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03/04/2023 2:27 pm
Hi, hoping for some advice! If i incur a new debt during my trust deed, what happens? I'm three years in, i used to be a financial adviser (ironically) and just found out one of my clients has had a complaint upheld by FOS and i'm going to be pursued for the costs. I've asked my trust deed company but all they would say was to send them any paperwork. what would happen in this scenario?
03/04/2023 2:32 pm
Hi Henrik. A Trust Deed would include any debts and obligations that existed prior to it being signed, so if the complaint relates to pre-TD work you did then I believe it should be included. Your trustee should request they make a claim and then the creditor would be paid their share of whatever is available through the Trust Deed then would have to write off the remainder.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
