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Topic starter
14/09/2016 10:42 am
hey all,
new to this forum but not new to Trust Deeds. i took one myself back in 2000 - since then everything is rosey and would highly reocmmend if your back is against the wall.. started my own business and my credit is at an all time high (experian report 998) so all is good...[8D][:D]
this question is on behalf of someone else, as i was not in this position before i couldnt answer.
the person in question has asked another party to take a loan out for circa 2k (i believe) and never repaid it.. this person is looking for a house and some places need to credit check whether mortgage or local estate agency through rent, their credit file is severly damaged due to this. the person that took the loan is now in the process of kicking off the trust deed and i dont believe they have mentioned the loan in the other persons name.. how would this be viewed.. my initial thoughts are... poor show for doing that to someone else, can the trust deed company do anything about it?[?][?][?]
14/09/2016 10:48 am
Hello MrBlister and welcome.
I think the trust deed provider would want to identify all of the creditors of their client.
In this instance the person who actually took out the loan (in their own name) appears to be a creditor of the person looking to start a trust deed.
They therefore might want to contact the potential trustee to make them aware that they're owed money.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/09/2016 10:54 am
thanks for the prompt reply. appreciate it.
so - i can let the person know with the loan in their name to approach the trustee to have this added to the list?
here is a question.. how do experian/equifax etc view this.. i would say - a debt is a debt to them and they wouldnt really care what its for? am i right?
thanks again
14/09/2016 11:09 am
Hi MrBlister.
If I were owed money I'd want the trustee to know about it - there might be potential to at least have some of it repaid. It will all come down to the circumstances though, the trustee will need to qualify the claim.
The person who took out the loan (in their own name) owes the money to the lender. The lender is therefore perfectly entitled to report to the credit reference agencies on whether that loan is being repaid as per the contract that was agreed.
The person who benefited from the borrowed funds owes money to the person who took out the loan in their own name. The credit reference agencies would have no visibility of whether or not they'd repaid the actual borrower.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/09/2016 12:28 pm
Hi TDA,
Thanks loads - wll take that away and pass on.. stepping back as its up to those 3 as to what happens now. [8D]
