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Scottish Trust Deed Forum
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Topic starter
07/12/2009 10:49 pm
hi
i signed my trust deed in august 1st payment was 1st sep of ?ú200,
i had a baby and really misjudged how much i would be getting, i had to reduce my payment to ?ú100 and still struggling, i am seriously considering bankruptcy. my debts total over ?ú32000 can i go bankrupct i also have a car value around ?ú5000 i assume i would have to hand this over.
thank you
08/12/2009 1:59 pm
Hi gill85,
Have you discussed this in detail with your Trustee yet? If not I would suggest that you make the call to discuss the options open to you.
I think that it's likely that the car might have to be sold in bankruptcy.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/12/2009 2:01 pm
Hi gill85
Sequestration (bankruptcy) may well be a more suitable option for you, but you would need to discuss your situation with your trustee again as only they can arrange this for you.
As for your car, it would be up to whoever deals with your bankruptcy how it is dealt with. Even if a car is required for work it may be necessary to downgrade to a cheaper car and pay the difference towards your debts I'm afraid.
Best of luck with everything.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
08/12/2009 11:40 pm
Hi
thanks for your replys,
can they reduce my payments for the remainder of the trust deed, and would this affet the length of time i will be paying.
thanks
09/12/2009 8:19 am
Hi gill85
in some circumstances the contribution can be reduced and the period extended. However you state that you are struggling at ?ú100 and it is unlikely that this is a realistic solution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
