Hi clair.

It is perfectly natural to feel scared - and quite correct to be asking questions. Hopefully you have come to the right place to get some answers and some reassurance.

Being the registered keeper of the car does not mean that you are the owner. If your husband bought it on finance that is solely in his name then I would say he is the owner and the car should have no bearing on any trust deed you sign. However, I think it would be wise to explain the situation to your prospective trustee in advance of signing any paperwork and getting an assurance from them that they agree to this viewpoint.

Without knowing any of your details, of course I couldn't say whether entering into a trust deed is likely to be your best route, but hopefully you have had all of your options fully explained to you by whoever you spoke to?

Hi, Thanks for that Kevin. Everything has been explained to me and the different options. Hopefully I have chosen the right one.
I have about £9k in debt and I was struggling to make payments on them and have been for some time. I felt that TD was the best option???
May I also ask another question? Once I have signed up to the TD can any companies arrest my wages?

Thank you for your help.
Clair

Hi clair and welcome.

If your trust deed becomes protected the unsecured creditors (that existed at the time you signed the trust deed) cannot take this type of action against you.

There will be a period between signing the trust deed and it becoming protected (hopefully) during which that protection doesn't exist. Has any action of this type started against you already?

Do you mind if I ask how much you've been told your trust deed payment would be each month?

Would it be for the usual 36 month period?

Hi TDA, thanks for your reply.

£150 over 3yrs.

Also just been told that i will need to prove that the car loan is in my husbands name only. I have to send a copy of the finance agreement with my signed paperwork etc.

Sorry its £150 per month over the 3yrs.

Hi again clair.

I can see the sense in a trust deed based on those figures.

You might also want to consider the debt arrangement scheme. Looks like it would take five years rather than three, but you'd avoid entering into a formal insolvency. The debt arrangement scheme ignores assets like a car or a home.

As Kevin says, be sure you have clarity and written confirmation about the car before signing a trust deed if that's what you do.

Are you a homeowner?

Hi Clair

I think if you have paperwork showing your partner financed the car, then that should be the end of it.

My advice would be to sign nothing until this has been clarified and confirmed in writing. Company seems to be a wee bit heavy handed. As for posting the paperwork to you.....

Mark

Hi, thanks for the replies.

The paperwork i need to send is my last 3 payslips, last months bank statement and a copy of the finance agreement for the car. The reason he asked for this finance agreement just now is so that they can show from day 1 that the car is not mine instead of waiting the 3yrs and then they try and get me to sell the car.

Is this not the norm? Mark, what do you mean by you think the co seem to be a wee bit heavy handed and the comment about the paperwork?

Im so confused now.

Clair

TDA. Were not a homeowner. We rent from the local Housing Association.

Clair

Clair......

I think Mark is trying to hint that you should really met your trustee face to face so that you can have a proper discussion about what's best for you....

Hi clair.

I think over time here (it's years now!) we've noticed that a lot of the forum threads that arise, where people have problems with their trust deeds, are problems that arise from miscommunication and misunderstandings at the start.

It's therefore the opinion of the site, and I think all of the experts here as well, that a face-to-face meeting is a pretty good idea before going ahead and signing a trust deed. You may have had one, but it sounds as though the process has been conducted by phone and post?

That meeting enables lots of questions to be asked by the client, and lots of opportunity for the trust deed firm to ensure that all responsibilities have been explained and understood.
For example, your earlier question about wage arrestments might be something that would be raised at a meeting.

It's also a chance for documents to be handed over as well!

To balance this, we know that there are lots of people who are happy to go ahead with a trust deed without that face-to-face meeting, and who don't consider it to be essential. We just think it's a pretty good idea.

It does keep things simpler for you that you aren't a homeowner. Hopefully the car will not prove to be an issue for you either.

Thank You TDA. Every time I have posted a concern on here I have also phoned the company. I have now also contacted Michael McGowan to ask about a DAS.

Thank you. (Waiting on another call back from company re the TD)

That makes sense clair.

Best to know as much about all of the options as possible before making a final decision.

A trust deed may well be the decision you finally make, but it is a formal insolvency so a debt arrangement scheme that doesn't last for a really extended term is certainly a worthy alternative.

Often there is no right or wrong in these situations, just a question of weighing things up and making the decision that best fits your own preferences.