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Scottish Trust Deed Forum
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Topic starter
13/01/2012 1:51 pm
I signed up to a trust deed 3 long years ago now. When legally can I start applying for credit again? Don't worry I've learned my lesson, and I now intend to save up for everything, including a newish car in 3 years time. Yes when I'm allowed to have savings, I will actually be able to save over 300 a month. In other words I'm planning on just switching my Trust deed payment over into a savings account. However, I would eventually like to get a mortgage, but the trust deed I'm signed into is running for 5 years. My practitioner did say something about it running on for a couple of years to make some payments toward my car, but I'm not sure of exactly what he means, or how long the additional payments are going to have to run for. I've tried to contact him to ask, but never get a response.
Any help/info would be really appreciated. Thanks
Al
Topic starter
13/01/2012 1:53 pm
the 5 year period was to cover the car payments, not sure if that's still termed as being in the trust deed as he did say sign up for 3 but length will be 5 years.
Confused much
13/01/2012 2:18 pm
I assume the car was worth a bit and you are making the extra payments after your regular 36 monthly trust deed payments.
So your trust deed is due to run for 5 years?
You wont get much in the way of credit for 6 years from the date the trust deed became protected.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
13/01/2012 2:20 pm
Hi helpmeaj84
Legally there is nothing to stop you applying for credit. The restriction applies only in bankruptcy.
Credit will be an issue because of the trust deed though.
My advice would be to speak with your trustee and find out exactly when the trust deed will finish and how much exactly is required for the car and also how they arrived at the car valuation.
Please let us know how you get on.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
