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Topic starter
26/03/2018 2:42 pm
Hello, I am hoping someone can help me with this.
I am now approaching my 21st birthday and i was hoping to move out at some point in the foreseeable future. I have been in my trust deed for exactly a year now however it has been extended by a further year due to me now paying for a car. I live at home with my parents so the bills that i have to pay are not as high as they would be if i was living by myself. As it is impossible for me to get a mortgage at this point in my life due to being in this trust deed i was wondering if this would be an option.
I would be moving out with my boyfriend so would it be possible for him to take out the mortgage in his own name so that the house technically belonged to him, and then for me to move in with him and then split all the bills with him 50/50. I would be paying slightly more than what i pay at the moment however i would not be paying digs to my mum anymore and the bills would be split equally between two people.
Do you think this is something that they would allow? I understand that i would have to work out a new expenditure to provide them but if it was the case that my payments remained the same or decreased even slightly would this be something i could do?
I am scared that my trustee doesn't see this as a necessity when i am currently living at home but i am getting to the age where i would want to be in my own place and my little brother could really use the bigger bedroom when i move out as he is 6ft odds, and is battling with cancer so he could really benefit from getting out his single room and getting a double bed.
Any help on this would be appreciated.
26/03/2018 4:27 pm
Welcome to the forum mrshaggis.
Nobody is going to stop you from moving out. That's a decision for only you to make. I think your trustee will consider this to be a choice however, rather than a necessity. I do understand from what you've written that there may be some pretty compelling reasons to make this choice.
What your trustee will need to consider will be the interests of your creditors. For example, they'll consider whether your creditors will still stand to receive a return in line with that was agreed by all of the parties when the trust deed began.
So the consequence of a major reduction in your disposable income as a result of this decision might be that the trust deed shouldn't continue. The consequence of a minor reduction in disposable income might be a compensatory increase in the term of the arrangement. If your disposable income remains the same (or increases) then your trustee will not be concerned at all.
This is very much one of those issues where you should talk it all through with your trustee in advance to see what their view is. My comments above are speculative, it's the view of your trustee that is relevant to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
26/03/2018 4:56 pm
Thanks for your help TDA.
When you say that the trust deed shouldn't continue what do you mean by this? I thought that i was legally binded to this for the time of the trust deed so what is it you mean when you say it wouldn't continue.
I dont think that my payment to my trust deed would decrease i think it would at least remain the same. I am also in the position though where i am in search of a new job and i have potentially been offered a job with a significant rise in pay. It would be giving me around an extra £250 a month. If this job offer went ahead and i was to accept it then i would have an extra £250 in my income which would potentially mean that i could move out and still pay a higher value to my trust deed. Do you think that this would be okay?
26/03/2018 5:31 pm
Hi mrshaggis.
I'm just saying that, in the event that you made a choice which left you unable to afford to pay into the trust deed at all (or very little), your trustee might decide that the trust deed should not continue. You would be discharged from the trust deed but not from your debts. Essentially you'd need to find a new way to deal with the debts. This will not be an issue if you're still in a position to make a reasonable payment into your trust deed after moving out.
If you can move out without it affecting your ability to pay into your trust deed at all I very much doubt your trustee will have any issue with that. Always best to talk these things through directly in advance first though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/03/2018 8:48 am
Hi mrshaggis,
TDA is correct nobody can stop you from moving out however should your payments decrease and reduce the return to your creditors, your Trustee may deem it not in the creditors best interest to continue with your Trust Deed. However should your payment stay the same or in light of the new job possibly increase, I wouldn't imagine it would come to that.
As TDA has said Best to call your Trustee and explain your circumstances to them and get their views on it.
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