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Scottish Trust Deed Forum
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Topic starter
30/09/2014 10:01 pm
Hi needing some advice on a few points regarding a trustdeed I started with Wilson Andrews 2 and a bit years ago. I was a single parent in financial difficulty when I started this and was told it would be completed over 4 years, after completing my annual review a few months after I had given all the payslips etc... they wrote back saying that I had arrears of £3000 + over the last year because I had been in getting more tax credit than they thought and extended my trustdeed for an extra year to pay this off and increased my payment without even consulting me, making the last 2 years that I have paid into this mean nothing!
I recently just moved in with my new partner and we have had a baby, I need to know if my partners finances will be affected by my debt at the moment and if we were to marry in the future?? I feel like we cannot get on with our lives with this trustdeed as i now think they will keep extending it as long as they want to keep getting money from me?
Can the trustdeed be ended what are our options? Can I continue paying to the end of it without it affecting him?
30/09/2014 10:50 pm
I'm afraid you have an obligation to let your Trustee know of any change in circumstances and if they believe that you have not done so then they are within their rights to extend the term accordingly. However it should not be extended any longer as long as you keep them updated with any changes.
It shouldn't affect your partner, but if I were you I would avoid applying for any financial products in joint names (eg joint bank account) as this will link you together and your adverse credit rating could affect them.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
01/10/2014 10:31 am
I am also needing to know what will happen if I cannot return to work at the end of my maternity leave if childcare is going to be too costly, I might not beable to afford to go back, therefore my partner will be supporting me financially, so will the trustdeed allow me to continue making my payments if my partner funds me to do so, and will this involve him. I am worried about my debt becoming his!
And if we marry in the next 2 years before the deed is completed is he then liable for any of it? we do not have shared bank accounts etc...
01/10/2014 10:49 am
Hi ziggy
If you were unable to return to work, then the Trustee would be unable to seek a contribution from you if you had no income, however as you say, there would be no issue with the payments being made by your partner to keep the Trust Deed live.
The debts will never pass over to him under any circumstances.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/10/2014 11:12 am
Hi Ziggy2005,
It looks like you've already received some pretty good advice here on the forum.
As mentioned we do need to take into consideration any change in circumstance to ensure your Trust Deed is working for you.
Please can you email us directly, details can be found on the 'Contact Us' section of our website, so we can discuss this further with you.
I look forward to hearing from you soon.
Ian Williams - a member of the team at Wilson Andrews
