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Scottish Trust Deed Forum
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Topic starter
26/04/2020 2:18 pm
Hi everyone, thanks for reading this message if you have.
I’m looking for some help regarding my trust deed that I am in.
I started my trust deed in 2017, and was paying ‘x’ amount every month for over a year, until I lost my job where I then was unable to pay so my trustee agreed to a payment holiday. Then when I got a new job, my income was much less but my circumstances remained the same, so I haven’t been paying it now for around 6 months. But within the last month my circumstances have changed (I moved out my flat and now live back home with parents) so I now have much less expenditure and a lot more disposable income. So obviously my trust deed are requiring me to pay higher payments than I was before, but it’s not leaving me with anywhere near enough to live through an entire month especially with a young son. I am thinking about going down the sequestrian route, but at this stage are they not going to just demand high monthly payments too and either way I’m paying monthly what they deem affordable, when Infact for me it isn’t. Any help on this is greatly appreciated
Topic starter
26/04/2020 2:28 pm
Also I should have said now I live at my parents house, would they be looking for assets in their home if I went bankrupt because I am living there?
26/04/2020 4:03 pm
Welcome to the forum Wdsm1994.
Have you seen the budget figures they’ve used to work out your new payment?
If no, I suggest you request they provide you with a copy.
If yes, are there any particular sections of the budget that appear to be incorrect or unmanageable?
Sequestration is only possible if the trust deed has been ended by your trustee. They may not be agreeable to that if they know you can afford a payment.
In bankruptcy, only assets you personally own could be taken into account. Your monthly payment would be worked out in the same way as it is with a trust deed, but you’d be starting a new four year period from scratch. Because of this, trying to find a way to make your trust deed work is almost certainly the best starting point.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
27/04/2020 11:36 am
Thank you very much for your reply.
I have today requested the budget figures from the trustee so waiting to hear back with that. But thank you for your reply I will go down the route of trying to finish the trust deed.
27/04/2020 4:23 pm
No problem Wdsm1994.
Looking at each section of the figures sometimes helps to identify an error or misunderstanding that can be fixed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
