A Scottish Trust Deed can provide people with help when they need it most, sorting their debt out and allowing them to pay it off in manageable amounts each month. It can be a lifeline for many households, but some people remain wary of trust deeds because they worry of the effects it will have on other areas of life. One of these is employment, with many wondering if having a trust deed will impact their job, or any jobs they might apply for in the future. However a trust deed might not be as detrimental to your chances of employment as you think.
An employer doesn’t always have to know that you have a trust deed, and unless your employer is one of your creditors then it’s highly unlikely they’ll find out. Your name will be published in the Edinburgh Gazette along with thousands of other notices, but unless they’re trawling through it from cover to cover it’s doubtful that they’ll realise. However there are some professions which will come with a contract of employment stating that you are not allowed to be sequestrated or involved in a form of insolvency. These professions include the Police, Fire Service and sometimes the Prison Service. Positions where you’re handling money might also have concerns if you have a trust deed.
This is because you’ll have access to a large amount of information and money, so unmanageable levels of personal debt might not show you in the best light. If you are involved in any of these professions then it’s recommended that you check your contact of employment to see the specific rules that apply for you. If an employer finds out that you have a trust deed then it’s unlikely that you’ll lose your job, as in most cases it doesn’t impact your ability to perform in a role. If you’re involved in one of the positions discussed above then it would be worth having a confidential talk with someone at your work who can tell you the impact a trust deed will have.
When it comes to getting a new job, a trust deed will only affect your chances of employment if you’re applying for the Police, Fire Service, Prison Service, or jobs where you’ll be handling money. You might also find it hard to get work if you are a self-employed contractor applying for council contracts, as you may have to go through financial checks along with other contractors in your team.
Before you apply for a trust deed it’s worth getting advice about employment, so that you can know for sure whether your job will be affected and if your chances of finding a new job will be impacted. At Council Tax Advisors we make it our mission to provide free, impartial debt advice that covers a wide range of problems. Contact a friendly member of our team today for expert guidance over trust deeds.