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Scottish Trust Deed Forum
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Topic starter
14/01/2013 10:38 pm
Hi , looking for some advice .
My wife and I signed up for a TD in late 2010, the td was protected, after an ongoing illness I was unable to work and unable to pay trust deed ,subsequently the being discharged from the TD.
After trying to get back to work with an ongoing illness with no success , my wife and I have decided to start a small family business with fiancial help from friends and family.
First thing we would like to know , is this possible for us to run a business?
When forms ask , have you ever had an IVA or been bankrupt ! What is our reply ?
As we have been discharged , what is the best way forward?
We would have been discharged NOV 13 if we had been able to pay!
Please can someone give us some advice ,
Thanks in advance [:(]
14/01/2013 11:02 pm
Hello Davbo88 and welcome.
I cannot see a reason why you could not start a business.
You don't say that you have been bankrupt, and a protected trust deed is different to an IVA. If asked whether you have been personally insolvent the answer should be yes though. That doesn't mean you cannot start a business even if this is the case though.
Is there a particular part of starting a business that worries you?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/01/2013 11:04 pm
Hi Davbo88
If you have been discharged, then there is nothing preventing you starting a business. Were you formally discharged or did the trustee just discharge himself? If its the latter, then creditors can still pursue you for the debts. If the former, they cant.
The question on bankruptcy/trust deed is still asked by banks/lenders. Personally I consider sequestration to be bankruptcy, not a Trust Deed, so the answer would be no. However I suspect any credit check may show the Trust Deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/01/2013 11:13 pm
Hi trust deed assistant , we need to apply for an operators license which is basically looking to whether you are reputable, I have had a lot of non financial help from friends and do not want to let them down !
Topic starter
14/01/2013 11:15 pm
Hi mark,
I think it was possibly the trustee that has discharged themselves !
How and when can the trust deed be removed from the credit file ?
Thanks again
14/01/2013 11:26 pm
Hi Davbo88
I think you may have a problem. If the Trustee has discharged himself, but not you then any protection you had from the trust deed is withdrawn and your creditors can pursue you for the debts. It puts you in the position you were the day before you signed the trust deed.
If you start a business then creditors may commence legal action for the debts and this may have an effect on your business.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
