Hi trustdeed1.

Bankruptcy might be an option. If payments were deemed to be affordable the trustee would set a figure based upon affordability, a process that would run for three years. There could be consequences for your assets such as a home or vehicle.

He might also be discharged from his trust deed but not his debts. You'd then be back to square one in needing to find a way to deal with them.

It sounds like now is a time where good communication, honesty and negotiation with the trustee would be advisable.

Hi, thanks so the reply. So it would be them that would set up his bankruptcy then? Which means they would do what they have always done, know that we can't afford it but get us to agree to squeeze the figures to look like we can. Looks like we will have to continue doing what we are to get through it the next year or so then. We have been honest with them already, they know we can't afford those payments but as it's an extension they say we have to abide by it and get it paid or there will be consequences.

Hi trustdeed1.

Obviously it's a little more difficult if you've already agreed to the figures that are being used. However, some negotiation could still be attempted as the failure of your trust deed at this stage is unlikely to be a great outcome for anyone.

I'm curious about the petrol for example. There's no maximum figure for this really provided that the usage is fair, such as a work commute.

Might the trustee consider a reduced amount for a little longer?

Our petrol usage is £80 per week with my husbands work and sons health appointments. We were told that this was too high so on the forms it's down as £200 a month when it's actually way more than that. There is no public transport to his work as we live in the middle of nowhere. I don't think they will do anything else, they have said this is as much as they can do. Obv we don't want him made bankrupt but it sounds like that would be the only thing left they could do.

As before trustdeed1 this seems unusual. Getting to work and hospital appointments are clearly very important and therefore I cannot see why the petrol costs would not be listed "as they are".

A complicating factor might be if you've agreed in the past to keep this figure below the real amount, perhaps to make the trust deed viable in the first instance. I can see why it would be difficult for your trustee to go back to the creditors to change the petrol figure if there has in fact been no change in the petrol usage.

I do hope that you're able to work something out.

At the end of the day your trustee cannot expect you to pay what you cannot afford. I think your best bet is to try to come to a new agreement with your trustee that you can manage. It will probably mean extending the term of the trust deed further to compensate, but it surely has to be better than being made bankrupt or your trust deed being terminated and you being left with much of your debt still to contend with.

Well we took your advice and emailed the company to explain to them our difficulties and that the last thing we want is for it to fail now. That was on the 13th and they haven't sent anything back - not even an acknowledgment. Ah well, not much more we can do.

Keep chasing it up trustdeed1.

Sometimes these things can be delayed for relatively minor reasons. For example it might be that your email needs to be put to the trustee for a decision and they've been away for a little while.

I'd give them a call and ask what's happening.

Yeah i'm hoping that it's been put to him to see what he says, the sooner we get it all sorted out the better for everyone really. Just want it all out the way now.

trustdeed1 I went bankrupt as I could no longer afford payments due to change in circumstances. nearly 6 years later, I still can not get a current account, but to be honet I find it better dealing with everything in cash. Bankruptcy is a last resort, but the relief I got with doing it had far out weighed the stress I was going through trying to make payments. If they can not reduce the amount for you, seriously consider the long term outcome of bankruptcy, and the lack of stress for your long term health. I chose my health and have been so much happier and better off long term for doing so. Good luck.

Hi basic_electrons.

If none of the major banks will give you a basic account there are paid-for options for which your credit rating will be irrelevant.

Have a read about ClearCash or the thinkmoney account at the following link if getting a bank account would be useful for you:

Link Updated 2020: https://www.trust-deed.co.uk/bank-accounts.html

I have a basic bank account and now have a debit card, I just can not get a current account, which does not bother me. I can afford to pay my bills and eat and heat my home without stress. But thanks for the link I know some people who might need that.

Glad to hear that basic_electrons.

I'd got the impression from your post that you had no banking facility at all.

no stated not a current account obviously falling on hardtimes makes you a liar, fraudster and completely untrustworthy. But as far as I was made aware you can get basic banking facilities even if you have been through trustdeeds and bankruptcy. My bank was really good in allowing me to keep a debit card due to being rural so I was quite lucky with that.