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Scottish Trust Deed Forum
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Topic starter
25/03/2010 12:40 pm
Ok I have debts to a total of ?ú15811.10 between 9 creditors with the largest being ?ú13072.00
My monthly income ranges from ?ú1275 to ?ú1350 and average outgoings are ?ú1241
I work full time, but also own a small limited company which enables me to make a bit extra each month. The limited company has no debts and isn't really worth anything.
Regarding a Trust Deed, if I was to go into a Trust Deed, would my employer and landlord be informed (I have no rent arrears)? My employer isn't too understanding or discreet on such matters.
It says I can't be a director of a limited company while in a Trust Deed, I own a small limited company and I'm the sole director. Would the company automatically be struck off or would I have to do this before going into a Trust Deed and would I be allowed to continue trading as a sole trader?
It states that my assets and property would pass to a trustee to be administered, I've worked it out that my assets are probably worth ?ú1000 at most, would I still be eligible for a Trust Deed with a low value of assets?
I use my van for work, I also use it to earn a little extra income outside of work, van is only worth ?ú500 at most (on a good day), would this be taken off me? Would I have to prove I need it?
I pay van insurance monthly by direct debit, also have broadband. Would the van insurance be cancelled? Would the broadband be seen as a luxury item and cancelled?
In the meantime I'll try to get advice from Citizens Advice, but finding it hard to find somewhere that's open at a time when I don't work (boss isn't too understanding when taking time off for such things, asks a lot of questions too).
I appreciate your help.
25/03/2010 1:06 pm
Hello NeedALittleHelp and welcome to the forum.
Your employer and landlord would not be informed about a Trust Deed. This might change if you were to cease complying with a Trustee but in almost all cases this need not be a worry.
The information is publicly available but realistically someone would need to go looking for it to find it.
You can continue to be a Director of a limited company. There should therefore be no concern regarding striking off the company.
A lack of assets does not stop you from entering into a Trust Deed.
A van, that you use for work purposes, and which is of relatively low value, need not be taken from you. You should get this in writing from a Trust Deed firm before signing if you choose to go ahead.
Insurance and broadband access are reasonable costs to be included in the income/expenditure statement from which your monthly contribution would be calculated.
I'm sure that the experts here will be able to add extra thoughts that will be relevant to you soon.
They have handled a huge number of cases between them (for their respective firms) and will also be able to answer any further questions that you may have.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
25/03/2010 1:36 pm
Hi Trust Deed Assistant, thanks for the prompt reply.
Just wondering, would council tax arrears be included in a Trust Deed or is it for mainly secured/unsecured credit debts? I forgot to include this in the above post.
Thank you
25/03/2010 1:51 pm
Hi Needsalittlehelp
there's no reason to contact employers or landlords in a trust deed. Also there is no restriction in you being a director of a ltd company. This applies in sequestration.
Also council tax arrears are included and normally the councils have no problems with trust deeds. I've never had an objection from them.
Hope this helps. Any other questions, please feel free to ask
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
