Notifications
Clear all
Topic starter
12/10/2010 9:52 pm
I was on a trust deed for almost a year until my circumstances changed and I was no longer able to pay into it, consiquently my trust deed failed in January of this year.
I had paid in almost ?ú2000.00 by this point, none of my creditors have applied for any of the money.
I was considering bankcrupcy, upon discussions with my trustee he advised me this ?ú2000.00 would be used to cover my fees for bankcrupcy, but I chose not to enter into bankcrupcy, and one of my relatives has settled almost all of my debts for me I am left with just 2 totalling ?ú1800.00.
Could I access the ?ú2000.00 to settle these debts?
I could not find any discussions about failed trust deeds or the unspent pot of money, surely if I have settled my debts there is no need for me to go bankcrupt therefore this money is in limbo................I hope.
Please if you could advise this would be much appreciated.[?]
12/10/2010 10:13 pm
Hello doris and welcome to the forum.
I believe that it's highly likely that all of the ?ú2000 will have been claimed as fees by your trust deed company.
I hope that I'm wrong, but I think that it's very unlikely that any money will be "in limbo". As such there seems little prospect of any of the ?ú2000 being used to clear the remainder of your debts.
You can contact the trust deed company and request that they provide you with their account of how the money you contributed has been used.
Hopefully you can find a way to deal with the final ?ú1800 and move on from these debts.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
12/10/2010 11:02 pm
I will call them tomorrow and ask them to provide me with details of the account.
Thanks very much for your advice.
I will keep you posted.
