortgage in the future (if you even want one that is) which is when trying to sell it may be more favourable. It's not impossible but will be more of a challenge.
  If you're at the end of your tether and just want rid and out and are not put off by the prospect of possibly not gaining a mortgage later on down the road then the "easier less stressful" option would be to stop paying, save up for a rental deposit, move and then hand the keys back.
  Remember that you will still have the payments of the secured loan to pay though as they from part of your deed so you will still be struggling to pay every month. Once the house has been repossessed/sold then the loan becomes unsecured but still payable.
  However, if you decide to go bankrupt everything will be included and you can truly start with a clear slate.
  Best of luck!
• hi f0nz just a wee update well weve decided to sell and move in with my parents for a fewmonths/year. I feel as though a huge weight has been lifted I know its not going to be easy but I feel being less stressed about money (or lack of it) is going to have more positive in our family than negatives. thanks for all your advice.
• I'm so glad you're not feeling asstressed, it really is a horrible feeling and it sometimes makes it impossible to see the wood from the trees. That's great that you can move in with your folks and have a breather from things for a while and then see how the land lies as it were . I've had a few thoughts of moving in with my folks for 6-12 months to save a big chunk for a house deposit but I don't think any of us would survive. My mum is a crazy old lady who is set in her ways ... And sadly I think I'm taking after her hehehe
  Best of luck for the future! Don't be a stranger around here