Notifications
Clear all
Scottish Trust Deed Forum
9
Posts
4
Users
0
Reactions
1,916
Views
Topic starter
11/07/2013 3:41 pm
My wife and I both have protected trust deeds since July 2012. We have made no payments due to low income. We have unexpectedly reveived a letter of Discharge of Debtor (was not expecting this for another year).
Also in July 2012 we handed over the keys of our house to the original trustee (he subsequently retired and the case was taken on by another company. There were two loans secured on the property. It was valued at about 190K but has not yet been sold (listed on a solicitors website but never advertised or promoted forsale). It is now listed at 60K.
Not sure where we stand now. Any comments?
11/07/2013 3:54 pm
Hi mikesage
Was this Form 5?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/07/2013 4:09 pm
Hi mikesage and welcome.
Mark's question is important as:
You may have been discharged from the trust deed but still be responsible for your debts.
You may have been discharged from the trust deed and your debts (i.e. they don't exist any longer).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
11/07/2013 4:17 pm
It is a good point as there is no mechanism as such to issue Form 5 where the Trust Deed has not been fulfilled as you need to make a statement in Form 5 that they have met the obligations.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
13/07/2013 10:44 pm
Yes it is a Form 5
14/07/2013 7:41 am
Hi mikesage.
It does sound as though you're finished, but I wouldn't assume anything for sure without confirming the precise status with your ex-trustee.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
15/07/2013 4:35 pm
I'm guessing your circumstances changed for reasons outside of your control soon after the trust deeds were signed, mikesage? In that case, your trustee may have formed the opinion that you have met your obligations (eg by cooperating where possible and by giving up your house) but that there is no prospect of your being able to make any contributions so is willing to allow your discharge.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
16/07/2013 3:11 pm
Yes we gave up our business at that time and became employees for about a year, and have been self employed for the last 8 months.
Our creditors have received letters saying there is no possibility of us making any further contributions.
As the house was mortgaged but is yet unsold do we have liabilities there?
16/07/2013 3:22 pm
No, your liability for any potential shortfall disappears as a result of the trust deed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
