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Monster1
Just Joined

2 Posts

Posted - 17 May 2017 :  10:03:54  Show Profile  Reply with Quote
I am on a truse deed, I have foolishly taken out further debts, these cards help build your credit rating apparently. Can my trust deed be revoked for this? Also, I had a managed back account that we left in January of this year as there was problems with it, we he went to a bank acount that was we had prevoiusly? Trust Deed want all bank statement for this acount from beginning of TD, is this allowed?

TDA (Debt Adviser)
Trust Deed Expert



12078 Posts

Posted - 17 May 2017 :  10:28:01  Show Profile  Reply with Quote
Welcome to the forum Monster1.

Realistically, there's nothing much that you can do to improve your access to credit until a trust deed has been successfully completed. Taking on further credit before discharge is much more of an immediate risk than it is a potential benefit for the future.

There's no general rule preventing you from accessing credit while in a trust deed, so it seems unlikely that your trust deed would be cancelled as a result of this. However, your trustee will make no allowance for you to cover the payment of new debt, so you might begin to find it difficult to maintain the repayments and cover your other household bills and expenses in the future.

Your trustee is entitled to review statements from the bank accounts that you operate. If you don't comply, they can go to the banks directly to get them. You might also risk being deemed as failing to co-operate with your trustee, which could have serious consequences for you.

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Monster1
Just Joined

2 Posts

Posted - 17 May 2017 :  10:37:21  Show Profile  Reply with Quote
Thanks so much, in the bank statements there is my mother in laws insurance money payment, we didnt declare this,I didnt think we had to, It was for just over £3000 and we had to pay for the flowers, purvey, debts of it etc. I am really worried they will see this and they will take my house.

Edited by - Monster1 on 17 May 2017 10:38:51
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TDA (Debt Adviser)
Trust Deed Expert



12078 Posts

Posted - 17 May 2017 :  11:14:40  Show Profile  Reply with Quote
Hi Monster1.

I think the key to this is to be really honest and open about everything with your trustee.

If you have receipts and other documentation then all the better.

When you signed the trust deed you gave your trustee the obligation to make sure that your creditors were treated fairly, so they have no choice other than to look into lump sums that you have received.

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David Tannock
Trust Deed Expert



2074 Posts

Posted - 19 May 2017 :  10:27:41  Show Profile  Reply with Quote
Hi Monster1,

Sorry to hear that you have found yourself in further debt.

The key here is to be honest with your Trustee and explain things to them.

As long as you can demonstrate that you didn’t financially benefit from the insurance funds and this all went to cover the funeral costs then there shouldn’t be an issue.

Speak with your Trustee and then let us know how this goes.

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