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Scottish Trust Deed Forum
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19/03/2013 6:50 pm
I had a protected trust deed from Jan'08 and was due to finish in Jan'11. It was extended slightly to pay off some arrears, but during this time I had to leave my job on grounds of constructive dismissal.
My TD failed as a result, however, I didn't want to declare bankruptcy and took control of my debts!
All but 2 of my debts are now settled and today was reviewing my credit file and hit an interesting question, will the public notice of my TD be removed from my credit file at some any point??
19/03/2013 7:09 pm
Hi wrdmrn and welcome to the trust deed forum.
I think this is a straightforward question.
Anything that goes on your credit file stays there for six years.
Therefore sometime early next year I think that the public notice of your protected trust deed will cease being apparent on your credit file.
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19/03/2013 7:33 pm
Hi in scenario where a protected td fail and the IP petitions you for bankruptcy - you can refuse this as above? If what happens to the money that's been collected so far? I presume a portion is still taken for the IP fees
19/03/2013 7:34 pm
excuse my poor grammar
19/03/2013 9:59 pm
If a trustee petitions for bankruptcy then it would be up to the Sheriff whether it should be granted or not - the individual concerned could put forward a defence against it but certainly could be sequestrated against their will. The funds collected would be shared between creditors, after the trustee's fees and costs have been paid.
I was interested to read wrdmrn's post as I'm not sure how the trustee could have legally "failed" the trust deed without petitioning for sequestration. This was a procedure brought in by legislation taking effect from 1st April 2008. It was not retrospective and only applies to trust deeds signed after that date, not before like in wrdmrn's case. I guess they just did it anyway!
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