Welcome to the forum Boabyboy.

A credit record is an individual thing. The credit history of one person in a household should not affect the credit score of the others.

However, if you're financially linked to someone else in the house it might affect their ability to get credit (but not their credit score). A financial link like this might be down to a joint bank account or a joint mortgage for example.

You don't need to own assets such as those you mention to enter a trust deed.

Hi Boabyboy,

Sometimes if you have the same name as a parent or a son/daughter this may have an impact on them. i.e. John Smith Snr and John Smith Jnr. As TDA has advised, if your financially linked to an individual this can sometimes make things a little tricky for that person in obtaining credit.

If you don't own any assets then a Trust Deed will be very simple and straight forward for you. Even if you did have assets, it's still a fairly simple and straightforward process providing time is taken at the start to discuss things and this is then followed up in writing.

Are you able to give us some more information on your situation and we can give you some further advice if you want.

You do need to have something to offer to your creditors, Boabyboy. In most cases this would be a monthly payment from your income - there is no need to own any valuable assets.

@David. My situation is such that my debt has become unaffordable and I am using credit to pay back debts which clearly isn't sustainable. I have now got to the stage that I am completely broke at the beginning of the month. I have never had any issues in the past and always been somewhat sensible however I have been fairly reckless in the last year which has now led to my current situation. Without any specific details my debt currently stands around £15000 & I am full time employed. A trust deed appears to be the only option left so it is quite simply a matter of time before I start the process. One of my major concerns was the impact it would have on my partner and kids who I live with. However judging by what has been said it shouldn't be an issue. We are financially independent of each other and are not connected in any way.

It doesn't sound as though there will be a problem regarding credit status in that case Boabyboy.

Have you decided in your mind at what point you'll start taking steps to deal with this?

@ Trust Deed Assistant I have kind of been burying my head in the sand about it but the fact of the matter is it isn't going to disappear. Having read through the forum regarding other peoples experiences I am more confident about the matter at hand. I guess now it is a case of discussing the matter in more detail with someone and identifying the best approach. It is pretty embarrassing but I had best get on it.

Hi Boabyboy,

It sounds like a Trust Deed could be a suitable option for you and it shouldn't impact on your partner either.

I think that the majority of people need to be at a particular point and ready to deal with the debts and it seems that you are at that stage.

Reading the forum should give you some comfort that you are not the only one in financial difficulty and that there are options available to assist you in dealing with your debts. Make sure that all of your options are discussed and that if you do proceed with a Trust Deed you receive everything in writing.

It does take a lot of courage to seek help with a debt problem, so I take my hat off to you for taking the first steps, Boabyboy. I am sure that once you get over the initial embarrasment you will be very glad that you sought help.