Welcome to the trust deed forum galamags.

All unsecured debts that exist at the time of signing a trust deed must be included.

I'm sure that this is the case already, but please be careful about continuing to use credit that you know you cannot repay. If the money is being used for basic living expenses there may not be a major issue, but you certainly wouldn't want to be seen to have used the credit for anything that might reasonably be judged to be luxurious or spurious.

How did the £10000 come to be in your account?

quote:

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Originally posted by Trust Deed Assistant

Welcome to the trust deed forum galamags.

All unsecured debts that exist at the time of signing a trust deed must be included.

I'm sure that this is the case already, but please be careful about continuing to use credit that you know you cannot repay. If the money is being used for basic living expenses there may not be a major issue, but you certainly wouldn't want to be seen to have used the credit for anything that might reasonably be judged to be luxurious or spurious.

well being honest it was an isa i had in my name for a family member. purpose of tax free only. but this is no longer the case.

M

How did the £10000 come to be in your account?

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Hi galamags.

So presumably you can demonstrate (with bank transactions) that someone else passed this money to you initially, and then that you later passed it back to the same person?

Or was it money that you have saved with the intention of passing it to another person in the future?

it was cash payments over several years well about 7 years, theres proof that i have transferred it to my brother, he is buying a house soon so he will use it for that i assume.

Hi galamags.

I'm not trying to interrogate you (!) but these are the sorts of questions you might be asked...

Was it you paying into the ISA?

Was it your brother giving you the money to pay into the ISA?

Is there a reason why your brother didn't have his own ISA (maybe he did)?

no i know ur not, and i appreciate ur advice/help.

no its not my money....looks that way i know but i only had it in my name as he already had one. yes he gave me the money to pay in.

thanks

Hi galamags.

The key point will be to make sure that your trust deed firm are fully aware about the background to this in order that they can best represent your interests.

If your bank where (the ISA was) is owed money by you (which will go into the trust deed) they may well question your trustee about where that money has gone and why.

To be honest, if the funds were in an ISA in your name then it would be hard to argue that this was not your money, galamags. Legally speaking it belonged to you if it was in your account and your brother should not be taking advantage of your tax-free allowance as well as his own.

Hi galamags.

I would tend to agree with Kevin on this one and I think any Insolvency Practitioner would be criticised by creditors for not agruing it was your money.

Chris