Trust Deed Forum - Insurance question regarding bankrupsy
Trust-Deed.co.uk
Home Home Page








Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Insurance question regarding bankrupsy
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Mk1
New Member

5 Posts

Posted - 05 March 2019 :  21:43:50  Show Profile  Reply with Quote
Hi,

I was in a protected trust deed from 2007-2010. Paid in full and discharged.

How long do you have to disclose having had one, Im applying for business insurance and there are assumption that say ive not been bankrupt, iva?

I am assuming there must be a time period, like criminals with convictions, where you can consider them spent and no longer have to disclose details?

Mk1
New Member

5 Posts

Posted - 05 March 2019 :  22:08:02  Show Profile  Reply with Quote
Obviously i dont want to nuil and void my insurance.

Im speaking to a broker who said dont disclose due to passage of time. I have fallen foul ofinsurance before (didnt discose a zero value claim we didnt proceed with) and had insurance cancelled, 6 years ago.
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12917 Posts

Posted - 05 March 2019 :  22:19:15  Show Profile  Reply with Quote
Welcome to the forum Mk1.

There is no period beyond which disclosure isnít required.

Insurers are entitled to ask the question. If you provide a false answer you risk any future claim not being paid out.

Anyone ďin the knowĒ could find details about your trust deed online in a couple of minutes (though this isnít true for newer trust deeds).

Frankly, your insurance broker should take a long hard look at themselves.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 06 March 2019 :  16:00:55  Show Profile  Reply with Quote
Hi Mk1,

Honesty is always the best policy with everything especially when it comes to insurances.

The downside is that your insurance could be invalid should you need to claim. This could potentially leave you with a large liability or debt that you are unable to pay and back looking at a second Trust Deed.

Being honest and disclosing your previous Trust Deed might have absolutely no impact on the insurance at all.

Iíd also suggest not using that broker if they are advising you to do that.
Go to Top of Page

Welcome14
Advanced Contributor

52 Posts

Posted - 06 March 2019 :  16:55:22  Show Profile  Reply with Quote
Hi TDA, What is the date that new Trust deeds being harder to find on line?/
Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 06 March 2019 :  17:00:36  Show Profile  Reply with Quote
November 2013 from memory it moved from the Edinburgh Gazette to the Register of Insolvencies. If you signed a TD before November 2013 your Trust Deed will show up on the Edinburgh Gazette.
Go to Top of Page

Captain Sensible
Frequent Contributor

29 Posts

Posted - 06 March 2019 :  17:08:57  Show Profile  Reply with Quote
Hi Mk1

As TDA and Swandog have said, honesty is always the best policy, it will save any problems in the long run. Any broker worth their salt would have advised you of that, rather than advising you not to disclose the Trust Deed.

Welcome 14, Swandog is correct. 28 November 2013 is the date when Trustees stopped advertising Trust Deeds in the Edinburgh Gazette.
Go to Top of Page

Mk1
New Member

5 Posts

Posted - 06 March 2019 :  17:18:49  Show Profile  Reply with Quote
To be honest, i dont thinkhe knew the answer but did come back saying from research hed also worked out it had to be disclosed x
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12917 Posts

Posted - 06 March 2019 :  17:35:42  Show Profile  Reply with Quote
That's good that he did that Mk1.

We all make mistakes and it's good that he looked into it and came back to you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Mk1
New Member

5 Posts

Posted - 07 March 2019 :  18:17:58  Show Profile  Reply with Quote
Just to give everyone an update.

I gave the broker the details and he referred it to the underwriters.

Just got the reply that the insurance policyis being issued and there was no change to the premium#127881;#127881;#128561;

I was sick with worry, no one tells you a trust deed will still be hanging around your neck years after its completed sounds thought i would share the positive news about it.

Go to Top of Page

Swandog
Advanced Contributor

200 Posts

Posted - 07 March 2019 :  19:36:23  Show Profile  Reply with Quote
Thatís great news and thanks for coming back onto the forum to let us know.
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3715 Posts

Posted - 08 March 2019 :  12:31:40  Show Profile  Reply with Quote
Good stuff. It makes sense really - why should a Trust Deed from so long ago mean that you are any more of a risk now?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.