Scottish Trust Deed Questions/IVA

G_from_Scotland

Hi guys - I'll keep it short and sweet;

I have a few Trust Deed (just recently became protected) questions of which I think it will be the same answers as an IVA so would be grateful for any helpful answers;

1 - Can you take out a pension/savings account during the TD and the IP won't know anything about it or do they do an official check of your assets after the 3 year term ends?

2 - Can you become a sole trader during a trust deed

3 - When you take out a new mobile phone - but you remain with the same company are you re- credit checked. ie I am with Orange, and would take a new Orange contract, but would they find out by doing a new credit check.

Cheers guys
G

Antoine_Roquentin

G_from_Scotland wrote: »

Hi guys - I'll keep it short and sweet;

I have a few Trust Deed (just recently became protected) questions of which I think it will be the same answers as an IVA so would be grateful for any helpful answers;

1 - Can you take out a pension/savings account during the TD and the IP won't know anything about it or do they do an official check of your assets after the 3 year term ends?

2 - Can you become a sole trader during a trust deed

3 - When you take out a new mobile phone - but you remain with the same company are you re- credit checked. ie I am with Orange, and would take a new Orange contract, but would they find out by doing a new credit check.

Cheers guys
G

1. You'll have trouble opening a bank account full stop as the regular credit checks the banks carry out will show you are in a Trust Deed. Some banks will inform your Trustee. If the Trustee finds out you have been saving money which should form disposable income then they will hammer you for it - seek the funds - seek an extension - refuse you a discharge or sequestrate you for failing to cooperate.

2. I don't see why not provided you don't take any credit as part of your business.

3. Dunno.

wanabeedebtfree

Hi

Not sure about Q1 and 2, but I am in a trust deed and renewed my 02 contract last year (in year 1 of trust deed) and no, they did not check my credit rating so got my new phone and contract ok