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Scottish Trust Deed Forum
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Topic starter
13/08/2014 10:09 am
Hi, I am looking to get a trust deed put in place but worry about the effect it will have on my partner. All of my debt is mine and her name appears nowhere on any credit agreement. We jointly own our home which has a small mortgage. If I take out a PTD to deal with my credit card debts, will her earnings etc be taken into account? I currently don't work after completing a Uni Course, but my partner works and draws a minimum wage.
Any advice would be fantastic.
Cheers
Eddie
13/08/2014 10:15 am
Hi Eddie123 and welcome to the forum.
The short answer is that your partner will not have to contribute to your debts. However, her earnings are relevant because your trustee will want to make sure that you're taking on your fair share of the joint household expenditure.
Is there equity in your home? You mention that the mortgage is small. Depending upon the circumstances, entering a trust deed when you have lots of equity might have implications for your partner.
If you're not working at the moment I suspect that the trust deed option will probably not be open to you at the current time. How would you intend to make payments into one?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/08/2014 10:25 am
Hi Eddie123 and welcome,
How much do you think your debts total?
As TDA has advised entering a Trust Deed when you have a large amount of equity in your property can be risky. Do you have an idea of how much equity your property has?
If your equity in your property (your share) is greater than the total amount of your debt then a Trust Deed would not be a suitable option.
Sorry to fire questions back at you but these will help us to better understand your financial situation and give you advice.
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