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Scottish Trust Deed Forum
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Topic starter
22/03/2016 11:30 pm
hi all, I'm new to this so you might have to bear with me, but here it goes..
I recently found out my poor husband has had money worries for a while now that I've been totally unaware of, we hit a financial snag and he thought he could fix it without worrying me, so he took out a loan thinking he could afford to pay it back as we were both quite comfortable with money and both working full time. Cut a long story short I became unwell and had to suddenly leave my job while pregnant, which meant he could no longer afford to pay for the loan and was afraid to say anything due to my ill health, he then took out a bigger loan to pay the first loan, and it kept spiralling from there, and here we are 18000 pounds in debt later and I've just found out.
All the debt is in his name except £1000 on our overdraft, we are currently dealing with step change and I think a trust deed might be a possible way out of this mess. I was wondering how badly il be affected by this situation we are in? we private rent, don't drive, don't have any savings, I was also wondering exactly how public a trust deed is? As a big worry for us is that our families will have to find out about this as we would ideally like to sort this issue without it getting out. Thanks in advanced for any advice and sorry for such a long post but I'm just not really sure where else to turn its all been such a shock
23/03/2016 12:01 am
Hi russelllhobbs and welcome to the forum.
Sorry to hear that you have been unwell and unable to work.
You have did the right thing looking for help and advice and you will find plenty of that along with support on the forum.
The positive thing to remember is that even although your Husband has debts, there are solutions that can help you both deal with it.
As you have a joint overdraft if your husband entered into a Trust Deed you would be liable for the balance and repayment of this. This normally isn't a problem and the bank should allow you to continue with the account. Your husbands Trust Deed should not impact on your credit rating.
The Trust Deed is advertised on a public register called the register of Insolvencies. Unless you know about this register it's unlikely your friends and family would find out about it. A Google search of your husbands name for example won't show anything up. It really just stays between you, your husband and the creditors.
In terms of the available options its best to discuss all of these with an expert. Stepchange are a good organisation but they can't actually set up and administer a Trust Deed or even a Sequestration for your husband. Kevin or I would be happy to provide your husband with some advice regarding his options if he wanted.
You want to ensure that you look at all of the options such as a Debt Arrangement Scheme, a Trust Deed and Sequestration. We always suggest actually sitting down why an advisor in person to do this. Which ever option he proceeds with he needs to ensure he has everything confirmed in writing.
A Trust Deed requires a minimum payment per month for the creditors to accept it and should also be based on affordability. It's very important to take your time and work through a very thorough income and expenditure with an expert to see what your husband can afford to pay per month. Ultimately whatever he can afford to pay per month can determine what his optiins are.
As I said the important thing is your husband and you have solutions that could help you become debt free in 48 months.
David is not currently posting in the Trust-Deed.co.uk forum
23/03/2016 11:54 am
Welcome to the forum russellhobbs. Is there anything in particular that worries you about your husband going into a trust deed?
As David said, whilst a notice goes on a public register, it is unlikely anybody you know would see it unless they were specifically searching on it.
A Trust Deed is often a good option particularly for people without any assets, and should really be very straightforward. However, whether it is appropriate will mainly come down to how much is affordable. This is worked out according to a set of guidelines, which any of the experts here could work out for you of you wish.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
