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 buster03
#176506 :o HI I have debts of approx.£36000 and my parner has debts of aprox £50000.
We are both in reasonably well paid jobs (combined earnings £2500 net per month).
We live in a rural area and need cars for commuting to work(I have a 50 mile per day round trip),my partners car is owned outright however my car is on HP.
I am at present on a debt management plan.
The level of debt we have is unsestainable and I think we should go for a Trust deed,my partner would rather struggle on.
If we did go for trust deeds what are the consequenses?
Would I lose my car an '02 which has approx £5000 outstanding at a cost of £150 per month.
What personal belongings would be sold?
We dont own any property and both went through marriage seperations five years ago.Out debts are not joint.
By wdm
#176767 A TD sounds like a sensible option as there is no property involved. Very unlikely your personal belongings will be taken unless you have valuable oil paintings or something of fairly significant value. You would be expected to pay your surplus income over into the TD for the three year period but you'll be left with enough to live on and the allowances are fairly generous.

You should be allowed to keep the car as it's essential for your work but it just depends on how the IP views it. You may be asked to replace it with something cheaper. It's best to talk to two or three IP's and ask questions before taking the plunge. You should also get independent advice from a money adviser who can look at all your options.