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Scottish Trust Deed Forum
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Topic starter
29/09/2009 10:56 pm
Hi! Quite a few problems with my hubbys IP, however, can I ask about a particularly pressing problem that has surfaced this week.My husband has had his trust deed for 1 year, the only joint account we had was a bank overdraft. We were told by IP's assistant that said bank MIGHT come after me ( the wife) at the end of the trust deed, to recuperate the rest of the amount owed. We obviously had no reason to doubt this little gem until a debt collector turned up at the door this week, looking to recuperate the entire amount from me!
I have been advised that they cannot claim the entire amount again , as obviously they will be receiving cash at the end of the TD. However, as my wages were taken into account at the start of the TD, in fact it wouldn't have been possible without them, I could really use some advice from people who are interested in my situation! Many thanks
30/09/2009 9:27 am
Hi eoin8008,
Welcome to the forum.
I'm afraid that we may not be able to give you the answer that you're hoping for. While your husband has legal protection from the debt, you do not.
The bank are entitled to persue you for the full amount.
Have you tried calling the bank to talk the matter through? Given that your husband is in a Trust Deed they should get a dividend from him in a couple of years. Perhaps they'll accept an affordable monthly payment from you up until that point?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
30/09/2009 9:33 am
Many thanks for your reply. I think it is clear we have had bad advice from our IP/assistant, would you agree?
30/09/2009 11:23 am
Hi
To be fair to the IP's assistant, they did at least advise you that you would still be liable for the joint debt. However, it is unfortunate that they did not make it clear that a bank would not usually wait until the end of the trust deed to pursue you in this regard.
I'm sure you'll be able to get some kind of arrangement in place eoin8008, as TDA has suggested. Good luck.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
30/09/2009 11:53 am
Hi again and many thanks for advice, will bite the bullet now the initial shock has worn off, and try to deal sensibly with this outstanding debt. Could I also point out I have been on the phone to you guys twice today, cannot thank everyone enough, not least for their expert knowledge which has helped clarify so many grey areas for me. Keep up the great work!
30/09/2009 12:04 pm
We're really glad we could help eoin8008.
I hope you can quickly come to a workable and sensible agreement with the bank.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
