I can't speak for your trustee, Almost there, but I'd be surprised if they chose to push for bankruptcy given how far through your trust deed you are. I would imagine they may agree a reduced amount and possibly extend the term of the trust deed to compensate.

The other thing to consider is that you may become entitled to a considerably higher level of tax credits - depending on your income level, a large portion of the extra childcare costs may be paid for. You can check this out on the HMRC website.

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Originally posted by Kevin Mapstone

I can't speak for your trustee, Almost there, but I'd be surprised if they chose to push for bankruptcy given how far through your trust deed you are. I would imagine they may agree a reduced amount and possibly extend the term of the trust deed to compensate.

The other thing to consider is that you may become entitled to a considerably higher level of tax credits - depending on your income level, a large portion of the extra childcare costs may be paid for. You can check this out on the HMRC website.

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Hi, thanks for the response. We currently don't receive tax credits and are unlikely to due to earnings (although I will check again). What concerns me really, is that at the moment we pay ?ú900 per month (450 each) and have calculated (roughly) that between additional childcare (500ish per month) and additional costs for baby(100ish per month) we will only be able to pay around 200-300 to our trust deed. Would this be deemed acceptable, and I guess that means we would be paying into it for at least another 3 years?

Hello Almost_There,

I think this is the sort of situation for which it's very hard to provide definate answers on the forum.
Really, as you have said, it's going to be a case of contacting your Trustee and working with him/her to find a way forwards.

Kevin makes a very salient point regarding the fact that you will be two years and three months into your Trust Deed when your new child is born. With that in mind it doesn't really seem to be in anyones (you, your creditors, or your Trustee's) best interests for your Trust Deed to fail at that stage.

The only answer I can give is that it's up to your trustee, you'll just have to speak to them and see what they say. It may be that they write to your creditors to inform them of the change and see if they have any problem with you being discharged as normal. I imagine the creditors would still be getting a reasonable dividend if you have been paying in ?ú900 pm between you for over 2 years, so this counts in your favour.

Sorry, I haven't been on. Just wanted to say thanks for the replies. I am going to get everything down on paper and then contact my trustee to see where we go from here!