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Scottish Trust Deed Forum
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Topic starter
07/10/2009 4:17 pm
Hi guys.
I entered into a trust deed a couple of years ago. My financial circumstances have changed drastically since then. After around 18 months of paying full contributions and around 6 of a reduced contribution I am now only able to pay my trustee a token contribution of ?ú10 a month.
I have been finding it very hard to get any information from the trustee about what this means for me. I've asked for a meeting with the trustee but his staff always decline to do this. Can you give me any advice?
07/10/2009 10:53 pm
Hi there
The Trustee has 2 options here as you are clearly unable to afford the contribution. He/she can petition for bankruptcy as you have failed to make payment of the full sums or he could write to the creditors and advise that it is his intention, with their consent, to close the Trust Deed early.
I wish I could advise which they will choose, although the latter is the better and more reasonable option I would think.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
