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29/04/2013 8:59 pm
Hi there, looking for advice. My husband and I both have trust deeds with only 5 payments remaining, however, I was made redundant last year and since then we have been living off my husbands wage and my redundancy money. we are now in a position where the redundancy money has run out and we can no longer afford our monthly TD payment (or even a reduced payment). We are gutted as we are so close to the end and have always paid on time and never missed any payments. Is there any options available to us or would we be looking at bankruptcy???? help!!!
29/04/2013 9:07 pm
Hi poppy
I think this is something you will need to discuss with your trustee.
It's unlikely he will petition for sequestration, however best see if there is a solution which suits both parties.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
30/04/2013 6:56 am
Hi poppy,
As Mark said best contact your Trustee to discuss. Did you inform them of your redundancy and any package you received when it happened?
I think with 5 payments outstanding it's unlikely that your Trustee would petition for your Sequestration.
David is not currently posting in the Trust-Deed.co.uk forum
30/04/2013 9:38 am
The Accountant in Bankruptcy's guidance to Trustees states that an individual should not be refused discharge from their trust deed merely on account of a change in circumstances. The trustee could petition for sequestration, but would have to show that it is in the best interests of your creditors, which seems unlikely.
As the others have said, speak to your trustee and hopefully you can be discharged as expected.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
30/04/2013 1:56 pm
hi all, thanks for your advice, I am now in direct contact with my trustee to find a way forward.
