Trust Deed Forum - Acquiring New House during TD
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Jimmi
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3 Posts

Posted - 22 June 2020 :  15:35:57  Show Profile  Reply with Quote
Hi all

I am just over 2 year mark in a 4 year TD, something I have managed to keep from my family and I hope to continue to.

However, a relative is wanting to buy me a flat (i know i'm lucky to have family like yhat) however, I was wondering what would happen with my TD if I was given a flat? Would I be forced to sell it to put towards my TD. This is what I'm fearful of and don't want to seem ungrateful if the offer of a flat is made.

Thanks in advance.

TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 22 June 2020 :  16:02:17  Show Profile  Reply with Quote
Hi Jimmi,

It sounds like you have an incredibly generous and kind relative.

This is going to cause a problem if it happens before you are discharged I'm afraid.

If you come into money or assets they can be used to repay your creditors. If there's no other way to raise the sum that becomes due, you might be at risk of having to sell the flat.

Would you feel comfortable about having a conversation with this relative about accepting their generosity in a couple of years?

Or perhaps them buying a flat that you can live in but which, for now, remains firmly in their ownership?

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

3 Posts

Posted - 22 June 2020 :  16:15:53  Show Profile  Reply with Quote
Thanks for your speedy response, you confirmed my fears about having to possibly sell any assets i get.

I think I would rather advise my relative that I am in a TD rather than having a house put in my name, only to lose it.

This forum really is a godsend for these sort of queries, many thanks
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TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 22 June 2020 :  17:00:03  Show Profile  Reply with Quote
A pleasure Jimmi.

It does seem like this is a sensible conversation to have with your relative.

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