Hello bernie58.

If you fail to make your payments your trustee may discharge you from your trust deed to deal with your debts yourself again. Much of what you have paid already will probably get swallowed up in fees.

They might choose not to discharge you, and seek recovery of the money you are due to pay (under your trust deed agreement) by other means.

They might also seek to bankrupt you for non-compliance with the terms of your trust deed.

The issue really is that all parties to the trust deed are bound by it legally. I can understand that you might wish to switch over to another means to deal with your debts, but exiting the commitment you have made may be difficult and could have some negative consequences for you.

thanks for your reply when you say switch to other way of paying of debts is there any other way i can go

Hi bernie58.

I meant in the event that your trustee agreed to release you from your trust deed; all options would be open then.

The issue really is whether your trustee would release you from the binding agreement you signed and which your creditors accepted. Part of that agreement was that if your circumstances improved you would pay more.

thanks tda i dont mean i dont want to pay more i am quite willing to pay more but dont want to 100% of overtime as i would be working it for nothing and the job i have the overtime is not optional and as i have read so much about company im with on here think that is what they might take also if they take all overtime i will have paid in a lot more than my debts were originally

Hi bernie58.

Did you find out from your trust deed provider what will happen with your overtime yet?

hi tda no not yet sent wage slips today as they have to be in by friday and have been to scared of whats going to happen with not telling them as i no i should have read all the papers but didnt and being stupid thought it was only like insurances or pools wins lottery or gifted a lot of money i had to tell them about absolutely terrified now

Hi bernie58.

I think it's going to be best to see what happens now that your trustee has that information.

It's easier to think and plan once you know exactly where you stand.

thanks tda they will have it now so waiting dont think it will be long before they are in touch