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15/06/2011 6:32 pm
Hi I am currently a year into my trust deed with Wilson Andrews, when I originally applied for the trust deed and the income and expenditure forms were being completed my finances were better than what they currently stand at, the drop in income is through working tax credit payments being reduced, housing benefit help has been reduced and my wages do not match up to what the trust deed estimated originally unfortunately the drop in incomes means I am struggling to afford to live right now, my income totals £1632 per month and my outgoings are £1620 (this does not include money for car tax/mot, clothes for myself and son, or any repairs etc) I phoned Wilson Andrews and explained the situation to them and asked them to review my income and expenditure which they have agreed to do but the man I spoke to also told me that as my payments are £154 per month they won't be able to do anything to help basically but that he would speak to my trustee and get back to me, this was three days ago and still no call back, can anyone advise me what my options are and what my best course of action is? I rent my property and do not own any assets except my 03 plate car, thanks in advance for any information or advice
15/06/2011 7:44 pm
Welcome to the forum SarahM4.
I'm sorry to hear these changing circumstances have made things difficult for you.
How much would you estimate the car to be worth now?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/06/2011 8:02 pm
Hi thanks for replying, I'm not too sure to be honest possibly £1200, Wilson Andrews predicted it to be worth less than £1000 at the end of trust deed
15/06/2011 8:11 pm
It may be that sequestration would be the likely alternative if you cannot meet the amount proposed in your trust deed. As you have no significant assets then you may be better off rather than struggling on with a trust deed you cannot afford. However, your trustee would have to petition for this as you cannot do it yourself whilt in a protected trust deed.
Best chat it through with them first. Is your situation likely to improve again any time soon?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
15/06/2011 8:24 pm
My situation isn't likely to improve to be honest I think if anything it's only going to get worse, how do I go about tackling the subject of sequestration with my trustee do I just ask them and see what they say? Also regards to my car would I be allowed to keep it if I went through sequestration (I live in a rural village and have to travel to work and back) I don't want the trust deed to fail as I have managed to struggle through for the last year and not missed any payments but the costs of living are catching up on me and I find myself faced with a car needing two new tyres and a son desperately needing clothes and no extra money to pay for these
15/06/2011 8:42 pm
Hi SarahM4.
In those circumstances it may be that bankruptcy is now a better fit for you.
Based upon the valuation of the vehicle and your need to use it I don't think you need to worry about losing it.
I think you should talk this through with your trust deed company. You cannot carry on paying money to them that you do not have and they should understand that and work with you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
15/06/2011 8:54 pm
Thanks so much for taking the time to reply both of you, I am going to phone my trustee in the morning and see what they say, my biggest worry is if they say no to sequestration, but I am praying that they see that the situation is no longer working and it gets resolved, with sequestration though do my employers find out about it? It wouldn't affect my job from what i gather though so not too much of an issue if they do
15/06/2011 9:05 pm
Hi again.
There should be no reason for your employer to find out (unless they decided to go looking, as with a trust deed).
Please let us know how the call goes.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
16/06/2011 1:29 pm
Ok wee update...phoned Wilson Andrews and again expressed my concerns, the lad apologised for not getting back to me but said that he is meeting with my trustee to review my income and expenditure, he said that they will most likely decrease my payments as my income had dropped, but he would need to meet with trustee first to see, he said that sequestration is not an option they are willing to pursue which kind of confused me as to what they plan to do if they do not lower payments, the lad assured me that my trust deed will not be extended to make up for the drop in payments and that my original release date still stands no matter how low they make the payments although I wonder how low they can make the payments whilst still keeping creditors etc happy but I guess that's all up to them to sort
