Hi Porcupine,

People’s health and well being must come first and is the absolute priority. A Trust Deed should be a little down the line in terms of priorities at the moment but can understand that some may be worried.

I think all Trustees will take a sympathetic and flexible approach with such a serious issue not just in Scotland and the UK but world wide. We are seeing governments issue emergency funding and also lenders and mortgage companies being flexible too and offering repayment holidays etc.

Having followed the news a lot of people’s jobs are on the line and this will have an impact on people’s financial situation paying essential bills like rent/mortgage and just living bills even before their Trust Deed payment.

With such a fluid and fast moving situation should anyone wish to discuss their concerns with their Trustee call them or send an email. My firm have arranged for all staff to be able to work from home should we adopt a stance the same as Italy and go into an lockdown. If this happens email contact might be best as diverting our main reception line to one person at home will be a little bit tricky when we have 3 receptionists normally handing calls.

We are in unprecedented territory and will need to see what the next couple of weeks and months bring.

Thanks David.....

I kinda assumed that but I remember when I was in my TD I would panic over the smallest thing. So thought it prudent to ask if anyone else was like me all these years ago........

I completely understand and I know people will be worried. It’s a good question to ask for everyone’s benefit.

I try to tell everyone I deal with that I would rather them call or email quickly to double check something rather than worry for days or weeks when a quickly 1-2 min call can reassure them. It’s when people always say “sorry to bother you” I remind them that I’m there to help as much as they need.

How have you found life after your Trust Deed now it’s well finished?

Morning

I agree with David, the trustee will have degree of flexibility in instances where people are unable to support payment although trustee's will require evidence of this for their files.

P

I think we're going to see flexibility and good sense applied by all sorts of businesses and professionals to deal with the issues that are going to arise.

It offers no benefit to people, their creditors, or their trustee, if trust deeds fail for reasons that are out of people's control and/or which may not (hopefully) be very long-term in nature.

As always, if issues arise the first step is to get in touch with your trustee, make them aware of the issue, and seek their guidance. People may need to be flexible and understanding regarding response times while businesses implement new working systems.

Flexibility and communication is going to be key now and in the next couple of months. You should speak with your Trustee if you have concerns about making payments going forward and in the future.

The Accountant in Bankruptcy released a letter today to all Trustees and covered this along with other administration points and statutory compliance that Trustees need to follow.

If someone is out of work, on a zero hours contract or has a fall in income or is faced with any change in their financial circumstances then please do reach out. Trustees can then work with you regarding the payments and can receive any evidence required to process a payment break or reduction in payment.

My firm the majority of staff in our offices are now working from home but our offices are still open with reduced staff numbers to help with social distancing and government guidance. Email communication is best for us going forward at the moment as we can then arrange a call back with clients to discuss their circumstances.

It’s going to be an interesting few weeks and months ahead.

Morning

We are faced with a unimaginable situation that will test the limits of day to day life. There will be a degree of flexibility in issues with reduced income and agreed contributions although a number of unprotected trust deeds will need to be reviewed the ensure contributions are able to be maintained before becoming protected. After speaking with the AIB yesterday, they are also mindful of this.

We are also working from home with skeleton staff in the office. Our phones have been diverted to mobiles. We don't expect our services to clients will be affected but there might be a slightly longer delay in responding.

We deal with the AIB as one of their largest service providers and we have been assured we can continue adhering to our statutory obligations.