Trust Deed

hansxx
hansxx Posts: 1 Newbie
in IVA & DRO
Hey guys

i’m wondering if anyone can help me, i have entered a trust deed and i’m around 6 months through. Myself and my partner are currently living with my parents and really want our own space! I’m really keen to move out but i don’t know if i’m allowed to because i’m in the trust deed? I am only looking to rent at the moment not buy because i know for a fact i won’t get a mortgage for years!!!!

Has anyone else done this? like moved out of the property they were in when they entered the trust deed? or am i going to be stuck living with my parents for another 3 and a half years ☹️

HELP

Comments

  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    Hi,

    Sorry must of missed this one, not all that well acquainted with Scottish law, so you should really ask advice from one of the debt charities, step-change (Scotland) would be my choice.

    https://www.stepchange.org/DebtadviceinScotland.aspx
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • princessmoo
    princessmoo Posts: 35 Forumite
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    We entered into a Trust Deed last year. Just explain to the letting agents about your situation, be upfront and honest at all times and if you get rejected then ask the letting agent if there's any other landlords who will consider your situation. You will need at least
    "Don't even think about leaving the country."
    "I won't. I can't afford it."
    DFD: 18th March 2021 (!!!)
    Original Debt: £20,694.65
    Scottish Trust Deed at £165 p/m: 47/48 months down
    Student Loan Debt: £1932
    Student Loans Collections at £100pm: 15/18 months down
  • princessmoo
    princessmoo Posts: 35 Forumite
    First Anniversary Photogenic First Post Combo Breaker
    [Continued] one guarantor (usually they will have to be a homeowner). They also might make you pay a higher deposit.
    However, if you and your partner are not married, have no joint financial products and did not enter into the trust deed jointly, then one of you may have an unaffected credit rating. That could be used to make yourself more "attractive" to landlords.
    Hang on in there! We're nearly a year into our 48 months and it's gone so quickly without the stress of debt etc.
    "Don't even think about leaving the country."
    "I won't. I can't afford it."
    DFD: 18th March 2021 (!!!)
    Original Debt: £20,694.65
    Scottish Trust Deed at £165 p/m: 47/48 months down
    Student Loan Debt: £1932
    Student Loans Collections at £100pm: 15/18 months down
  • coolcait
    coolcait Posts: 4,803 Forumite
    First Anniversary Combo Breaker Rampant Recycler
    I can't add anything to princessmoo's excellent advice about the renting/landlord side of it.

    From the actual trust deed point of view, I can't see how the trustee could stop you doing this. People's circumstances change. They have to move house and so on.

    Make sure the trustee knows your new address, and any changes to your income and expenditure (be realistic about the new expenditure!) and take it from there.
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