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Scottish Trust Deed Forum
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Topic starter
07/06/2016 8:29 pm
Hi all, I have 1 payment left of my trust deed other Creditfix previously with PJG. been a long hard 3 years but can finally see some light at end of tunnel, last payment coincides with last payment for my car finance so looking forward to having a little spare cash at end of month,
at the time of looking into a signing trust deed my wife looked into her going into sequestration at the same time, we geot the paperwork from mark but for 1 reason or another we never actually filled it in and have done nothing about it since even though we know we should've done. Now however as we've done nothing about these debts we are hoping to try to get something sorted even though it's 3yrs later than should've been.
Would my wife entering sequestration have any impact on me? I know it won't have an impact on my discharge or anything but intend of money? I work but my wife doesn't so would my income be taken into account? Other than my wage tax credits, child be for are the only other sources of income?
Sorry if it's a bit garbled but hopefully it makes sense, thanks
08/06/2016 9:18 am
Congratulations on reaching the very final stages of your trust deed Worried_dad.
If your wife has no private income I can't see that she's likely to have to make any monthly contribution.
Are you property owners? Does your wife own any other assets?
Do you have any joint financial accounts (joint bank account, joint mortgage etc)?
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Topic starter
08/06/2016 9:30 am
Thanks for reply, we have no property or other assets, the car is in my name it wouldn't be worth a whole lot now probably around £2000 we have a joint account that my wages are paid into, that's the only joint thing we have. I wasn't sure if my wages were taken into account when contributions were worked out.
Topic starter
08/06/2016 9:35 am
1 of the debts that my wife has would be a joint account with bank of Scotland that was included in my trust deed would that have an impact on me?
08/06/2016 9:49 am
Hi Worried_dad.
As always, I'd have to say that your wife should take detailed advice directly to ensure that nothing is missed (as it can be on forums where we don't have all of the facts).
However I don't think your wife will have to make any contribution if she has no private income or assets.
The only real implication that I can think of is that your credit records will be "linked" due to the joint account that you have.
You each still have your own credit rating that is unaffected by the others, but a lender might follow the link if you applied for credit in the future. This is because your financial situations are obviously interdependent.
With some lenders this might make no difference. Others might be put off lending to you.
You can still work to improve your own credit rating - as I already mentioned each of your credit ratings are separate.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
08/06/2016 9:54 am
Thanks, I know we should've sorted it all out at the same time that way we'd be at the same stage now I suppose instead of just begin by to tackle her debts now, will I need to go down the same route as for my trust deed in terms of contacting for example 1 of the experts on here? Or can it be done through citizens advice or such like? Sorry for the questions?
08/06/2016 10:35 am
Given the circumstances you've mentioned Worried-dad, I think getting in touch with a local money adviser (perhaps via Citizens Advice, or your Local Authority might also have a team) may be the most appropriate route forwards.
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08/06/2016 12:39 pm
I would agree that a local money advice agency would be the best way forward. Is your wife's debt less than £17000?
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Topic starter
08/06/2016 4:42 pm
Sorry for slow reply Kevin, I don't know the exact figure but would be pretty certain it would be under that
08/06/2016 6:47 pm
Might be worth having a read of this in that case Worried_dad:
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