Hello Csk and welcome to the forum.

Typically there should be no issue with a self-employed person signing a Trust Deed. Could you let us know whether your husband works as a sole trader or whether his business is a limited company?

A Trust Deed is signed by an individual (i.e a couple would sign two Trust Deeds). It's not uncommon for it to be appropriate that couples each choose different options to resolve unmanageable debt when the circumstances make it appropriate.

Could you also let us know whether you are homeowners? If so could you tell us your best estimate of how much equity there is in your home (and also if there are any other significant assets that you own)?

As the debts are substantial at a total of ?ú51000 Trust Deeds certainly seem as though they will be one of the options to consider. However, as you are in a position to pay a substantial amount each month, there may well be other options well worth looking into as well.

Thanks for that. His business is a partnership company. We are homeowners and are in negative equity of about ?ú15-20k. We both have cars, his of which is included in the debt but both are needed for work. We have no other significant assets unless our tv, laptop etc are included in that? We also have a young baby, will we be penalised for putting funds away for her?
Thanks for your help.

Oh and if I take the deed out myself, will my husbands income be taken into consideration? Thanks

Hi CSK

Generally the Trust Deed will have little or no impact on the business.

As it is a partnership, then this is looked on as a separate legal entity from the individuals. Could you advise me of the type of business ie shop, Joinery firm etc as there are a number of areas we would need to look at.

I have dealt with the Trust Deed of a partnership with only partnership debts and Trust Deeds of Partners where there is no partnership debts etc, si it can look a bit confusing.

If you let me know the type of business and any business assets, I can hopefully advise further.

Mark

Thanks mark, the business is an estate agency.

It's also a franchise if that helps.

Hi CSK

Many thanks for the info. I could probably guess the business as I think I may have been involved with 4 others in the surrounding area.

It important to remember to separate the business from the individuals involved in the business, as the partnership is deemed to be a separate legal entity. There is normally some overlap, but nothing usually too serious.

Best advise would be to sit down with someone and run through the numbers and the options and only after that meeting should you make a decision of which option best suits.

Mark

Thanks mark, can u recommend any companies as there seem to be a lot!

Hi CSK

I'm obviously going to say me! Seriously, the best advice is to sit down, run through ALL the options and make sure you don't sign anything at a first meeting.

The discusions and points should all be clearly put down in writing to allow you to review this in your own time and then make an informed decision.

Mark

Hello Csk,

There are lots of good Trust Deed companies out there, and a few that consistently get poor reports on this forum.

Amongst the good firms we feel very comfortable recommending the three companies that our experts Mark and Kevin and Julie work for.

You'll find feedback in this forum on each of them from people who have used their services.