I need reasurrance please........

[TC7]

Hi Folks

Phewww- here goes.................

This is my first posting today howeverI have spent days reading all of your stories and have been amazed that there is such a huge support network here - Fantastic and I now no longer feel like a low life, no hoper human being. I have despised myself for so long due to my huge debts that I never thought I could overcome my problems - thanks to you all I can see a glint of light at the end of the tunnel. My husband and I have accumulated debts reaching £80,000 and god knows how I never realised the impact this would have on my life. We have 2 children, twin girls and my heart is breaking for them...they obvioously dont know about our problems - they know that something is wrong.
I have tried ot hide this for so long and my marriage has suffered greatly over this - we stopped communicating a long time ago however over the last week we have we have admitted our individual debts and have agreed that we need to work together to get through this nightmare - with that said I truly feel that a huge weight has been lifted and I slept undisturbed last night for the first time in years.

After careful consideration and advice we have opted for a Trust Deed and are in the process of getting all our paperwork in order - horrendous task..!!! I cant stop crying when I look at how stupid we have been. I work in a Bank and the fear of losing m job is unbearable as I feel responsible and need to attempt to pay this back (to the best of my ability. My debts accumualed through living outwith my means. My mum lives in Dubai - has done for the past 14 years, I miss her incredibly and have ran up huge debts through visiting her 3times a year and living on my credit cards. No excuse and I know my recklessness has caused this - I am truly devestated about it - but I can no longer bury my head in the sand, I need to face what I have done.
On the work front - my union(Amicus) and my HR Dept have advised that as long as I am dealing wih my debts and not compounding matters with further credit thenI should be ok - I have to point out that a lot of debt is with my bank and that alone has kept me awake at night with worry. Knowing that I have this support has helped, my union have said that they have dealt with 100's of cases as this and there is no precedent whereby someone has lost their job- Good news and a huge relief. With that said I know i will face interogation - am happy to take what they give me as I know this is my fault....

I earn £21,000 and my husband earns £20,000

Can I ask some advice.
1. I have a house that we paid £32000 for - now worth £70000. I have tried to remortgage with 2 lenders(all be it that this would not pay off my debts) and been declined due to being over commited, I did pass the cedit score as I have not missed any payments. Will my creditors insist I sell my house to give them the equity? if so are they entitled to 100% of this? - My IP has advised that as I have been declined for this by 2 lenders and therefor it is impossible to raise the equity, they cannot force me to sell my house and render myself homeless essentially. Is this true?? If I could remortgage then I owuld be happy to put my equity into my debts as I owe the money anyway - no issue with that but I am terrified of losing my house and not having a roof over my head. I they can force a sell (which my IP says they cant) then when would I be looking at this?

2. Are my creditirs likely to force me to go bankrupt even although I do have the means to repay part of what I owe?

3. I am dealing wiht a company called Churchwood finance who appear nice - anyone dealt with these people and if so any feedback?

4. They advised me to cancel all my DD's and send all correcpondance to them, is that right to do? it's a terrifying thought..

I just need to know that I am doing the right thing. They have gave me figures of £720 over 36 months. As I live in scotland I believe the rules are slightly different that in Engladn/Wales and you pay the trust deed over 3 years.

Any advice or contact from anyone on a Trust Deed welcome.

I took my kids to the park today and for once I have a peaceful feeling that at least I can see a light at the end of the tunnel...Trying hard to overcome the feeling that I am unworthy .

You are all inspirational and feel myself logging on the minute the dark feelings come...the forum is a god send. Thanks for listening and please get back to me I really, really need the suport.

[mish1953]

Hi TC7 an welcome to the forum.

Well done lassie -- you have taken the first few steps to sorting it all out, realisng the problem and taking the first steps is a hard part in the journey.

Im in England and bankrupt so a wee bit different from your circumstances .. I gather that Trust deed is like an IVA .. if it is they cant take your house off you but may ask you to remortgage to clear off some of the debts.

Slainge
Mish - Fifer in Suffolk

[TC7]

Thanks Misch...appreciate that.
Yeah apparently in Scotland the principal is the same just over a shorter period of time and I have hears that trust deeds are easier to be approved - dont know if I believe that though!! what if I cant remortgage; I have tried and been refused? the companies I owe money to even refused..co figure!!!!

Hi TC7 an welcome to the forum.

Well done lassie -- you have taken the first few steps to sorting it all out, realisng the problem and taking the first steps is a hard part in the journey.

Im in England and bankrupt so a wee bit different from your circumstances .. I gather that Trust deed is like an IVA .. if it is they cant take your house off you but may ask you to remortgage to clear off some of the debts.

Slainge
Mish - Fifer in Suffolk

[hara]

Dear TCZ,

Do not feel you are alone.There is plenty of support in the forum.

One of the experts will be soon passing their advice and support soon.

Hara.

[mish1953]

I guess you would need to talk to your IP - Churchmans about that , but mind ye kanna tak the breeks off a heilanman ..
or for those doon sooth , you cant get blood out of a stone
If you cant remortgage then there not a lot that they can do ...

Slainge
Mish

[TC7]

Misch...you have made me laugh, well done as that is bordering on the impossible at the minute. Thanks for that, knowing that I wont be 'chucked oot' makes my heart a bit lighter. x

[Adam Davies]

Hi TC7 and welcome
A Scottish trust deed runs for three years.The main difference compared to an IVA is that the equity in your house is dealt with at the start of the agreement and you will have to release 100% of the equity as it stands now but not until the end of the three year term.You will need to use a mortgage broker to find you a suitable mortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mish1953]

Andy - have we got anyone on here that can give TC7 mortgage advice ?

thanks
Mish

[tracy.h]

Hi TC7
Welcome to the forum.Well done for taking the first step and admitting you can't carry on hard i know but we have all been there.
Have you tryed a mortgage firm that deal with people with adverse credit reports theres a couple that post on the forum one of them is Tony Parsons posts by the name of Welsh boy he has helped many people on the forum who have had trouble remortgageing with high street banks due to there circumstances,he is highly reccommended.Maybe worth a try.
I would also seek advise from at least a couple of insolvencey firms just to make sure you get the best advise there is 5 years is a long time to be in an iva.
It wouldnt hurt to fill in one of Melanie Giles forms on her website she is a very highly respected ip and posts on this forum daily offering good upfront honest advise and has helped many posters in secureing viable iva's.
I really do wish you and your family the very best its hard on all of you glad you and hubby are working together on this your support for each other is a big part of getting through this.We are all here to offer advise and support or even if you just want a chat somebody will be here.
Good luck keep posting

Tracy

[Adam Davies]

Hi
Yes we have "Welshboy",antony.parsons@btopenworld.com and "Mikebdomain" who is a director of www.leybridge.com.
I have heard good things about Welshboy,but have personal experience of Leybridge who were excellent
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[TC7]

Thanks for all your advice here. Andy: should I think of remortgaging now or should i wait till the end of my deed? i would prefer to wait now as I have had 2 knock backs already?
TC

[TC7]

Thaks Tracy h for your kind and supportive words
x

[Adam Davies]

Hi
Wait until the end.Your loan to house value will be better and will make it easier to remortgage.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[maxdebt]

Hi TC. I too had 2 knock backs (KB's as we used to call them in Glasgow ) but "Welshboy",antony.parsons@btopenworld.com got me a re- mortgage in 3 hours!! Good Luck

[kerry2703]

Hi there

First time here, so excuse any mistakes. I am two years into my trust deed, due to finish september 2008. At the moment I am a bit unsure as to what will happen to my house when it finishes,as what I read now isn't what was explained to me when I started the process.

In the original paperwork, it is listesd as no equity available in my house, but the value of my house is now approximatley double what I paid 4 years ago. I am sole mortgage owner, but share it with my husband, toddler and baby. Can they take it away from me or force me to remortgage? If so, how much of the remortgage must I give them? I am so confused and worried as nothing was mentioned to me about my house being affected at the end of the Deed.