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 Left job now student cant afford TD
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edilad
Just Joined

2 Posts

Posted - 28 August 2019 :  22:41:14  Show Profile  Reply with Quote
I have left my job and am now a full-time student with income coming from a student loan which is £300 less a month and cannot afford to pay my trust deed. What happenes next and what options do I have. Is sequestration all that bad? I do not have any assets.

TDA (Debt Adviser)
Trust Deed Expert



13056 Posts

Posted - 29 August 2019 :  08:32:51  Show Profile  Reply with Quote
Welcome to the forum edilad.

If your payment is no longer affordable for this reason, your trustee may conclude that the trust deed is no longer an appropriate solution. They may bring the trust deed to an end.

If this happens you'll need to find a new way to deal with your debts.

If you have no assets, then it doesn't sound like you have too much to fear from bankruptcy that wouldn't already apply in respect of your trust deed.

You can read more about bankruptcy at:

https://www.trust-deed.co.uk/bankruptcy-sequestration.html

I'd suggest (if you haven't already) that you get in touch with your trustee and begin to work out a suitable way forwards.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2218 Posts

Posted - 29 August 2019 :  09:50:09  Show Profile  Reply with Quote
Hi edilad and welcome to the forum.

How far into your Trust Deed are you in terms of payments and also how much have you paid into it?

As TDA has advised if you are unable to afford the payments itís likely that the Trustee will end your Trust Deed and return the debts to you. If this happens one way to clear the debts would be Sequestration.

Best thing to do is reach out to the Trustee about this and they can keep you right.

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edilad
Just Joined

2 Posts

Posted - 04 September 2019 :  20:27:53  Show Profile  Reply with Quote
Thanks for the replies.

I am about 6 payments into my trust deed. My mum is currently paying for it for me and has been for 2 months now.

I am now a student and receiving a student load of about 550 per month.

I will be a student for the next 3 years and if I was to get a job during this time it would be a part-time job and would not leave me enough to pay my TD.

I think sequestartion is my best route - does anyone agree?

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TDA (Debt Adviser)
Trust Deed Expert



13056 Posts

Posted - 05 September 2019 :  10:54:01  Show Profile  Reply with Quote
Hi edilad,

It's not possible to provide you with confirmed debt advice in a forum thread like this. That needs to come from a debt adviser who has developed a full knowledge of your current situation and future plans.

From what you've written so far, it does seem like bankruptcy might have become a better fit for your situation than a trust deed.

I'd suggest getting advice from your current trustee as they understand your situation in depth. You'll need contact with them in any case, as you cannot take any steps to deal with the debts in a different way unless they've released you from your trust deed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2218 Posts

Posted - 05 September 2019 :  19:21:29  Show Profile  Reply with Quote
Hi edilad,

As TDA has advised its hard to give you tailored advice on the forum and based on the limited information we have.

Generally speaking if you have no assets, have a low income and that isnít due to change any time in the short to medium term then a Bankruptcy might be the best option.

Having your mum pay the Trust Deed might be putting added pressure on her budget. As a parent myself Iíd try to do everything I could to help my kids and Iím sure your mum will be the same.

Best thing to do is speak with your Trustee. If they agree Bankruptcy is the best way forward they will then release you from the Trust Deed and you could see free debt advice from your local citizens advice, local authority or even step change. They can all help you with a Bankruptcy application.

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