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Scottish Trust Deed Forum
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Topic starter
10/05/2017 11:23 am
Hi. I have been in a trust deed for 9 months and done an eligibility check on a credit card. Long story short i now have a vanquis card £500 limit. Is this allowed? I am buying things on it (food, fuel etc) and paying it off within days. Trying to build good credit again. Defo not going to exceed or waste it.
Nikki Ferguson
10/05/2017 11:30 am
Welcome to the forum Nikkifergie.
There is no general rule preventing you from using credit during your trust deed. However, your trustee may not welcome this development.
No provision will be made by your trustee to repay new debts, so the presence of this credit card (not least given that it will have a high interest rate) is at the very least quite risky.
What you're doing will not help you to get good credit access now. What will help you to access good credit in the future will be to complete your trust deed and then make responsible use of credit again afterwards.
Mainstream lenders will see you using a high cost credit source whilst insolvent. This is likely to achieve the very opposite to what you're hoping for.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/05/2017 11:33 am
Ok. Thanks. Will just close it down .
Nikki Ferguson
10/05/2017 11:49 am
I think that's probably for the best Nikkifergie.
If you're ever hit with an unexpected expense you should speak with your trustee as it may be possible to reduce or suspend your trust deed payment temporarily.
Much better to do that than to incur a load of interest on a credit card for which you've been given no budget for repayment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
