Welcome to the forum jambotam.

It certainly is possible to enter into another trust deed.

A couple of things to consider in terms of the second part of your post:

1 - There was very recently a thread here in this forum from an individual whose trust deed was rejected by their creditors due to recent borrowing.

2 - Borrowing money that you know you cannot afford to repay exposes you in a number of other significant ways that you'd probably want to avoid.

As Trust deed Adviser rightly says, there is nothing to stop you signing a Trust Deed for a second time. You would find there have been a few tweaks to how they work since you had the last one - for particular the minimum period is now 4 years.

Creditors are more engaged with the set-up process now too and will object unless their minimum criteria for acceptance are met, so the more debt that you have the more you are likely to have to be able to afford as a minimum in order to be able to get your Trust Deed protected.

I would go further than Trust Deed Assistant in relation to your second question and say that you should certainly not do this. Borrowing money that you know you cannot afford to repay and with no intention of doing so could be construed as fraud.

Thanks so much for getting back to me folks, just joining this community is a weight off my mind already. I'll put my cards on the table and tell u I've got a real beef with the banks, my family and me lost so so much after just getting back on our feet. So I'm not gonny be a complete ignoramous and day, I'm pressing ahead with my plans despite what u say, I came here for advice after all. Could the TD Adviser send me a link to the thread u mentioned? I'm not talking about getting a loan 1 day then a trust deed the next. Me and my partner and 2 kids have been staying with relatives since we last everything in 2008. Now we have been offered a council house in a nice part of the city, so we took it, no brainer. But it's a wreck inside. U can see where I'm goin with this. Now I'm not a greedy man, but deep down I feel I'm owed this, and I feel that I owe it to my family. Before u ask we got a £100 grant to decorate!! Woohoo!! Now I would sleep soundly at night if I got my house habitable through one of the huge multinationals that I helped bail out in 2008. So that's where I stand. Im not stupid enough to get credit up to my eyeballs 1 day and a trust deed the next. But I will be getting a trust deed at some point

Cheers
T

It's here jambotam, from last week:

https://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=6455

Thanks so much for your quick reply. If my trust deed was to be knocked back, would the next step be sequestration, and if so, what are the major differences?

Cheers
T

It could be sequestration if that's what you chose, but you wouldn't necessarily have to go down that route.

In practical terms sequestration is very similar to a Trust Deed, ie the contributions should be the same and over the same length of time.

One important difference to bear in mind is that in a sequestration there is a risk that a Bankruptcy Restrictions Order could be placed on you. This would increases the term that the usual restrictions of bankruptcy apply (such as being able to apply for credit). One of the grounds that could result in this being applied would be due to taking out debts in the period just prior to going bankrupt.

Here's some more detail about Bankruptcy Restriction Orders jambotam:

https://www.trust-deed.co.uk/bankruptcy-sequestration.html

Thanks folks, I'm so glad I stumbled across this place, yous really know your stuff. I know ethically u guys r trained to advise against the way I'm thinking, but I guess it's just best to be honest. I'm
Already about £9000 in debt with Credit cards, I've probably got another £8000 I could take out on them and I've been offered a £7500 loan. Now I cud pay these back for a while, but then struggle. My biggest motivation is that my wife is quite ill, I just feel I owe her this, a nice place for us and the kids to enjoy for as long as she is here. If it means getting dragged through courts etc, then so be it.

Thanks again for all your advice
Tom

Thanks folks, I'm so glad I stumbled across this place, yous really know your stuff. I know ethically u guys r trained to advise against the way I'm thinking, but I guess it's just best to be honest. I'm
Already about £9000 in debt with Credit cards, I've probably got another £8000 I could take out on them and I've been offered a £7500 loan. Now I cud pay these back for a while, but then struggle. My biggest motivation is that my wife is quite ill, I just feel I owe her this, a nice place for us and the kids to enjoy for as long as she is here. If it means getting dragged through courts etc, then so be it.

Thanks again for all your advice
Tom

Well I'm very sorry to hear that your wife is unwell jambotam. It must be a really tough time for all of you.

Thanks, u r very kind. Is there a company u would recommend when it comes to taking out my trust deed?

Cheers T

Hi again jambotam.

We recommend the two firms represented in this forum by Kevin and David. We're not saying that they're the only good firms around (there are others for sure) but we've had lots of positive feedback from members and visitors who have used them over the years.