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 deltatwo
#70591 Hi,

Am unsure if Trust Deed is best option for me, am also looking at DAS. However, have done some research and understand that from some of the stuff I have read is that you can just clear debt from equity as one off reduced payment, have read one website in particular MB Debt Counselling in Glasgow who seem to have done this for people.

I do have equity in my house, which would be enough to clear around 20% of my debt, but don't know if this would be the best route, since understand I would need to take a secured loan to do this, and since none of my debt is secured, but could pay this amount since less than I currently pay.

Does anyone know if this is possible, or do you do a mixture of equity and monthly payments?

Thanks
By scottishdebtor
#70593 I have read elsewhere of someone who entered a trust deed and paid it off with a one of lump sum. The trust deed is also completed early.

Don't know how it works but you could seek out a professional IP and ask their advice, possibly keeping your home as well.
HTH
By deltatwo
#70594 Hi,

Thanks for responding quickly.

Is there a chance I can lose my home through a Trust Deed, have been told be one company that this is not the case.

My understanding is that if at beginning of TD, house is valued, try and get secured loan to raise difference between valuation and mortgage, and use that either as lump sum payment or as part of payment alongside, monthly payments - am probably been really thick, but at the end of the TD then, how is it possible to lose my home??

Thanks
By scottishdebtor
#70596 Sorry I cannot answer your technical questions, however I assure you others will be along who can. I dont think you loose your house, but implement steps at the beginning of the trust deed in which to protect it.
By deltatwo
#70598 Hi,

Thank you so much for responding anyway, had posted two other notices and got no response from them, so nice to know there is somebody out there.

Thanks again
By scottishdebtor
#70601 JLP is the person who is clued up on your topic, maybe worth dropping a PM to draw attention to your post?