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Ally1996
New Member

4 Posts

Posted - 19 March 2020 :  14:27:31  Show Profile  Reply with Quote
I am just about to enter a trust deed after realising that I can no longer go on paying £800+ a month back to creditors as I have managed to rack up £31k on cards and store cards. I am wondering however if when I accept the trust deed I will be able to rent property? Or does being in the trust affect this?

David Tannock
Trust Deed Expert



2382 Posts

Posted - 19 March 2020 :  14:39:34  Show Profile  Reply with Quote
Hi Ally1996 and welcome to the forum.

First off well done on taking the very brave and positive decision to deal with your debts. With £31,000 you have done the right thing.

Are you starting to feel a little better yet?

In my 17 years of doing debt advice I can't recall the last time a client has struggled to rent a property. It's not something that is flagged to me as an ongoing issue or even on the forum that often.

You may be subject to some extra checks by the landlord or letting agent but it should be fine.

Have you worked through a very thorough budget to see what you can afford to pay per month? This is absolutely key to ensure that you can sustain the payments for the net 4 years taking into account any changes in the future etc.

Also do you own any assets such as a car?

If you do a little research and also take your time and ask questions then your Trust Deed should run smoothly and without any issues. Make sure that when you come to sign the paperwork everything has been confirmed in writing regarding your payments, when these will start, how long they will last etc. Also no harm in seeking a quick second option from an expert on the forum just to double check it all.

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Ally1996
New Member

4 Posts

Posted - 19 March 2020 :  14:47:42  Show Profile  Reply with Quote
I would definitely make sure I can budget for a house etc. And yes I have a car through hp however they have worked this into my outgoings and as it is over 5 years won’t be taken into the trust deed
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David Tannock
Trust Deed Expert



2382 Posts

Posted - 19 March 2020 :  19:57:23  Show Profile  Reply with Quote
Hi Ally1996,

Is your Trust Deed over 4 or 5 years?

Also how much is your payment per month to the Trust Deed?

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Ally1996
New Member

4 Posts

Posted - 19 March 2020 :  21:16:02  Show Profile  Reply with Quote
Trust deed is over 4 years and £182 a month they said roughly
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David Tannock
Trust Deed Expert



2382 Posts

Posted - 19 March 2020 :  21:28:04  Show Profile  Reply with Quote
Hi Ally1996,

Ah ok sorry I misread you post about the car finance being over the 5 years and thought you meant the Trust Deed.

When you say roughly £182 a month have they went over a thorough budget and looked at your bank statements and payslips? Id be asking them to confirm the exact payment per month and make sure you get this in writing prior to signing.

Also make sure they cover things like future changes i.e. income/bonuses/inheritances etc. All of that should be covered in your initial discussions and also about the process of the Trust Deed becoming protected and creditor objections. Often we hear that all of this is skimmed over by advisors.

Are you starting to feel better about things now you have reached out for help and advice?

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Ally1996
New Member

4 Posts

Posted - 19 March 2020 :  21:39:23  Show Profile  Reply with Quote
They gave me a written up plan of my outgoings and said £182 would be what I would pay, just told that I would notify if I started to earn more money to just send them my bank statements and payslips. I was told after 6 weeks the trust deed will be protected
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David Tannock
Trust Deed Expert



2382 Posts

Posted - 19 March 2020 :  23:08:23  Show Profile  Reply with Quote
All that sounds good.

Keep us updated and let us know how things go.

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