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Scottish Trust Deed Forum
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Topic starter
07/11/2012 12:13 pm
If I enter a trust deed will my husbands credit be affected, all the debts are in my name and we have no joint accounts apart from my mortgage, I also have a car will this be taken off me as its in my name?
07/11/2012 1:47 pm
Hi Scarlett100 and welcome to the trust deed forum.
Because you have a joint mortgage it's likely that you are financially associated on your credit files.
This means a lender can review your financial associates before choosing whether to lend to you.
Your husbands credit rating will not be affected, but some lenders may be less willing to lend to him. This may already be the case if you have substantial debts and/or any arrears.
How much do you think your car is worth?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/11/2012 1:57 pm
I have just purchased the car, so its worth £10595 and the monthly repayments are £200, I have not made the first payment back yet as I just got the car last week.
07/11/2012 2:09 pm
What type of financing arrangement is it Scarlett100?
For example, does it say "Hire Purchase Agreement" on the paperwork?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
07/11/2012 2:10 pm
Im sure its hire purchase.
07/11/2012 3:00 pm
Hi Scarlett100.
If it's hire purchase you're not the owner. It isn't an asset and your trustee cannot take it from you.
I'd strongly suggest that you check the loan paperwork though to make sure it is HP. With other types of loan/finance the answer might be quite different.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
