Trust deed Scotland

dmcmanus

Hi all. I need to join a trust deed due to £32k in debt and now can't cope. They have asked if I want to have a joint trust deed with my partner but she only has a around £4k in debt her credit rating is damaged a lot though with this as missed payments. We both work full time where I earn £19k and she £30k. What is best? Thanks

dmcmanus

I was also told my creditors may seek my partner out for my debt but everything is in my name? 

sourcrates

dmcmanus said:

I was also told my creditors may seek my partner out for my debt but everything is in my name? 

Who told you that ?

Debt does not transfer between people, and neither does liability for it transfer either, your debt, is your debt, and no one else can be made responsible for it, only the named debtor.

Just go with your own liability, hers is minimal.

dmcmanus

Thanks for your reply. 
I need to now double check that I heard him properly, he is phoning on Monday to now speak with my partner. Why would he push my partner to go joint with her small debt? Yip sounds like maybe I should go alone

dmcmanus

I am a support worker and training to become ADI driving instructor 

When tide into a trust deed and when I finally earn more money,,, in which could be in 6 months. going from £19k to £34+k will what ever I earn more going straight into the trust deed? 

sourcrates

dmcmanus said:

I am a support worker and training to become ADI driving instructor 

When tide into a trust deed and when I finally earn more money,,, in which could be in 6 months. going from £19k to £34+k will what ever I earn more going straight into the trust deed? 

Debt solutions north of the border differ to the rest of the UK, different names, regulations, policies etc, but in most cases if you are making regular re-payments and your income goes up, so do your payments.

However this is something you will need to clarify with whoever is administering this for you.

flipflopflo

I seem to remember that a Trust Deed is similar-ish to an IVA. So have you spoken to anyone else about your debt or just these people who as far as I can remember will take a fee if you take this solution. 

Why not have a chat with someone like National Debtline (Scotland) who are a debt charity and will go through your options with you and point you in the right direction. 

https://www.nationaldebtline.org/