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Topic starter
03/05/2018 9:09 pm
Hello!
Hope everybody’s well!
I’m considering entering a trust deed; I haven’t formally entered one, I’ve spoken to advisors and I’m awaiting documents to be mailed for me to sign, so as of yet, I’ve *not* entered into a trust deed.
My current debt totals around 12k, mostly a bank loan and some small other debts (£60 catalogue (which I told my advisor I could pay off soon but he advised me to include it) and a £270 credit card). At this point on my loan I’m making payments, though the interest just means I’ll be stuck paying it off for years, about 40-50% of my monthly wage goes into repayments. My advisor said my new repayment would be 1/5th of what I’m paying now, which even the thought of fills me with relief! I’ve never missed a payment ever and have several fully paid loans/credit on my file. Anyway! In the next couple months, I plan on going to South Africa to visit my wife, and while there, apply for permanent residence (in touch with an immigration advisor over there!). To fund this trip, I intend to use money for my wage and also assistance from family (gift). I would of course have money set aside to cover each of the monthly payments that would occur while over there. I disclosed to my advisor I’m due a sizeable tax rebate; I fully understand why it goes into the trust deed and I get it!
I’m planning on being plain open & honest with my advisor and creditors, and I’m looking for some advice or words of wisdom!
I’ve posted on similar forums only to be almost probed and interrogated about little details, which I get, it’s just a general immigration question and concerns about being scrutinised by creditors for going abroad. A trust deed/similar scheme is the last resort for me, I would love to be in a position where I could fully pay off my debt without such a scheme as I take responsibility for getting myself in this situation!
Cheers!
04/05/2018 8:52 am
Hi Penny2018 and a warm welcome to the forum.
You're absolutely free to move to South Africa.
I think we all sometimes have a habit of ascribing personal sentiments to lenders, for example, "what will my creditors think of this?" etc. The reality is that they're companies with policies and procedures who will simply take a commercial view about any changes in your arrangements.
Perhaps the issue to think about more is whether your trust deed will remain sustainable in the long-term after making this move. Trust deed payments are based upon affordability, so a major change in your circumstances should be accompanied by a review. Is it likely that you will still be able to demonstrate that you have surplus income available to pay into the trust deed?
There will also be periodic reviews throughout the term of the trust deed, so being able to demonstrate affordability will be a long-term commitment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
04/05/2018 10:25 am
quote:
Originally posted by TDA (Debt Adviser)
[br]Hi Penny2018 and a warm welcome to the forum.You're absolutely free to move to South Africa.
I think we all sometimes have a habit of ascribing personal sentiments to lenders, for example, "what will my creditors think of this?" etc. The reality is that they're companies with policies and procedures who will simply take a commercial view about any changes in your arrangements.
Perhaps the issue to think about more is whether your trust deed will remain sustainable in the long-term after making this move. Trust deed payments are based upon affordability, so a major change in your circumstances should be accompanied by a review. Is it likely that you will still be able to demonstrate that you have surplus income available to pay into the trust deed?
There will also be periodic reviews throughout the term of the trust deed, so being able to demonstrate affordability will be a long-term commitment.
Hi thanks for the welcome!
When I’m over firstly (a maximum three month trip), I would be proceeding with the permanent residence visa process and also making sure that I had work in place to go over to (I’m exploring options with a SA Immigration advisor relating to operating a business in SA and also how/if a trust deed would affect the process) - if I felt like I couldn’t sustain a minimum payment long term or not have a satisfying enough degree of certainty, I would postpone the move. All this would be done in contact with my money advisor.
Just seeking reassurance that the initial trip is something I’d be allowed to do, as I would be using wage and family gift as funding.
Topic starter
04/05/2018 10:30 am
My immigration advisor said that I will be asked if I am unrehabilitated insolvent during the visa process, can I get an explanation of that term?
04/05/2018 10:32 am
You can make the trip Penny2018.
A budget has been drawn up giving you allowances to spend on various things. If you spend them on other things this is really your call.
Probably best to be thoughtful about a large sum of money coming into your bank account from family. You might want to get prior clearance for this from your trustee, or instead ask your family to buy the air tickets etc for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
04/05/2018 10:34 am
On your second question just now, I'm afraid we have no knowledge of South African immigration criteria and processes.
Every country will be different in this respect.
I think you'll need to find out exactly what they mean by that term from another source. Sorry we can't help with that.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
04/05/2018 11:19 am
Hi,
Yeah, larger sums wouldn’t go through my bank, I’d have enough in the account to cover my bills and repayments here; talking it over with my advisor is probably best so thanks for that! 🙂 I’ll enquire further with the immigration advisor about that term, cheers!
