Hi morag

You're are not in a trust deed if the trustee has obtained his discharge and I can't see why they will not help.

The process allows the Trustee to be discharged, but does not discharge you from your debts. I'm not sure of your circumstances, but would think sequestration may be an option.

I'm not really sure what the solicitor will do as your options seem to be sequestration, a debt management plan ( best avoided) or DAS.

Mark

So the purpose of an appeal could only be:

1- That the trustee is not discharged and the trust deed should continue or/

2- That the trustee is discharged and Morag is discharged from her debts?

Am i missing something?

Morag wants to make payment offers herself to her creditors according to my reading of her posts.

Isn't she in a position to do this right now?

Hi TDA

yes to all 3points, except he could agree that the trustee's discharge stands, but the individuals doesnt.

Mark

Thanks Mark, I was told that I would need to appeal to get discharged, this is why i'm trying to seek legal advice, I have contacted DAS and they say I would need to pay at least £90 per month to cover my debt. If I've no ties now if I go for bankruptcy could I sign my house over to my daughter before this. As for my car I take it its not an asset as I dont own it. I am due to give my car back in September anyway.

Kind Regards

Hi morag

I dont think the bank would allow such a transfer. If they did, the trustee could challenge any transfer which took place in the previous 5 years.

Mark

How much equity is there likely to be in your property, morag? If there was little enough equity that a trust deed was a possibilty without losing the house, then this may also be true if you are sequestrated

Hi Kevin, There is no equity in either property, I'm really getting confused now with all this, I have a letter stating that I wont be discharged !! but has himself there for who does ? or am I discharged after my 3 yrs but have to pay my debt back. When I went onto the trust deed I paid an up front fee of £220 told to take all my overdraft out change bank accounts, use as much on credit cards as I could, was also told that the interest would be frozen, this has not been the case. I had an unsecured loan which the outstanding balance was £8.000 now its £11.500 I've only been out the trust since end of January. I would also like to point out that I had redundancy cover for my credit cards this will all be mentioned to the solicitor that I meet on Wednesday with. I honestly thought a trust deed would help but all this has been very misleading.

Regards

Somebody told you to max out your overdraft and credit cards as you were embarking upon a Trust Deed??!!!

Isn't that illegal? If someone is found "incurring debts that you knew you had no reasonable chance of repaying" just before a bankruptcy they could have a restriction order imposed upon them for anything up to 15 years. If they don't comply with the restrictions then they could be imprisoned. This is taken extremely seriously.

Is it just me?

Hi Morag
The interest is only frozen whilst you are in a Trust Deed, if you are not discharged from your debts, then the deferred interest can be added. You have been discharged from the Trust Deed, just not from the debts. You are free to take other options, such as the DAS. Can I just point out to you that interest is also frozen in the DAS, but if you miss payments and the DAS is revoked, the deferred interest can be be added - same as in the Trust Deed.

Out of interest Shona (or any of the other superb experts on this site) is it the case that purposefully and recklessly getting further into debt once you know you're entering a Trust Deed will get you into trouble with the AIB in the same way as it will with a bankruptcy?

Shona, I have contacted DAS and as I'm now unemployed they have reckoned I would need to pay at least £90 per month . This interest that has been added on is over £3.000 so basically what your saying is the interest was frozen from Sept 10 - Jan 12 and has accumulated and because I have been given my debt back they can do this to me as well. I was never explained any of this at all. So this means that money matters can help me with my creditors/citizen's advise too ? The letter that I have soley states the trusted deed has discharged himself but wont discharge me that's why I have to appeal under regulation 23(2)(a).

Hi Morag.

DAS is unlikely to be a useful option if you aren't working as I think you have already identified.

We can only provide information on this forum in connection to the details you have provided. Whether (or not) Money Matters or CAB can/will help you is something only they can answer.

I have to say that I'm a little confused on this thread too, and it would be great if one of our experts could just clarify the situation for us a little more.

Mark/Shona/Chris/Kevin:

Is Morag in any way restricted from using any other debt solution option now that the trustee has resigned but she retains her debts?

Or to ask the same question another way, why would Morag have been advised to take this matter to court?