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Trust Deed in Scotland
pinkpauline34
Posts: 130 Forumite
Hi everyone
Happy New Year!
Haven't posted for a while as I've recently met a gorgeous wonderful guy who is everything I could ever dream of. However, he has a few money troubles courtesy of his ex wife and I wondered if any of you wise souls out there could advise please?
His ex wife (he split with her 4 years ago and is about to apply for a divorce) run up huge debts (with his knowledge) and he took out a Trust Deed in Scotland in December 2001. He was paying a fixed sum to the company who set up his Trust Deed up until 2005. We recently got hold of one of his credit reports (annualcreditreport.co.uk)and it is still showing on there that he has defaulted on 4 credit agreements and still owes the full amount on them. Not knowing the first thing about Trust Deeds, does this sound right or should these debts have been cleared? I would have thought that when he finished paying all the instalments to this company that set up his Trust Deed he would have received something in writing to say it was all finalised? He said he's had nothing from them.
Can anyone help please?
Happy New Year!
Haven't posted for a while as I've recently met a gorgeous wonderful guy who is everything I could ever dream of. However, he has a few money troubles courtesy of his ex wife and I wondered if any of you wise souls out there could advise please?
His ex wife (he split with her 4 years ago and is about to apply for a divorce) run up huge debts (with his knowledge) and he took out a Trust Deed in Scotland in December 2001. He was paying a fixed sum to the company who set up his Trust Deed up until 2005. We recently got hold of one of his credit reports (annualcreditreport.co.uk)and it is still showing on there that he has defaulted on 4 credit agreements and still owes the full amount on them. Not knowing the first thing about Trust Deeds, does this sound right or should these debts have been cleared? I would have thought that when he finished paying all the instalments to this company that set up his Trust Deed he would have received something in writing to say it was all finalised? He said he's had nothing from them.
Can anyone help please?
0
Comments
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Hi P - it would be best to check with the account providers direct, but as far as I know, a defaulted account shows the value at the time of default until it is settled. it then stays the same but is marked settled until it drops off his credit report 6 years after the date the default is applied.
Please someone correct me, cause that is a bit of a minefield.0
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