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Scottish Trust Deed Forum
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Topic starter
19/04/2011 7:20 pm
Hi there!
Can anyone give me some advice? I have been in a trust deed for almost 2 years now and have just received my first ever income/expenditure form from my Trustee. When I took the trust deed on, I changed bank accounts as advised by the trust deed company. However, since holding my new bank account, I had to use the overdraft facility as I moved house and needed the extra cash. I have been unable to repay the overdraft back as of yet and I am currently still in it. When I declare the current balance of my bank account on the income/expenditure form which is in the minus, could this invalidate or have any effect on my trust deed?? I'm petrified that after 2 years of paying into it they might turn round and say that I have invalidated it or something.
19/04/2011 9:14 pm
Hi Kenny1781 and welcome to the trust deed forum.
There's no restriction connected to a protected trust deed against taking out new credit.
As such I don't think there is anything for you to worry about.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/04/2011 9:15 pm
Hi kenny1781
No, as long as you maintain payments to the Trust Deed there should be no issue.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/04/2011 10:04 pm
Thanx so much guys, that's a weight off my mind!! Just one last thing though, on the income and expenditure form, can I put the interest charges I am receiving for having the overdraft (around £40 a month) as part of my outgoings? Thanx so much again!!!
Kenny1781
19/04/2011 10:12 pm
I think that might be pushing it a bit Kenny1781. WHilst I realise that you do have this charge, if it is taking away from what you can pay to creditors then the overdraft could be viewed as more of an issue by your trustee. It may be that you would have to absorb this by cutting back elsewhere.
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