I'm 25k in debt to several lenders (O/D's 3 credit cards and 2 loans) I went to the Advice shop and was told a Trust Deed was the answer which I signed on Friday. Since finding this website I'm thinking that a DMS may have been better.
I've just started a job earning 15k ( I also have no assets) and I'll be paying £120 per month to my trust deed and paying off the debt in 3 years which is amazing. My only reservation is that my job is subject to bonuses, and as it is a trainee positon a wage rise and promotion to a position that would earn commision is possible. I was advised that any extra income has to go to my trustee and I'm not allowed any savings or holidays, so what about saving for Christmas? That's half the reason I'm in this mess!
Anyway the main point of my post is that from the little I know about DMS it seems that I would be more in control of my income - ie the trustee won't get every spare penny! Also, how long would the scheme last? It just seems like a bleak few years are ahead with the trust deed!!
Or have blown it anyway as the deed was signed on Monday?