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Scottish Trust Deed Forum
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Topic starter
27/01/2011 3:44 pm
Hi,
My husband has a trust deed and for various reasons he has struggled to make payments on it and agreed to re-commence payments in November, unfortunaltely he was unable to do this as we had alot of financial upheavel (things breaking, a family loss ect) but he did not contact the trustee to tell them this. Today his trustee has tried to contact him but got me instead and they have informed me that they have sent a letter out to him basically stating that he has 7days from receival of the letter to start making payments including the arrears and if he misses anymore payments he will face not being discharged or sequestration.
Now I know that sequestration menas bankruptcy but what would not being discharged entail? Obviously we dont want either of those outcomes so I wnat to set up a standing order for the payments to re-commence on 4th Feb. Will they exepct the arrears to be paid in full in one go or will an additional amount per month be ok? The trustee was happy to dicuss (by email) all the ins and outs of the matter with me but when I asked about the payment amounts he would have to make she cut me off and said that my husband would receive the letter in the next few days which would outline the relevant information.
Now I am in a panic about it. Back in Nov my husband had agreed to pay ?ú190 per month which included previous arrears and obviously he has to pay the arrears from Nov, Dec and Jan aswell now but will they allow him to split the arrears over the reaminder of the trust deed or will they want the ?ú190 x 3 plus the ?ú190 for Feb all in one go? If that is the case there's no way he can pay that and I take it they will take further action. I am 25wks pg with twins and im really stressed about it all now.
27/01/2011 3:58 pm
Hi Gillianr2
Unfortunately this is what happens when communication breaks down.
Not being discharged would mean that the Trust Deed would come to an end and the creditors would be able to pursue your husband for the debts that he owed to them.
I'm pretty sure that the Trustee will accept proposals for the repayment of the debt over a suitable period, so I wouldn't worry too much about it.
As a general rule you should always keep your Trustee in the picture if you are unable to make payments for some reason. Your Trustee is more likely to be sympathetic if you keep them up to date.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
27/01/2011 4:18 pm
Thanks Julie, she has emailed me back and after much persuasion has agreed to tell me that they want him to pay the arrears over the 20mths remaining on the TD so his payments will go from ?ú150 to ?ú201.90 per month. She said that any further missed payments would mean the trustee will automatically take further action and no further conversations would be able to take place, which I find acceptable under the circumstances. I just hope we will be able to afford the payments now.
27/01/2011 7:28 pm
Hi gillianr2.
I'm glad to hear that you have managed to organise a solution and also that the trust deed company concerned were prepared to work with you on that.
I do hope that everything gets back on track for you now and that the stress and worry will ebb away.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
