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lilone
Frequent Contributor

26 Posts

Posted - 04 June 2019 :  20:19:38  Show Profile  Reply with Quote
Hello

I have been in a trust deed since nov 2017 paying a large amount a montj until i went off on maternity and my payments have been suspended am heading back to work n ow howeever i will only now be working three days a week! So will be a wage difference of over 1000k a month less , with childcare fees i have worked out what i will be left with not including a payment back to trust deed and this will be only around £200 this is after all bills paid not inc food petrol clothes etc, my husband also pays for additional things such as our car so has no additional income to support us, i had very large debt about 40k my question is will this lead to sequestration? What would happen i am a little worries about this but cant change my situation :( short of this be lucky if i can pay £50 back

Thanks for any advice!

TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 04 June 2019 :  20:42:03  Show Profile  Reply with Quote
Hi lilone.

I think the best thing to do here is to contact your trustee and run through these figures with them.

If there's no prospect of continuing a payment into your trust deed then they make look to discuss other options with you.

Do you own assets, such as your own home for example?


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lilone
Frequent Contributor

26 Posts

Posted - 04 June 2019 :  20:57:33  Show Profile  Reply with Quote
Thanks for your reply! I did ask them saying what if i can barely make payment she didnt seem to concerned just said if this is your circumstances it can change ethier way, so this is why was asking.
No i dont have any assests
What would other options be?
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TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 05 June 2019 :  09:33:36  Show Profile  Reply with Quote
Hi lilone.

There are no other options while you remain in the trust deed.

If your trustee believes that you may become able to contribute into the trust deed again in the future, they might conclude that it should be extended.

In some circumstances a trust deed may continue as normal with a much reduced or zero contribution.

If your trustee concludes that the trust deed is no longer appropriate, they may agree to release you from it.

You could then consider other options. Without any surplus income, the options are likely to be bankruptcy or to do nothing at all.

Sorry that I cannot be more specific. You'll need to work through this directly with your trustee to understand better where you'll stand.

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David Tannock
Trust Deed Expert



2197 Posts

Posted - 05 June 2019 :  10:30:19  Show Profile  Reply with Quote
Hi lilone,

Do you know approximately how many payments you have made to your Trust Deed?

As TDA has advised there are a number of options available to the Trustee based on your circumstances and the best thing to do is speak with your Trustee about this.

I think itís possible that if you are unable to afford a suitable payment per month to the Trust Deed for the foreseeable future then your Trustee could release you from the Trust Deed but not discharge you from the debt. You need to look long term over the next 3-5 years. I know with my own family and child care and my wife reducing her hours it had a long term impact on our finances.

If that happened you could then look at Sequestration (Bankruptcy). Based on your current circumstances if you are unable to afford to make a payment per month then you are not required to and after 12 months you can be discharged from the Sequestration and the debts. This might be the more suitable option rather than continue with a Trust Deed for the next 2-3 years or longer in the hope of making payments.

The main thing is try not to get too stressed or worried. There are a number of options available to help you deal with the change in circumstances and your Trustee can confirm this for you.

Please let us know how you get on once you speak with your Trustee.

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lilone
Frequent Contributor

26 Posts

Posted - 05 June 2019 :  11:08:03  Show Profile  Reply with Quote
Thanks very much for your replies!
Id been paying almost £800 before for 14 months then it reduced until i left for maternity!

I just hope there is some light at the end as i would gate for it to extend further on but i will let them know all i can do is give them my new income and new expenditures and see what happens

Thank you
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