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Scottish Trust Deed Forum
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Topic starter
07/12/2012 7:34 pm
Hi,
i have a bit of debt and thinking for the trust deed route ?
I have just lost my job but my employer has asked me to stay on as a consultant for the next 4 months self employed. Can i sign a trust deed if i am a director of a company?
Also
I need my car that i have just got on HP at £329 a month, 3kids so need a family car and for my work.Can this be excuded from the trust?
07/12/2012 8:16 pm
Hi Bob1508.
A trust deed doesn't stop you from being a company director. You may need to check the articles of association of the company itself to make sure that they don't. If you're going to form a company now I doubt this will be much of a problem.
If the car is on HP you don't own it so that's probably not an issue. How long is the HP agreement to run?
£329 per month isn't an insubstantial amount. Your trustee will need to be satisfied that this doesn't unduly affect the amount of money that will be returned to your creditors. Likewise, your creditors may or may not have a view on the same subject. It will be interest if our experts could relate their own experiences on this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/12/2012 9:07 pm
My car is new and 5 years to run
I owe £38,000 and my wage is £2000 a month with debt alone of £1900 a month with out usual bills rent etc...
08/12/2012 9:57 am
Hi Bob1508.
After you have allowed for bills and other expenses how much do you think you could afford to pay towards your debts each month?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
08/12/2012 11:02 am
Ouch! Paying 95% of income on debt per month!!! Even a DAS scheme would be an improvement. Over 10 years it would be around £320 per month without the hassle of interest in equity PPI etc
Topic starter
08/12/2012 4:59 pm
Hi
I think £300 a month would mean i would be comfortable again
Bob
09/12/2012 2:05 pm
Hi Bob
Sorry to hear you've lost your job. Have you thought about how you will manage to pay your bills, TD payment and HP payment at the end of the 4 months?
Saabrina
09/12/2012 4:30 pm
i,d try an get rid of the car,if on hp like me they will either take it off your hands at the end of contract you dont owe anything but dont get anything either.sell the car on we buyanycar or private sell then pay what you owe to fianance company first the rest goes to trustee you may keep £1000 def no more for another car if ok with trustee
09/12/2012 11:04 pm
Hi maverick267.
You simply cannot advise someone to sell something they don't own.
What do you think would happen to a purchaser?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
10/12/2012 1:59 pm
hi Bob1508
The Director would not be an issue, however entering into a Trust Deed and maintaining your contributions beyond the 4 months could be an isuue if you are not earning.
The car wouldn't seem to be an issue and it is not yours to sell and Maverick267s advice would not be advisable.
It would be best for you to chat to someone face to face and once they know all the facts. They could advise accordingly.
Michael is not currently posting in the Trust-Deed.co.uk forum.
