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Scottish Trust Deed Forum
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Topic starter
21/08/2010 3:37 pm
HI, my husband and I have found ourselves struggling to pay our bills due to a cut in hours and me only working part time due to just having a baby. I am wondering if anyone could tell me if we can apply for a trust deed together? Do we need to have actually missed payments to creditors to qualify as my mother has actually been paying our credit cards for the last year as we cant afford to, but we cant keep asking her to do that! Also if creditors do not agree to it being protected do you have to go ahead with the agreement? We just rent we dont own our home so would this affect it? Sorry for all the questions I am just really wary of things like this but we really need some help, Thanks for any advice
21/08/2010 4:33 pm
Hi tammy
no you don't need to be in arrears to proceed with a Trust Deed. To proceed the debts can be up to date as you describe or in arrears.
The IP involved in the Trust Deed should be able to advise you if the Trust Deed will be accepted or fail even before signing anything a there is certain criteria which needs to be met with certain creditors. If it was to fail, the normal route is sequestration.
The Trust Deed wont affect your home as this is rented.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/08/2010 1:13 pm
Hello rolocully,
As Mark mentions the criteria by which Trust Deeds are accepted (or not) are pretty clear to Trust Deed companies that handle a volume of this work. They should be able to point out any potential risks before you make a decision to sign and go ahead.
As a non-homeowner (assuming you have no major assets) it may not make a tremendous difference anyhow. In sequestration (which often follows a Trust Deed failing to become protected) payments are made towards the debts for a period of three years in a very similar way to how a Trust Deed would have worked anyhow.
The interviews on the left hand menu with Kevin, Julie and Mark include reference to the rates of "protection" that each of their firms achieve which you may find quite reassuring.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
