Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By Got Myself in a Mess
#162775 Hi

I am new to this site and have managed to get myself into £65k of unsecured debt (3 loans and 7 credit cards! :cry: ). I am employed full time and am a homeowner but at the moment have no equity in my home. Would I be eligible for a protected trust deed? Can anyone recommend where to go for this? Thanks x
By wdm
#162801 A TD sounds suitable on the face of it. If you've got an income that means you can make a monthly contribution and if there is no equity in the house you don't have to worry about that (however make SURE that the Insolvency practitioner is preapred to release his interest in the property for a nominal sum at the start of the TD-otherwise you could be vulnerable to rising house prices over the next three years).

Just look at your yellow pages for insolvency practitioners and make appointments to see a couple-they normally all give a first consultation for free. There's loads throughout Scotland but particularly in the central belt. Before doing that however you should go to moneyadvicescotland.org and find a local money advisor who can provide advice having looked at all your circumstances. There may be other options available to you.
By wdm
#162802 Forgot to say, welcome to the site!
By wdm
#162978 To be honest I'm not sure it really matters who you use. What's important is to have everything clear before you sign the deed i.e. what contribution they expect you to make during the 3 years, how will they treat changes in circumstance and windfalls and most importantly (need this in writing) how they will deal with your house.

I've PM'd a couple of names.