When you sign a credit agreement as an individual, because you have done so in your own name; your spouse or partner is not responsible to pay your debts. If you start a Trust Deed, your partner or spouse will not be directly involved with the agreement.
Your other half will not be forced to help you repay your debt and your creditors are forbidden from revealing details of the debt to your partner/spouse unless given clear permission to do so by you. This doesn’t matter if you are married, or not.
When considering whether Trust Deeds affect a spouse or partner, consider the impact of reduced monthly spending and how this may impact your monthly budgeting. You can find out more about this in our article about how much will your Trust Deed payment be.
Joint Trust Deeds
You can’t have a joint Trust Deed, in the same manner, that you can enter into a joint Debt Arrangement Scheme, for example.
There is nothing stopping you from having two individual Trust Deeds, as long as there is enough qualifying debt on each application.
You can find out more about joint debts, however in brief there isn’t a one-size-fits-all approach and you can in theory include joint debts in your Trust Deed, however, the other party becomes liable for the balance of the debt.
Do I Need To Tell My Spouse About My Debts?
It is possible for an individual to enter into a Trust Deed and complete a full repayment period of 48 months without their spouse or partner finding out about the debts, however, we typically encourage our clients to be open about their financial difficulties for emotional support.
Hiding debt from partners and keeping them a secret from your family or closest friends can be less of a burden if shared.
As a company that has become the No.1 rated for debt advice across Scotland, we’ve helped over 20,000 people look forward to Life After Debt.
Each of those 20,000 people is someone’s wife, husband, fiancé, fiancée, father, mother, son, daughter or friend. We’re finding that more and more people are approaching us for Scottish debt help after being recommended by an individual who has already been through the process.
Not only is this a testament to the service provided by Trust Deed Scotland® but also highlights a growing number of people who feel confident enough to discuss their finances with those closest to them; whether that be a spouse, family member, or even a work colleague.
You may want to consider your credit rating and how that may affect your spouse or partner and should you wish to attempt joint credit applications, this will typically have an impact on the joint application.
Joint Debt Advice & Help
It is possible to arrange a call with you and your spouse or partner on the same call. Our debt experts will arrange a time that is suitable for both of you – whether that be on the same call, or on separate calls – whatever is most convenient for you. Home visits are also growing in popularity for this reason.
When you’re weighing up the pros and cons of which solutions may be best for you, look for debt advice reviews. Independent reviews platform such as those featured on Trustpilot give you an idea of which companies are good to approach. Trust Deed Scotland® have almost 3,000 five star reviews to date.