Scottish Trust Deed

beanielou

As long as Halifax are not a creditor 2boys, should be ok.

JK11

2boysmum wrote: »

Hi guys, looking for a bit of advice, husband is looking into getting a Trust deed, he has a loan of £25,000 and a couple of credit cards. We are married, but the house is in my name and I pay the mortgage, he has someone coming out to speak to him tomorrow. What I want to know is will our home be safe? and what about a bank account, his account is with the same company he has the loan with, will he have to open a new account
Thanks guys

Make sure that he asks about how likely the creditors are to accept the trust deed. As long as you go with one of the big firms, they tend to know what they creditors are looking for these days - I would avoid the smaller firms if possible if I were you.

Also getting independent advice is a very good idea. Definitely speak to CCCS (0800 138 3328) or Payplan (0800 716 239) and get their advice. I always think it's best to go to someone who is recommended, so sure they will be able to point you in the right direction if trust deed is right option for you. If there is a better option, they will keep you right there too.

If the property is in your name only and always has been, then the property will not be an issue in the trust deed at all. The trustee may have to look further if it was previosly in your husbands name or joint names and then transferred into your name alone, but if always in your name it's not an issue.

Yes, if he has debt with same bank as he banks with just now, definitely change bank accounts to make life easier for him going forwards.

Remember Halifax is part of the same group as Bank of Scotland (and I suppose, now also Lloyds TSB), so if he has debt with any of those three, then probably better to avoid them and go elsewhere.

johno388

Glad to see other members have used and have had a good deal from KPMG. I'm now in my last few months and can do nothing but recommend them. They even allowed me to extend my agreement to pay back less each month after I lost a large part of my monthly income. Just means a few more months, the light is still on at the end of the tunnel.

authorphil

kev1980 wrote: »

Hey Coolcait!!

Nice to hear from you!

I should find out this week if it has become protected, although any of my crediors who object to it would be very foolish as the cost of sequestration is more than the cost of a trust deed and therefore the creditors will get back less pence in the £.

Keep you posted! :beer:

How u getting on ?
I am at the point of starting a td ..i found your thread excellent good luck you are not alone !!
:T

Sandyhills

We have just finished our TD and at the start we were advised to change our bank account to Nationwide, we only had to pay fees of £500 at the end of the TD to frenchduncan who took control of everything everything else went to the creditors. Didn't fancy the B route. Glad it is all over and hopefully will never go down that road again ie credit cards, overdrafts, loans and just get by. No more gasps when the door goes, the phone or the post man.

zebade

Sandyhills wrote: »

We have just finished our TD and at the start we were advised to change our bank account to Nationwide, we only had to pay fees of £500 at the end of the TD to frenchduncan who took control of everything everything else went to the creditors. Didn't fancy the B route. Glad it is all over and hopefully will never go down that road again ie credit cards, overdrafts, loans and just get by. No more gasps when the door goes, the phone or the post man.

Well done, its a great feeling. Good luck with your future.
:T:T:T:T:T:T:T:T:T:T:T:T:T