There is nothing in a Trust Deed that stops you taking out credit, so I'd tell her not to worry about that.......

I've just been looking into what I think you're talking about and it only applies to bankruptcy NOT trust deeds. She should have nothing to worry about at all. In fact, I imagine she'll now be in a much more comfortable position with a sequestration. Take her immediately she's well enough to your local authority's or Citizens Advice Bureau money advice team and they will help her though this.

Hi Reidy1982.

I hope all is good with you?

Uncleben and Porcupine are 100% correct, being in a trust deed does not prevent you from applying for credit. Obviously the likes of payday or doorstep loans are a really bad idea, but a modestly priced mobile phone contract really is a non-issue even if she were to go ahead with sequestration.

It does sound as though sequestration might be a better way to proceed given all of the things that she has recently experienced.

Hi looking for some advise!!

I currently have 14500 debt my partner only has a small CC which he keeps on top of we are not married but do have a joint unsecured loan together of 17k which is from out joint mortgage as we got 125% from NRAM! is it possible to included the joint loan in my TD?

also what are the usual reason for creditors rejecting TD app???

Thanks

Welcome to the trust deed forum Magpie.21.

Not only is it possible for you to include the Northern Rock joint loan in your trust deed, you'll have to if you go ahead with it. All unsecured debts at the time of signing a trust deed need to be included.

This doesn't absolve your partner from paying the joint loan though. In fact, your partner will become fully responsible for repaying the full amount (though this may be reduced by payments made to NRAM from your trust deed).

Can your partner afford to pay this loan in full on his own? If not, and if you proceed with a trust deed, he made need to take advice on his own options as well.

Trust deed firms know the acceptance criteria for trust deeds used by all of the major lenders including NRAM. By discussing your circumstances in advance, the trust deed firm should be able to alert you to any specific risks that are applicable to your case of creditor non-acceptance.

Hi

Thank you procupine, Uncleben and Trustdeedassistant
I hope your all well.

Thanks for the information, i did not know that but its good to have the facts now so i can tell her and maybe she will calm down a little i think everything has just gotten to her all at once and she's become depressed. So i think i will try and get her to see a specialist about it all and to doctor asap just to be on the safe side. TD you said contract is not a issue through sequestration does that mean even with BR She would be able to keep her contract since price is so low? i know when we were talking about that last night she asked me that but i didnt know and i looked on the internet this morning and seems mixed reviews of it some say yes some say no. no clear answer so not a clue.

Oh and the other thing, sorry for all questions would just like to be able to give her as much information as possible. when we were talking about her options last night she was talking about what happens if her health improves and she didnt go through sequrestation and began working again would she be able to try for a DAS rather than DMP? I couldnt tell her if it was possible to go from trust deed to das as i thought it was the same concept.

TDA i hope your well as for your question on my front well i'm still waiting on a outcome to mine,thank you for asking much appreciated. However lack of communication seems to be a big issue at the moment makes you feel horrible waiting and wondering but i'm just going to keep waiting and see what happens, not a lot else i can do for the time being.

quote:

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Originally posted by Trust Deed Assistant

Welcome to the trust deed forum Magpie.21.

Not only is it possible for you to include the Northern Rock joint loan in your trust deed, you'll have to if you go ahead with it. All unsecured debts at the time of signing a trust deed need to be included.

This doesn't absolve your partner from paying the joint loan though. In fact, your partner will become fully responsible for repaying the full amount (though this may be reduced by payments made to NRAM from your trust deed).

Can your partner afford to pay this loan in full on his own? If not, and if you proceed with a trust deed, he made need to take advice on his own options as well.

Trust deed firms know the acceptance criteria for trust deeds used by all of the major lenders including NRAM. By discussing your circumstances in advance, the trust deed firm should be able to alert you to any specific risks that are applicable to your case of creditor non-acceptance.

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Hi Thanks, thats a little relief. so waht would happen after the turst deed has ended would it only be half that would be wrote off by the trust deed and the other half by my partner? I dont think he would be able to afford the full amount but if its reduced due to my TD then might be possible.

maggie

Hello again Magpie.21.

You may wish to start a new thread for this question as it can become confusing when we're discussing different issues on the same forum thread.

You can do that by clicking "enter forum" on the blue menu bar above. After you have done that you should see, just above the forum headings, an icon which says "New Topic". If you click that you can start a thread of your own.

In terms of your question...

Once your trust deed is finished any included debt that you have not repaid is written off, but for you only.

No debt is written off for your partner. He would still owe the full amount, though this may have been reduced by his own repayments and any possible dividend paid from your trust deed.

Hi Reidy1982.

Glad you are well... I do hope your own situation progresses soon.

I very much doubt that there would be a problem with maintaining a modestly priced mobile phone while bankrupt.

If your cousin is discharged from her trust deed because she cannot afford to make payments, but her circumstances then change meaning that she can afford to make payments towards the debts again, I'd suggest that all options are considered once more.

Thank you trust deed assistant i'm hoping the same.

Ive told her what she said and its answered some of her questions and settled her a bit.
Would she only be able to do the DAS if she working? shes decided shes very much against going BR after speaking to previous collegue at her old work who went through it themselfs, i have no idea what theyve said to her but shes point blank said no she wont do it. i know she said to me yesterday she started looking back into dmp plans on her local library internet as a backup plan since the Trustee said if she couldn't maintain her payment he would discharge himself. I've told Her, her health at the moment is the main issue but she said she doesnt think she could handle all the debt letter starting to reappear again when and if the trust deed stops and debt is returned and they all start chasing her again as it was stressfull enough the first time round to point she even made comments to ending it all in one go. So thats why i'm a little concerned if this all kicks in again.

IF she has no earned income and her trustee discharges himself she could apply for LILA.

There actually isn't a specific rule preventing debt arrangement scheme contributions from benefit income as far as we're aware.

That doesn't mean it's the right thing to do though, it's all down to the actual circumstances.

LILA bankruptcy cetrainly sounds like an option worthy of consideration.

Perhaps the colleague who was unhappy with bankruptcy simply wasn't with a good company. It seems clear from this forum that the company who handles your Trust Deed can make the difference between 3 years of heaven and what seems like eternal damnation.

A LILA bankruptcy is not an easy option in the grand scheme of things (in the circumstances what is?) but it could be the perfect solution if she can swallow her pride and put aside her initial reticence.

As you say, her health is the most important thing she needs to focus on right now so it would make sense to get moving with something so she can begin to relax and heal.

Quick question:

I managed to get her to see sence and she spoke to someone about her situation and they advised her Sequestration is best approach.

Since she knows i will be going this route too she asked if me if there was any forums relating to Sequestration/bankruptcy where questions can be asked and basically a guide for dummys on what she needs to do. As its all bit daunting and she cant remember all the bits the person told her after she spoke to them. She looked on Aib website for information when she was at library but didnt see where to start.

So is there any forums like this but that deal with Sequestration ?????