Hi bcowan12,

I'm sorry to hear that your debt management plan has not worked out as you would have hoped.

You being in a Trust Deed need not affect your partners credit status. A "link" may appear between your credit records if you live at the same address. If you manage your financial affairs independently you can write to one of the credit reference agencies (Experian, Equifax etc) with what is know as a "notice of disassociation" which will remove the "link" that I mentioned previously.
You should be able to find out more about this on the websites of those credit reference agencies.

Being in a Trust Deed may well (in the current climate) lead to significant complications relating to the availability, terms and potential cost of getting a mortgage. Having said that, and reading into some of the issues surrounding your debt management plan, it seems very likely that your credit status will already be significantly impaired. Your Trust Deed will not stop your partner taking out another mortgage in their name only.

The other thing to weigh up in terms of a mortgage is "affordability". Mortgage lenders have to take into account your financial commitments when they work out how much they will lend to you. If you have significant debts this will greatly reduce the amount that might be lent to you even if your credit record were perfect. Accordingly, if your DMP seems never-ending, continuing with the DMP could have a long-term effect on mortgage availability. A Trust Deed would potentially bring forward the date at which you are free of debt and free to start rebuilding your credit profile positively, though of course it is a serious step to take so consideration of all of the factors is very important.

I hope this is a useful starting point but please let us know if you have any further questions.

Thank you for your advice.

I wouldn't be applying for any sort of mortgage for maybe a good 5 years - Definately when all my debts are paid off firstly. We are comfortable in our property, i was just worried that in the future it would be a major problem because i've had a trust deed.

I'm dealing currently with 1 of your colleagues who i have to say are extremely friendly and very helpful so would just like to say a big thank you.

I think i may look to undertake the Trust Deed and will keep you posted with any progress, queries etc.

Thanks again.

Hi bcowan12,

Thank you for taking the time to add your feedback.

Please let us know if there is any further information that would be useful for you.