Mrs B had in the region of £39,000 of unsecured debts which she was struggling to repay due to the high minimum monthly repayments and with no end date in sight. The client jointly owned her property with her husband. We established that the property had negative equity and would not be at risk by entering into a Trust Deed or Sequestration.
Following a thorough review of her circumstances, Mrs B could afford to pay £260 per month to a plan. She entered into a Trust Deed and was able to write off unaffordable debt after the agreed period.
She repaid a total of £12,480 into her Trust Deed. Under a Debt Arrangement Scheme, she would have been making repayments for approximately 12.5 years*.
*Subject to using a free advice agency for the Debt Arrangement Scheme.
