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Scottish Trust Deed Forum
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Topic starter
16/12/2010 4:24 pm
Hi,
I'm new to posting on the site but am a regular reader of the forum and find the advice really useful.
I started my trust deed at the beginning of this year and it going very well. It's saved me really and made life a lot less stressful.
I'm managing well.
My question is related to taking on credit. Is it possible to take on credit while in a Trust Deed or it that breaking the terms of it? I can't see anything in the details of my TD that mentions it.
I know you'll be thinking it's stupid to be thinking about that after what lead me to TD in the first place. It's just a small loan amount (?ú3000) to fix some issues in the house. I've calculated the cost per month and feel with the way I'm managing I can afford the repayments without any issues, it's just that I'm not sure it's even an option.
Ideally I don't want to be taking on anything as credit/debt is now the thing I hate most in life but don't have family/friends to lend to me and the work really needs done.
Any advice would be great.
16/12/2010 4:54 pm
Hi stevedodge and welcome to the forum. I'm glad to hear that you have been finding the site and forum useful.
Being in a trust deed does not prevent you from taking on new credit if you're able to obtain it.
You've obviously put some thought into whether or not this will be the right thing for you to do. I will point out to other readers that the additional expenditure (the debt repayment) will not be allowed to be factored into your income/expenditure when a trust deed payment is reviewed in the future. For some people therefore taking on new debt during a trust deed could create significant difficulties financially.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
