Hello Gallows88.

Yes... all qualifying debts are included when you sign a trust deed.

If you acknowledge that there is a debt to your previous partner you should discuss the situation with your trustee.

Provided that this doesn't make a material difference to your other creditors there shouldn't be any issue.

The trustee will need your previous partner to prove that the debt is owed and is therefore likely to contact them.

The Trustee will need to be satisfied that any money was indeed a loan and there was an agreement in place for it to be repaid.

The other thing to bear in mind is that debts to a spouse or civil partner are postponed debts and will rank after normal unsecured debts are paid in full.

Mark

Is anyone able to explain what happens to debts that were not included initially at the start of TD and what's happens if they don't make a claim at end of TD?

Am I right in thinking that at the end of a TD if any creditors you have don't make a claim they cannot pursue you for monies even if they weren't initially included?

Thanks

Hi Baller1.

All qualifying debts are included at the start. That means they'll be discharged when you are.

Hi Baller1

As TDA says, even unknown debts will be discharged. That is why there was a public notice in the Edinburgh Gazette and now the Register of Insolvencies, to bring it to the attention of potential creditors.

Mark

Thank you TDA and Mark,

I don't think I have any but you never know? How does that affect contributions then? If I pay x amount over x years for the debts I have then someone else rocks up and makes a claim will the term of my TD increase to take account of this or will the existing creditors just get a smaller amount of the pot?

They'd usually get a little less Baller1.

The trustee might have to review the situation if a very large creditor came to light or there was reason to believe a creditor had deliberately not been disclosed.

Thanks I can't think of any and if there was it would be of a minimum amount.

What would happen then if after TD is finished and they then pursued you? Would you just provide them with your Form 5 and ask them to update their details? Would they also be bound to update any relevant credit entry's etc.

I've been through my credit report and all debts on there are included. I just like to be prepared for these things and I am a bit of a worrier!

Hi Baller1

Yes, the Form 5 could be used as well as the Register of Insolvencies as this would confirm the position.

Generally, the Trust Deed will cover you for most eventualities, even after discharge.

Mark

I do no believe this to be a genuine claim should I tell the TD company my thoughts on the matter as no agreement relating to money was ever spoken of

Hi Gallows88

It's probably an idea, although the Trustee would seek proof of the claim in any event.

Belts and braces in these things though!

Mark