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Deedisdone
Just Joined

1 Posts

Posted - 01 September 2020 :  09:18:00  Show Profile  Reply with Quote
Hi, I need some advice. I took out a trust deed 1.5 years ago when I lived in Scotland and have moved back home in Ireland now for 1 year. My trust deed encompassed debts of about 13000 but with a repayment of approx 6000 and I was hoping to get it finished as I want to close the chapter on my time in the UK. I've made payments every month and have paid even through CV19 after I was made redundant. I have a small rainy day fund of about 2000 and I was thinking of applying for credit in Ireland to erase my UK debts. Would this be possible? I'm not sure if my negative rating in the UK will affect my application here. Also with about 34 months remaining is it possible to pay a trust deed off? (Family have offered to help me with it also)

TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 01 September 2020 :  13:16:59  Show Profile  Reply with Quote
Welcome to the forum Deedisdone.

Your trust deed must run for at least four years unless you have paid the total of:

1 - Your debts at the start
2 - Interest on those debts
3 - Your trustee's fees and costs

Unfortunately this is going to add up to quite a bit more than the 13,000 you owed at the start (but the payments you have made already will count towards this).

Your trustee can give you an estimate of the total lump sum that would be needed.

I don't believe that your UK credit rating will affect your credit rating in another country.

Whether it's sensible to borrow to clear a trust deed is of course a judgment that you'll need to make based upon your financial situation and priorities.

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