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Scottish Trust Deed Forum
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Topic starter
07/03/2011 9:55 pm
i had 3 payday loans at the time of taking out my trust deed and thought i could pay them off, however i keep extending this and am basically just continuing to pay interest cause i cant pay them up all at once, i was going to take a loan over 12 months to pay this all off to start on an even keel, my mum was going to be guarantoor for me, am i allowed to do this?
07/03/2011 9:59 pm
Hi,
You are not allowed to apply for further credit while in a TD.
Someone on here may have another option for you.
07/03/2011 10:00 pm
Hi inahole
Did the loans exist before you signed the Trust Deef or were they taken out after it was signed?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
07/03/2011 10:02 pm
PS there is no credit restriction in a Trust Deed. It only exists in sequestration ( bankruptcy)
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
07/03/2011 10:18 pm
Hey Mark,
Wow - I didn't know that, I was told that I should not apply for credit until I am discharged.
Not that I would ever go near a credit card ever again!
07/03/2011 11:51 pm
Hi scotslad
I suspect the trustee is more concerned about you missing payments in the TD If you borrow further, than advising you properly on the legal aspect of the Trust Deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/03/2011 11:21 am
As a firm we would normally advise anyone signing a Trust Deed, that it is preferable that they work to a cash only basis for the term of the Trust Deed, however there is nothing legally to stop them obtaining credit.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
