Hi and welcome,

I can answer one of these but will let the professionals answer the others for you.

I don't think you can count the loan you have in your mothers name as its in her name and ultimately its her responsibility regardless of the reasons behind her taking it out on your behalf.

I don't know the specifics of the house related questions but I know when you sign a Trust Deed you sign all assets over to managed by the Trustee and therefore I think any equity in the house will have to be paid over and above the contributions or the house could be sold to make up the shortfall.

Welcome Forensic.

Scotslad is correct.

A trust deed will only include your creditors. If your mother has taken out a loan for you she may be a creditor of yours in which case she would be treated the same way as your other creditors in a trust deed.

If there is equity in your home it will be taken into account. If there isn't there should be no issue for you.

I'm afraid I know nothing about Australian immigration criteria and you may need to seek advice from the relevant authorities on that matter directly.

Thank you for replying I did think that about my mother... so I have £23,000 of credit card debt extremely ashamed and stressed regarding this.,, The credit card debt is all in my name, the mortgage is joint with my husband. Is a Trust deed a personal thing or will it affect my Husband? Does it affect your bank account ie will I no longer be allowed a switch card.

I think my house is valued at around £130,000 however this is obviously joint with my husband.... and i think we have a mortgage for £115,000.

When you say you are no longer allowed credit does this include monthly things like a mobile phone etc?

Hi again.

A trust deed is a personal thing, however as you have a joint mortgage there will be a "link" between your credit files. This could potentially influence the decisions of lenders if your husband applied for credit.

There are plenty of bank accounts with debit cards available to persons in a trust deed.

It seems as though your share of any equity will be a limited amount, though you'll want to know how that would be dealt with in advance if you do go ahead.

There is no rule against taking out more credit, though of course lenders are likely to be reluctant during your trust deed and for a period afterwards. We've not heard of people getting existing phone contracts cancelled.

I have not yet defaulted on any payments!! Would I still be eligible for a Trust Deed or do you need to default also I have heard that companies charge you for managing a trust deed is this the case for all. And does the years that you need to pay it off depend on the amount you owe or does everybody pay it back in the 3 year time frame. Thanks

Hi Forensic, You do not need to default on payments before you apply for a Trust Deed and all companies will charge fees although these fees come out of the money you pay into the trust deed. You dont pay extra to cover the fees and there is no need for you to pay any upfront fees.

A trust deed does usually last for 36 months although there are some circumstances it can be extended eg to cover missed or reduced payments

You guys are amazing thank you for getting back to me so promptly I now know this is really the only option for me. There are so many companies that offer this service out there but I am assuming that everyone on here is completely legitimate so will contact someone from here I think as I do not want to get in any more of a mess than I am already in and you hear such horror stories.

Thank you Forensic we aim to offer the best and honest advice 🙂

You can find all the information you need, research and contact the experts on the left hand side of the page

what the difference with Trust Deed Scotland.net as seen on STV and this forum?

Hi forensic

The main difference is that the firms shown here anhelm the big rolling list at the top are licenced practitioners who will guide you through all the options and if appropriate can act as Trustee under a Trust Deed. The business you mention will discuss your finances and if they deem it appropriate, will pass your details on to a licenced practitioner.

Re the Australia thing, I have several Trust Deeds who reside in Australia, one in the USA & 1 in the process of going the USA. So it doesnt appear to be a factor, but best check as mentioned.

Mark

Hi Forensic.

This website and the other you mention are unconnected.

Thank you that is very helpful. Yes I was aware that they are unconnected but i was not sure what the difference was as the website I was talking about I thought the government advocated...However after Marks explanation it appears going that way I would only be required to explain my situation twice.

The company you mentioned put me in touch with a practitioner who's company is represented by one of the experts on here. I'm guessing they can't be all that bad on this basis. Still, they are just acting as a middle man.

SkintAlly have you been through a Trust Deed then? I am completely stalling totally petrified to phone someone and start the ball rolling...probably the thing i am most scared of is my house and everyone knowing my rationale side knows there is no other way and i cannot go on like thisI guess its admitting the mess thats the problem x