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Scottish Trust Deed Forum
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Topic starter
06/10/2012 6:27 pm
could someone please help. I have around £40000 of unsecured debt and £20000 that I owe to family. I am finding difficult to keep up payments as a results borrowing more. Thinking of trust deed. Need to clarify regarding family debt. Due to financial difficulty need to start paying back. If I were to setup a trust deed, would there be allowance made for this when working out expenditure? I have a mortgage as well but I think is now in negative equity. Thank you.
06/10/2012 7:24 pm
Welcome to the trust deed forum stridor.
I'm afraid your creditors will not want to see an allowance made to repay family debts in preference to themselves. If repaying your family is important to you it would probably have to wait until after a trust deed finished.
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