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 Worried trust deed will fail and was wrong idea
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lilone
Frequent Contributor

26 Posts

Posted - 10 January 2019 :  13:15:10  Show Profile  Reply with Quote
Hi

Am getting myself worked up and just thought id see if could get advice

I started trust deed in NOV 17 i was paying back a large amount a month i was working full time debts were pretty high, i fell pregnant unexpectedly and made payments up until my mat pay kicked in....i now not paying anything until i return to work however i will not be full time now when i return possibly only three days a week (childcare is ridiculous) ive read of trust deeds failing and all debts come back to you as worried ill be paying no where near what i was and creditors wont accept this with a new baby am terrified this could happen and being harassed etc. Has this happened to anyone or chances of this happening?

Thanks
A worries mum :(

Welcome14
Advanced Contributor

52 Posts

Posted - 10 January 2019 :  14:28:24  Show Profile  Reply with Quote
You can only pay what you can afford, The big secret is to keep communicating with your trustee, You have done the hard bit, Getting the trust deed set up, That alone should have stopped the harrasement and letters phone calls etc, You are now protected by law from that happening again, With the provisio that you keep communicating your circumstance changes to your trustee, That way it wont fail, Keep your chin up
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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 11 January 2019 :  08:38:13  Show Profile  Reply with Quote
Hi lilone

Do you own your home, or any assets of any significant value? If not then the Trust Deed being terminated may not be a disaster to be honest - you could just apply for sequestration instead which would mean you don't have to worry about having to pay what creditors had originally expected from your Trust Deed.

Best speaking to your trustee about it I would say.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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