Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,240
Views
Topic starter
08/02/2012 3:09 pm
Hi there,
I am approaching the end of my Trust Deed and find that I am unable to obtain credit to clear the equity part of the deed. At the time of the deed I applied in my name and also my wife. They said that as my wife was not working that they could not take her into consideration. Most of the debt in my wife's name was joint and so the debt was moved from me to her. We still have a joint account and I believe that this state of affairs is causing the problems in obtaining the credit, more so than the TD itself.
Where do I stand with this? I complained at the time about my wife's debts non inclusion and now it is preventing me from discharging the TD and moving on with my life. The company said that as my wife had no income that they wouldn't even consider her despite the fact that any credit she had was based upon my wages
Thanks
Alasdair
08/02/2012 3:21 pm
Welcome to the forum AlasdairK.
I think you were properly advised, an individual without their own income cannot usually start a trust deed. Any spare income that you were earning would be due to your trust deed alone.
I doubt that your inability to get credit currently to pay off your equity is connected to your wife still having debts. The sad fact is that it's a very long time since we heard from any member that had been able to borrow commercially to repay a trust deed equity commitment. Lenders are currently extremely wary of this type of lending which appears to them to be high risk.
I can see that the position that your wife is in is tricky. Without an income a DAS or a trust deed aren't likely to be options. It appears that equity exists in your home in which case bankruptcy may jeopardise your being able to stay there. Perhaps, once you have found a way to solve the issue with the equity, you'll be able to assist your wife with repaying these debts?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/02/2012 3:38 pm
normally both parties are "jointly and severally liable" for any joint debt,meaning if one of you defaults the other would be chased for the debt.
Noodle so a free credit file check online,it may be worth having a look at your files to see whats on there.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
