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Scottish Trust Deed Forum
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Topic starter
16/09/2014 10:05 pm
Hi
I am currently in a protected trustdeed and have about 2 years left of it. I have some questions which if you could answer I would be extremely grateful.
1) I have an opportunity to pursue a career in nursing through my work. This opportunity would allow me to take on a 3 year college/university course. For the first year of this I would be working and studying at college one day per week which would not affect my wages. However by the start of the second year I would need to give up my job and become a full time student claiming a bursary . I was wondering how this would affect the trustdeed if I was to accept this opportunity? How would becoming a full time student affect it and would it be allowed?
2) myself and my partner are getting married in 2016 and we would like to save towards this and a mortgage. My question is because I am in a trustdeed does this affect me having a savings account with a credit union or other savings society's. Would the money I save in the account be taken off me and out towards my trustdeed?
3) I was also wondering what would happen if I was to have a baby and go on maternity leave at work? Again how would this affect my trustdeed?
4) during trustdeed if my partner and I were to apply for a mortgage would it be better for him to apply on his own as he has a good salary and credit rating or old I be able to apply with him?
5) also how would applying for a new mobile phone contract result? And if I was to trade my car into a dealership and buy a new one would this be accepted?
I would be grateful if you could help me with theses questions. They are not definite however before I would make a decision on them I would like to know my options and limits regarding the trustdeed.
16/09/2014 10:49 pm
Hi Trustdeedconfused, and welcome to the forum.
A lot of questions there! Qus 1 and 3 are essentially the same answer. You have offered to pay a certain amount to your creditors through your trust deed and if you decide to change your situation in a way which will mean you cannot live up to that promise then you may find that your Trust Deed is terminated, or at least the term is likely to be extended until you pay in what was originally offered.
There is nothing to say that you cannot save up, though you might be wise to let your trustee know first, just to be on the safe side.
I think you might be better off applying for any mortgage just in your partner's name, as being in a Trust deed usually makes it very difficult to get a mortgage. However, you may be best served getting the advice of a mortgage broker in this regard.
I don't think you should have too much trouble in applying for a mobile phone contract. Perhaps other members of the forum will be able to tell you their experiences of this.
You would definitely need to speak to your Trustee before changing your car. When you signed your Trust Deed you agreed to make any assets you own available to your Trustee, which would include your car if it is worth more than £3000 usually. You would want to ensure that any newer car you get that may be worth more than this would be safe.
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