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cb85
New Member

4 Posts

Posted - 31 July 2017 :  18:21:44  Show Profile  Reply with Quote
I am thinking about entering a trust deed. I have heard that you can't do this if you have a loan with the credit union, is this correct? My biggest loan is with them and is what is causing me financial issues?

TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 31 July 2017 :  18:26:59  Show Profile  Reply with Quote
Hi cb85 and welcome.

Credit union debts can be included in trust deeds just like most other types of debts.

The questions really are whether any particular creditor will object to your trust deed becoming protected, and whether they're owed enough in comparison to other creditors to be able to prevent the trust deed becoming protected.

How much do you owe the credit union?

Do you have any savings with the credit union?

What do all of your other unsecured debts add up to in total? This includes overdrafts, payday loans, catalogues, credit cards, and unsecured bank loans for example.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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cb85
New Member

4 Posts

Posted - 31 July 2017 :  18:33:39  Show Profile  Reply with Quote
I owe about 47k in total of which around 20k is to the credit union? They have said they they would likely reject this? I don't believe there is any savings with the credit union?
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David Tannock
Trust Deed Expert



1992 Posts

Posted - 31 July 2017 :  20:17:03  Show Profile  Reply with Quote
Hi cb85,

In my experience the majority of credit unions will object to a Trust Deed and if they have 1/3 of your total debt then this will prevent your Trust Deed from becoming protected.

Depending on your circumstances and affordability it could be the case that a Debt Arrangement Scheme or even Sequestration is an alternative solution.

Sequestration can help to clear your debts within a similar timescale to the Trust Deed ie four years.

Have you discussed Sequestration or a DAS with an Expert?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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cb85
New Member

4 Posts

Posted - 31 July 2017 :  20:39:59  Show Profile  Reply with Quote
I have spoken to trust deed Scotland but they haven't given me much hope to be honest. I feel quite unsure about how to proceed. I'm unsure about bankruptcy as I don't want to never be able to get credit in the future I.e after it's paid off and 6 years has passed? I'm really unsure where to go from here!
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David Tannock
Trust Deed Expert



1992 Posts

Posted - 31 July 2017 :  20:50:20  Show Profile  Reply with Quote
Hi cb85,

Your options can be limited depending on your circumstances and affordability so Sequestration might be something you want to seriously consider.

Sequestration doesn't ruin your credit file for the rest of your life. It will have an impact on it for a period of 6 years the same as a Trust Deed would. I deal with a lot of people who have been through a Sequestration more than once so it's not the end of your credit rating for life.

You need to speak with an Expert who deals with Sequestrations on a daily basis and there is no other firm in Scotland who handle more than my firm. From what I understand the firm you are speaking with don't actually deal with Sequestrations. We are also the number one provider of Insolvency Services to the Scottish Government.

Do you own any assets such as your house or car?

I'm positive that if you reach out to an Expert who actually handles Sequestrations for some advice you will feel more confident about that as an option. It can work almost the same was as a Trust Deed. Kevin or I can help with this and give you some one to one advice if you would like.


Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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cb85
New Member

4 Posts

Posted - 31 July 2017 :  20:54:46  Show Profile  Reply with Quote
Thanks for this information. If I could speak with you further on this that would be great. I don't have a mortgage or any assets to speak of, not sure if this impacts this. I have filled in the online form to speak to you company?
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TDA (Debt Adviser)
Trust Deed Expert



11952 Posts

Posted - 01 August 2017 :  09:28:45  Show Profile  Reply with Quote
Hi cb85.

The impact of a sequestration on your credit file really shouldn't be much different to that of a trust deed. They're both forms of personal insolvency and, as you've already been informed, both will vanish from your credit file after 6 years.

Sequestration can be a particular problem for some homeowners who have equity in their home. As this doesn't apply to you, this option is probably worthy of very serious further consideration.

If you've completed one of the contact forms on the site yesterday evening you'll be contacted today.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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