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TrustDeed2k19
New Member

3 Posts

Posted - 01 December 2019 :  19:24:58  Show Profile  Reply with Quote
Hi

I started a trust deed in Feb/March and it went protected in April. I had run up debts of over £50k due to a gambling problem. My payments were set at £500 per month which was always going to be tight. After a few payments my partner had to give her part time job up making my payments now unbearable as we have a mortgage and 2 kids. I spoke with my trustee who agreed to fall my payments to £100pm for 6 months.
Iím nearly at the end of the 6months and due to the stresses of everything( feeling suicidal and very depressed ), I had to leave my own job and now earn less than I did and my partner hasnít found a new job either. Even the £100pm is tough but Iím managing.
Will my trustee be likely to allow me to keep making the payments of £100pm or will they want to go back to £500.
I actually feel bankruptcy would have been a better option for me at the beginning and Iím now feeling itís going to be the only way forward.

Paul McDougall
Trust Deed Expert



28 Posts

Posted - 02 December 2019 :  08:50:51  Show Profile  Reply with Quote
Trustdeed2k19

Sorry to hear about your situation. I hope you have found the strength to reach out to your GP and/or appropriate counselling services.

In terms of the trust deed, your trustee is required to balance the interest of creditors and yourself. It may be that sequestration is the best option available and I would recommend you speaking with your trustee outlining your health issues and gambling in order that they can assist you with continuing with the trust deed or resigning from office to allow you to apply for your sequestration.

Please note that your property can be dealt with differently under a sequestration. In order to provide a full response can you let me know how the property was being dealt with under the deed.

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Edited by - Paul McDougall on 02 December 2019 08:51:36
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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 02 December 2019 :  09:56:47  Show Profile  Reply with Quote
I would echo Paul's comments. It sounds like your trustee has been understanding ao far, so hopefully if you lay out your situation and anxieties for them then hopefully they would find a way forward that best suits. That may be bankruptcy instead but you do need to be careful if you are a homeowner

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TrustDeed2k19
New Member

3 Posts

Posted - 02 December 2019 :  17:32:30  Show Profile  Reply with Quote
My home never came into it as itís a joint mortgage with little equity within it. The costs of selling would outweigh any potential gain from it.
I would much rather continue on with the trust deed as Iím already nearly a year into it.
Am I right that if I now declared bankruptcy it would be 6 years from the date of declaration that it comes off my credit file.
The only upside I see from bankruptcy is that I wouldnít need to make any payments as on affordability there is nothing that I could afford.
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TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 02 December 2019 :  18:16:32  Show Profile  Reply with Quote
Hi TrustDeed2k19.

You are correct that anything new on your credit file would remain there for six years.

Bankruptcy would result in the equity in your home being assessed again. This is obviously a point that any homeowner would want to be very cautious about.

You may already be aware, but you don't currently have the option to become bankrupt. You cannot while you remain in a trust deed. Essentially, you'd need your trustee to agree to bring the trust deed to an end first.

As mentioned by the others, it seems really important that you maintain a dialogue with your trustee at the moment. They've clearly been flexible already to try to help you.

Most importantly, I do hope that you're prioritising your health and wellbeing and have been in touch with medical experts for support about how you're feeling at the moment.

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TrustDeed2k19
New Member

3 Posts

Posted - 02 December 2019 :  18:46:21  Show Profile  Reply with Quote
I never knew that I couldnít go bankrupt while in a trust deed.
The equity in my home will still be minimal due to the mortgage term ( 35 years ) not even 2 years into it yet.

Iím trustee has been excellent this far and hopefully they can sort something for me. I just donít see the creditors accepting £100 per month for the whole term. But then maybe if faced with me going bankrupt and then receiving nothing it might just be a better option even for them to accept.
Hopefully it can all get worked out as it is causing me some serious worryís especially at this time of year.
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TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 03 December 2019 :  17:28:04  Show Profile  Reply with Quote
Please let us know how you get on TrustDeed2k19.

Fingers crossed for you that this all works out in a way that you're happy with.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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