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I am engaged to a wonderful scottish bloke but we are currently experienced a 'rough patch'. He is about to apply for a trust deed (Scottish version of an IVA I'm told) as he owes nearly 80K as a result of a falling housing market and current unemployment (due to depression). I am very worried that my income/savings etc will be considered as part of the Trust deed, I have no assets other than income and a few thousand in savings. I was not in the relationship when the debts accrued and I am not living with him or married to him (yet).

Can you please please please put my mind at ease on how the trust deed will impact on my life as I am frightened beyond belief about starting a life with him right now? Also, can a trust deed be transferred to an insolvency practitioner in England? I feel he will be in with a better chance of picking up the pieces and rebuilding his life in London, where I live.

Hi Sob

I'm sure an expert will be along soon but a trust deed works in a similar way to an IVA in that it is individual. As you are not married or even living under the same roof your income will not be a factor.
Your income would only be considered to ensure both parties are paying there fair share of expenses when living together. Your assets are totally safe.

Pixie

And I think they last only 3 years instead of 5 for an IVA!!!

Is it too late to move to Scotland............

Pixie

Your income will not be taken into account for the purposes of your partner's Trust Deed, which will continue if he leaves Scotland and relocates to England.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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