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Topic starter
04/07/2012 4:31 pm
Hi, Can anyone give me any advice. I have recently separated from my husband and have an 8yr old daughter and live in a rented property. I am currently in a trust deed but with my circumstances now changing and me being a single parent I am no longer able to make payments to my trust deed.
I have contacted my trustee and done a review of my outgoings and they have told me I am not able to make any payments due to my current financial circumstances and if my circumstances were to change within then next 6mths to contact them. My circumstances will not be changing anytime soon and I was wondering what will happen at the end of my TD. It is due to finish in April 2013 but now I cannot make payments its sure to fail. Does this mean after the TD time is up I will automatically be sequestrated for 12mths? Any help would be much appreciated.
04/07/2012 4:59 pm
Hi LMM.
It's difficult to know what will happen in these circumstances.
Your trust deed firm may conclude that these changes were outside of your control and discharge you (and your debts) at the previously expected time.
They might also conclude that this cannot happen until you have paid over the amount orginally offered to your creditors. If things don't improve that could then result in your trust deed being ended and either:
1 - You being discharged, but with your debts. You'd then need to look to other options, perhaps including sequestration.
2 - Sequestration initiated by your trustee.
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