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 Loan to pay off trust deed
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Youjoe
New Member

5 Posts

Posted - 02 August 2022 :  07:50:48  Show Profile  Reply with Quote
Hi I am on my fifth year si I have got just over one year left on my trust deed the question is can I take a high interest loan since my credit scoring is still poor to pay off the remaining balance of 3k so I could get discharged than move the loan to a better rate once my credit score improve or is that going to get me into trouble with my trustee thanks for any help.

Mery

Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 02 August 2022 :  09:41:00  Show Profile  Reply with Quote
Hi Youjoe. I don't see any reason why you couldn't do this if you want to - though I would recommend you only consider it if the loan is definitely affordable for you.

The regulations say a trust deed must run for a minimum of 4 years and there isn't anything that says you are not allowed to take new credit while in a Trust Deed. I would still recommend you run your plan past your trustee first though, just to be on the safe side.

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Youjoe
New Member

5 Posts

Posted - 02 August 2022 :  09:50:59  Show Profile  Reply with Quote
Thanks Kevin much appreciated

Mery
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Youjoe
New Member

5 Posts

Posted - 02 August 2022 :  10:08:55  Show Profile  Reply with Quote
Hi Kevin any hidden costs I should be aware of or just the remaining balance thanks

Mery
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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 02 August 2022 :  12:35:16  Show Profile  Reply with Quote
Shouldn't be any hidden costs. Your trustee will be able to confirm the remaining balance due.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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