Hi principle1,

Welcome to the site and thank you for your contribution.

Landlords may use credit-checking as part of their decision to rent out a property and a Trust Deed is likely to have a negative impact on your credit score.
In practice most people are able to work around this. We'd suggest you are upfront about the situation with the landlord/agent from the start. If you can provide a reference from your existing landlord demonstrating that you have always paid your rent on time despite your debt concerns, and you're seen to be honest about the situation, I think you'll find landlords will welcome you.

The car isn't likely to be seized if it's needed. How much is it worth?

In terms of employment what area do you, or might you want to, work in?
Unless the potential employer decided to do checks (such as a credit check) it should not be an issue. Few employers use these types of checks when hiring.

Hi, thank you for the swift response.

The car is currently worth is the region of ?ú4000 but it would be difficult for me to do my job without it.

Jobwise I work in IT but have been considering joing the police force and so was worried if I would be rejected on the grounds of a TD.

As a married couple we are currently paying in the region of ?ú1200 a month in debt repayments and really struggling, so a TD seems like the best option the only thing that really concerns me is the ability to get a mortgage when the TD is completed, do you know of any cases where someone who has completed a TD has manged to get a mortgage and if so how long after could I expect to wait?

Many Thanks
P.

Hello principle1,

There have been a lot of questions about cars recently; it seems to be an area of concern and confusion for many. Kevin's answer on the link below may provide some reassurance:

http://www.trust-deed.co.uk/forum/topic.asp?whichpage=1&TOPIC_ID=68#302

It is understood that many people require cars to carry our their work (or get to work) and therefore a Trust Deed could not be funded without allowing the car to be retained.

The police probably will credit-check you as part of an application. The policy on acceptance may vary around the UK but we know of specific forces in England where a form of personal insolvency will create at least challenges and possibly a barrier to joining.
If you have a significant amount of debt this would be spotted by a credit check as well and may lead to questions whether or not there is a trust deed.

Mortgages are currently available to people who have completed Trust Deeds (and who are in Trust Deeds). Whether or not you would be able to get a mortgage would depend on your personal circumstances (income, deposit size, value of house etc) and the availability/criteria of mortgages in general at the time.

By re-establishing your credit profile following a Trust Deed (for example by making limited use of a credit card and paying it off in full and on time every month) you can improve mortgage prospects. The passage of time may help as well; after six years a Trust Deed will no longer show on your credit file though mortgage lenders may still ask about it in a mortgage application.

Have you found a firm to handle your trust deed as yet (presuming you decide to go ahead)?