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Scottish Trust Deed Forum
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Topic starter
15/11/2011 8:24 pm
I finished paying my Trust Deed in May 2010.
No issues and have been discharged.
Can I be a director? Also can I be part of a loan application for a company..........?
15/11/2011 8:30 pm
Hi ali73
Yes to both. The loan however may be an issue with your credit file, although I assume it will be the company who is applying for the loan.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
15/11/2011 9:24 pm
Well done on finishing your Trust Deed. Yes you are now able to be a Director, and get credit but as Mark says, your credit file may not be too good. Be careful if taking a loan for the company that you do not have to give a Personal Guarantee. This would mean that if anything goes wrong with the business, you are then liable for the debt, (once bitten, twice shy!)
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
15/11/2011 9:54 pm
Thanks guys.
My concern is that the deal may not go through although I'm only going to be a small shareholder approx 10% as I'll only be putting down a small amount "hurt money". Should I stay out of the bank application process although I'm part of the proposed MBO team. The loan will be done by the new company that will be created.
16/11/2011 10:40 am
It might be wise to stay out of it if you are able to do so, ali73. Not sure if it is likely to be a problem, but just in case they search you own personal credit history and have a problem with what is showing
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