Hi Jimmi,

It sounds like you have an incredibly generous and kind relative.

This is going to cause a problem if it happens before you are discharged I'm afraid.

If you come into money or assets they can be used to repay your creditors. If there's no other way to raise the sum that becomes due, you might be at risk of having to sell the flat.

Would you feel comfortable about having a conversation with this relative about accepting their generosity in a couple of years?

Or perhaps them buying a flat that you can live in but which, for now, remains firmly in their ownership?

Thanks for your speedy response, you confirmed my fears about having to possibly sell any assets i get.

I think I would rather advise my relative that I am in a TD rather than having a house put in my name, only to lose it.

This forum really is a godsend for these sort of queries, many thanks

A pleasure Jimmi.

It does seem like this is a sensible conversation to have with your relative.

Sorry for reverting back to this scenario, but I was wondering if a TD can be extended for a year to repay all of the debt if I was given a property.

I ask because I notice that at the end of 4 years, I would only be 20% short of repaying all of the debt

Hi Jimmi,

This is a conversation to have with your trustee and see what they say.

There are a number of extra factors involved, such as your creditors becoming entitled to receive interest on their debts if you become able to afford it (as you would be able to if you received a property). Also, you'd be expected to cover your trustee's fees rather than them being charged to the expense of your creditors.

No harm in talking to your trustee however to see if there's a way to make this happen.

Jimmi

If your family are in a position to purchase a flat for you then perhaps they can keep it in their name until such time you are discharged.

If you acquire an asset during the 4 years of you being in the Trust Deed then this is automatically conveyed to your Trustee.

Other options to explore is to place the property in trust. A Trust is a separate entity that bypasses your Trust Deed.

I would edge on the side of caution here and speak to a legal agent.

p