Hi ccfmj

Sorry to hear how things have worked out and even more sorry for your Trustees attitude.

The key to a trust deed is what's agreed at the start. If you agreed £20,484 ( contribution x 36 months) then that is your end of the deal. If things need to be sensibly extended then that's what is agreed. However if there has been a major change in circumstances then you need to review what is best FOR YOU.

I am sorry that you feel you have no one to turn to and am exacberated at firms who crawl all over people at the start until they sign and then once they have signed, they are shelved. I think that says more about a firm than anything.

I think contact is essential and at every opportunity try to do a face to face meeting. Thereafter either me or Maria in the office ( if im out or in the loo!) will be the first point of contact for the full period. Because it should always be regarded as a joint deal between you and the IP for the duration of the trust deed.

You should calculate the agreed deal at the start, deduct what you have paid to date and work out what's left to pay and what time period is reasonable.

Please keep us posted on the response.

Mark

Hi ccfmj

It is never good to hear people having a bad experience. Things can change throughout the period of the Trust Deed, which sometimes increase a person's contribution, but should also decrease it if required. The whole idea is that you should work WITH your Trustee to find a solutiuon, rather than feel you are being punished for things which are outside of your control. As Mark says, contact is the key issue for a smooth running Trust Deed. I cannot understand why the Trustee would want you to be made bankrupt and start another insolvency process all over again - that is not in the best interest of your creditors. If the Trustee does terminate the Trust Deed and discharged himself, but not you, you will be able to apply for bankruptcy, and choose another IP. Good luck, and let us know what the outcome.

hi shona and mark thanks for replies i will do my calculations and see hiw much i still owe , i actually get a knot in my stommach if i have to contact them but i will need to bite the bullet, i cant see the logic in keepin me for another 3 years my cynical side is thinkin more fees for them as i seem to be a cash cow for them as i ask for them to make me bankrupt after my divorce but they said under no circumstances ! then i find out they made my ex wife bankrupt and she makes no contributuions at all to a debt that was both ours!! sorry im gettin side tracked. could i have made myself bankrupt over this time or am i at buchannan and roxburghs mercy?

Hi ccfmj.

If you become bankrupt a new assessment of your income and expenditure will be made. You shouldn't be asked to pay more than you can afford, and in many situations this can mean paying nothing at all (as it is for your ex wife).

It all comes down to the details of what income you have coming in and what is reasonable to cover your financial needs.

If you want to run through that with me or one of my colleagues here in the advice team please get in touch. We should be able to help you work out whether it's at all possible to continue with the trust deed, and if it isn't then we'll be able to let you know the likely outcome if you were to become bankrupt.

Hopefully knowing where you stand will take a lot of the fear and worry out of the situation for you.

Hi ccfmj

It's a common misconception with bankruptcy that people pay nothing.The contribution in bankruptcy is calculated exactly the same way as in a Trust Deed. That said, in trust deeds, you do need to meet a certain criteria for them to be accepted.

As trust deed assistant says, it may be a worthwhile exercise to look at what you can afford and then review your options.

Please keep us posted on developments.

Mark

Hi thanks for ur replies I really appreciate them wish I had looked on here 2years ago ! It wld be great if I cld go through some figures with u or ur assistant ,Shona , am sending my payslip to my trustee this week and they want a letter from my employer to confirm my wage reduction , I thought a wage slip wld be enough , it wld be good to have ur imput before I learn my fate . As I really don't know if can do another 3years and live like this as it plays on my mind daily hope to hear from u soon thanks again ccfmj

Sorry I got mixed up with my replies the last postin was for Amy. To hopefully go though some figures with me if u can let me kmw wot information I need to send to u thanks. Ccfmj

Hi ccfmj.

It's tough to go through income and expenditure by email. It shouldn't take too long by phone to do it though. I'd suggest you just have a think about what income you have coming into your household and the money you need to cover your household expenses and any other reasonable costs.

If you'd like, please get in touch by clicking the "contact me" button in my forum signature which will take you to a page with a contact form. Feel free to suggest a time when you'll be free to talk (on the contact form) if you choose to get in touch.

If the change in your circumstances is outside of your control then your trustee should not deny you your discharge, ccfmj - that is the Accountant in Bankruptcy's guidance to insolvency practitioners. Maybe you should mention this to your trustee and ask why they are not applying this to you.

There is no requirement for a trust deed to gather in as much as was originally proposed if circumstances beyond your control dictate that you cannot pay in as much as expected.

As Kevin rightly says above, if circumstances are outwith your control (and it looks like they are) then you cannot be expected to keep up repayments as originally set out.

Reason i know this is it happened to me, my contributions were reduced and my TD still ran for 36 months as agreed.

thanks guys its been a great help on here i shall be mentioning wot u said kevin to my trustee and hope they can reduce the payments and let me finish the trust deed or discharge me ! at least i have some valid points to make to them now thanks again

Hi ccfmj

I think you need to at least ask the question. While your trustee act for your creditors, they also have an obligation to you as well. It shouldn't therefore be totally focused on what's best for the creditors ( or the firm!)

Mark

Thanks mark that's what I originally thought but it seemed like I was never being considered at least now I have some confidence to question there decisions I am now waiting there decision as to my fate ( something tells me there going to not let me go just a hunch). Anyway I'll let every1 know should be early next week I'll be needing more guidance folks I cant thank u all enough wish I had found this few year ago. Thank. Again

Hi ccfmj

I think you need to stand your ground here. As said, your circumstances have changed outwith your control, so you should not be penalised. As Kevin states, that is the guidlines from the Accountant in Bankruptcy...which they should be following! It's good to hear that you feel more confident to argue your case.