Hi jillsoph,

Welcome to the forum; I'm sorry to hear you are experiencing difficulties with your Trust Deed at the moment.

How much have you paid in over the last 2.5 years from monthly payments and the proceeds of the sale of your home? How much were the debts at the start of the Trust Deed?

In payments alone we have paid. ?ú3425.
From the sale of our house there was a secured loan paid off at around ?ú22000. The remainder, of around ?ú1000, after legal fees went to T.D.
The amount of debt we had at the begining of our t.d was around 30,000.
Hope this helps.

Hi jillsoph,

One more question if I may. What is the current agreed monthly payment? Has it reduced/changed during the Trust Deed?

The current payment should be ?ú105. We had it altered last year when we moved house from ?ú248.
We have moved house this year and had a baby (where I was on maternity leave and receiving stat mat pay). I asked for it to be altered accordingly. I have been waiting on them getting back to me and this is the first letter I have had today regarding the bankruptcy subject.
Thanks

Hi jillsoph,

I think an opinion from our Trust Deed experts Mark and Kevin would be useful as they will have practical experience of such situations. I'm sure one of them will be along soon.....

Hello jillsoph

I'm afraid the simple answer is that it is up to your trustee to decide what happens next. They can petition the court to have you sequestrated if they consider that you have not cooperated with them or if they feel it is in the best interests of your creditors. (You couldn't apply for your own sequestration if you are in a protected trust deed).

I imagine that the amount that has been paid in so far will mostly go towards the adminstration costs of your trust deed - I can't see there being much left over for creditors out of ?ú4500. Is it just one of you in a trust deed or do you have one each?

I feel I say this a lot to people, but it is usually the best advice - speak to your trustee and try and agree on a way forward. At least if you make it clear to them that you are trying to cooperate with them if possible, then they may be more willing to listen to you when you say to them that what they are asking for from you is unrealistic. Given the trust deed is 2.5 yrs old, they may even change their position and not look to sequestrate you after all.

Hope this makes sense.

Hi
Thanks,
Yes we both have seperate trust deed accounts.
Would both of us being declared bankrupt make any difference to the secured loan being paid in full with the sale of our house?
Thanks

Hi there

bankruptcy would have no effect on a secured loan as they (secured loan co.) would be entitled to any free funds after the mortgage is paid.

Mark