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Regular Contributor

18 Posts

Posted - 25 September 2019 :  08:25:39  Show Profile  Reply with Quote
Morning everyone!

I was wondering what the stance on using a credit card whilst in a trust deed was? I have been accepted for a credit card with a £500 limit which I would use to pay for my petrol then pay the balance back in full the next month. I have read that there are no rules against taking our further credit whilst in a TD but it is obviously advised against, however I have not yet accepted the card as having read over my agreement from my trustee it states not to take out further credit as it could result in ‘sequestration of my estate’. Does this mean that if I were to accept this credit card and use it for petrol (paying full balance off every month) my trust deed could fail? I only have 5 more payments to go and definitely do not want my trust deed to fail having got this far with no hiccups and 0 missed payments.

Thanks !

TDA (Debt Adviser)
Trust Deed Expert

13293 Posts

Posted - 25 September 2019 :  09:23:40  Show Profile  Reply with Quote
Hi Stace2988.

A couple of thoughts about this for you...

As you've stated, there is no general rule against using credit during your trust deed.

We cannot comment about any specific agreement that you have made with your trustee with respect to using credit. This is obviously something to be cautious about.

Why is it you want to take out this credit card now? It's unlikely to be of any genuine benefit to your credit status until after you get discharged.

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