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Nikkifergie
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7 Posts

Posted - 10 May 2017 :  11:23:37  Show Profile  Reply with Quote
Hi. I have been in a trust deed for 9 months and done an eligibility check on a credit card. Long story short i now have a vanquis card 500 limit. Is this allowed? I am buying things on it (food, fuel etc) and paying it off within days. Trying to build good credit again. Defo not going to exceed or waste it.

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 10 May 2017 :  11:30:39  Show Profile  Reply with Quote
Welcome to the forum Nikkifergie.

There is no general rule preventing you from using credit during your trust deed. However, your trustee may not welcome this development.

No provision will be made by your trustee to repay new debts, so the presence of this credit card (not least given that it will have a high interest rate) is at the very least quite risky.

What you're doing will not help you to get good credit access now. What will help you to access good credit in the future will be to complete your trust deed and then make responsible use of credit again afterwards.

Mainstream lenders will see you using a high cost credit source whilst insolvent. This is likely to achieve the very opposite to what you're hoping for.

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Nikkifergie
Contributor

7 Posts

Posted - 10 May 2017 :  11:33:48  Show Profile  Reply with Quote
Ok. Thanks. Will just close it down .

Nikki Ferguson
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 10 May 2017 :  11:49:13  Show Profile  Reply with Quote
I think that's probably for the best Nikkifergie.

If you're ever hit with an unexpected expense you should speak with your trustee as it may be possible to reduce or suspend your trust deed payment temporarily.

Much better to do that than to incur a load of interest on a credit card for which you've been given no budget for repayment.

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