I am thinking of going into a trust deed for my debt, has anyone got any advice on this ?

i am roughly about 30000 in unsecured debt and i have a motgage and 2 secured loans on my property, there is not much equity left in my home, i am wanting the trust deed for my unsecured loans as if i get help with them i can manage my secured loans, looking for genuine helpI am thinking of going into a trust deed for my debt, has anyone got any advice on this ?
Guessing you're in the US, you may be able to challenge the mortgages. In the bailout mess, it's not always clear who owns the mortgages. Sometimes the company trying to collect can't prove that they are legally entitle to collect. It's worth looking into.I am thinking of going into a trust deed for my debt, has anyone got any advice on this ?
Have there been any attempts on your part to contact the institutions holding your debt, to see if any of it can be reduced? Many times the collections agencies offer a reduced percentage, sometimes up to 50% or 60% off. Other times you can setup a payment plan with them. Keep in mind that In this bad economic time we are facing everyone is hurting for money, even businesses, meaning the holders of your debt. They may be willing to accept a reduced offer. The only downside to a reduced offer is that you will have to claim the unpaid balance as income tax on your next year's taxes (if that debt is paid this year). If there are a number of different debt collectors, you can pay off the largest this year and work your way down to the smallest to save from having to pay the tax rate on all of it at once.





If it were me, I would not dig into your trust deed to pay the debt. There are also legitimate companies that can help reduce what you owe if you do not want to deal with the collection agencies yourself. Just make sure they are legit first, they should never charge a fee.





Hope this helps!
I take it you are based in Scotland if your looking for a trust deed





Go to one of your local equivalents to citizens advice bureau if they cant help you they will point you in the right direction.





DONT pay extortionate fees there are organisation's out there that will help you for free!
Take independent financial advice. Go to Citizens advice bureau. Your credit rating will affected for at least 3 years. It is not an easy way out. It is very similar to banruptcy. You will not be able to get a mortgage, credit card, loan, and you will have difficulty opening a bank account and even changing your electricty supplier.


It takes a long while to build up your credit rating.
If you are in the uk go to www.bdebtfree.info and get the unsecured loans legally cancelled.
chapter 11 maybe?





you might look into refinancing the home and unsecured debt.





but, save the property if you can.
just file bankruptcy