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.