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Scottish Trust Deed Forum
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17/10/2018 1:20 pm
I entered into a trust deed only in august I made my payment in august however my payment in sept bounced due to other payments on my account I now really really regret getting myself into this. my payments are 154 per month for 4 years I get paid 1350 per month my debts were around 18000.00 I am on my own with two young children I contacted my trustee and he said he has no option now but to start to arrest my wages this would end me and my children I barely scrape by on my wages as it is without them being arrested I asked my trustee if an option to go bankrupt but he says no as ive signed into a legal document I am so scared and worried now and with Christmas only around the corner I have no idea what I am going to do he says I only have 7 days
17/10/2018 3:30 pm
Hi emma907
The best thing to do here is go back to your Trustee and explain that you're struggling, and explain why. Your Trustee should be able to look at your income and expenditure, and set a more appropriate contribution.
Having said that, part of the initial trust deed process is ensuring that the agreed contribution is suitable, using the Common Financial Tool (CFT) guideline figures. So if you only signed the trust deed in August, and you're already struggling with the contribution, something's went wrong somewhere. As I said, the best thing to do is work with your Trustee to find a solution that suits everyone.
17/10/2018 4:05 pm
Hi Emma,
I agree with the captain,
The real benefit of the trust deed is that if done correctly it takes the stress away, The importance of signing off your outgoings should mean its affordable and you can still look after your kids.
The issue i had is that i had an outside issue of gambling, So although the trust deed worked out perfect, My inability not to gamble was the reason i couldn't make the payment, Please give your trustee a call and explain
17/10/2018 6:08 pm
Hi emma907 and welcome to the forum.
As you see it, is the set budget (income and expenditure) used to calculate your payment incorrect? For example, are your income and/or your bills set at levels which do not match reality?
I'm wondering whether there is an error in the budget, or whether instead you're finding it too tough to manage on the budgets that were set for expenses such as food, clothing, etc.
Bankruptcy would not necessarily help you, even if you could access it. A contribution towards the debts would still be set with bankruptcy if deemed to be affordable. This would last for four years.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
18/10/2018 12:40 pm
Emma
The best resolution is to speak with your trustee and ask for our circumstances to be reviewed. Any level of disposable income is assessed using the common financial statement published by the Money Advice Trust. As TDA has advised, it may be that you are finding it difficult to manage the budget.
An arrestment of your salary is classed as an assignation. Only the agreed contribution would be taken per month should the trustee apply for one.
Sharon is no longer posting in the forum.
