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Scottish Trust Deed Forum
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Topic starter
04/09/2014 9:14 am
Hi,
Things are quite tough just now with me being on long term sick and my husband having health issues, and not able to work as much. I have been given a settlement figure by the trustee, which I understand would need to be approved by creditors
My husbands parents want to go to bank and get a bank loan to pay this for us and when we are on our feet we can take over the payments to the loan.
The bank they are with is a bank we owe money to.
Is that okay to do? Or are they better keeping quite and saying the loan I s for them? The loan would be around £7k
Just want to make sure we aren't doing Anything wrong.
Thanks
Lisa
04/09/2014 9:55 am
Hi Lisajane
The final decision will be with the Trustee on this. The Trustee will normally be concerned that there may be some possibility of inheritance in the future or material change in circumstances or PPI issues.
It may well be that he will accept this as full payment but remain in office as Trustee to finalise the administration.
probably best to run this past your trustee for guidance.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
04/09/2014 10:04 am
Thanks Mark,
Will speak to the trustee. There will be no PPI on the loan.
Thanks for your help
Lisa
04/09/2014 10:13 am
Hi LisaJane.
Your parents should just complete the loan application fully and honestly. The bank can then make an informed decision whether to lend or not based upon the information they requested.
As much as you might choose to make the loan repayments in the future, it's your parents that will remain responsible to the lending bank for the repayments.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
