Hi Rebecca,

Try not to get too stressed about things. If you cannot afford a suitable payment towards the Trust Deed the likelihood is it will fail and Bankruptcy will be a good option.

The Trustee will release you from the Trust Deed and you could then apply for your own Sequestration (Bankruptcy). To do this you would need to seek advice from a qualified money advisor and this could be your local authority or citizens advice.

The best thing you can do is reach out to your Trustee to speak with them and they will be able to clarify everything for you. This should hopefully stop you being worried and scared.

Please let us know how you get on.

Hi All

So after back and forth on what I am doing. My trustee has been very understanding. I am going to stay within my trust deed and Volunteer surrender the car with the outstanding finance added to my trust deed. There isn't much info online about volunteering to surrender, do you think the finance company would decline this offer? I just have a feeling it wont go smoothly....

Thanks again for all your help and reassuring me!

Your finance company wouldn't really have much option. If you stop paying the payments then all they can do is take the car back and look to your trustee for any further funds they are owed.
If you have paid half of the total payments on the agreement then you have the right to hand the car back anyway, without any further payment being due to them. However, it sounds like this is probably not the case?

Ok thanks Kevin well again you have reassured me that this car nightmare will end. Thanks so much 🙂 and no I havent paid more than half . only 2 years out of 5 .

Hello

Just wanted to update you all and a big thank you for all your advice.

I have now added my car to my trust deed , my trust deed are being incredibly understanding of my situation and have also upped my trust deed payment / upped my allowances too! I feel I have a better quality of life now !

Hi Rebecca,

That’s really positive to hear and I’m pleased that things have improved and you have a better quality of life now.

Communication in situations like this is absolutely key and I’m glad it’s worked out better for you.

That's good to hear - thanks for the update!