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Scottish Trust Deed Forum
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Topic starter
06/07/2011 2:19 pm
I hope you can assist here.
I've had a Trust Deed for the past 2 years. For the first few months I made payments as normal, then my income plummeted and my Trustee agreed that I couldn't make payments on it.
My financial situation meant that I had to move from 1 rented location to another about 18 months ago and I didn't tell my Trustee.So I basically haven't been in contact with him in all this time, nor have made payments. My Trust Deed is due to end August 2012, and while my finances have stabilised, I'm still not in a position to recommence payments. I have no assets.
I've been putting off contacting my Trustee, as I'm worried about whats been going on behind the scenes when he didnt hear from me, and about what happens between now and August.
Does the Trustee have the authority to punish me for not keeping in touch, or to "extend" my Trust Deed period.
I'd value your comments.
Thanks
06/07/2011 2:26 pm
Hi Ross, I think your trustee possibly could ask you to extend your trust deed to recover some of the monies for your creditors that is if he has not already filed for your sequestration if he has failed to get in touch with you then he could have potentially failed your trust deed which I think is automatic seq?
06/07/2011 2:42 pm
Hi Ross
Check the register of insolvencies on www.aib.gov.uk. This will give you the up to date position.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
06/07/2011 2:44 pm
Just to say - the insolvency register is currently not functioning, we use it for work and it's been down all day.
06/07/2011 6:34 pm
Hi Ross,
So far as I know there is only a few possible outcomes here.
First off - your Trust Deed, if still in place, will not end in August 2012. It ends after you make 36 payments to it. So if you only made 4 before your income dropped then you still have 32 to go.
Secondly - I imagine if your Trustee has not heard from you then they will be or have already petitioned for sequestration (Bankruptcy).
As Mark said you can find out on the site - I can see now the error has been sorted.
There is no need to worry about contacting the Trustee because delaying it may cause further issues. I suggest you contact them as soon as possible and explain your position.
Topic starter
07/07/2011 11:49 am
Thanks for your comments. I've checked the register and it still shows as a "live Trust Deed.I will contact my Tustee and guage his response.
If he does deem that my TD period is to be extended, do I have another course of action, because I really dont see any prospect of me being able to contribute.
I did actually request Sequestration when I fell into difficulty with my TD, but my Trustee refused. Do I have any alternatives if he does insist in extending the TD? I notice that there is now something called a Certificate of Sequestration, for individuals who don't meet LILA criteria
07/07/2011 12:11 pm
Hello Ross.
The position is that for as long as you are in a trust deed you will be unable to proceed with bankruptcy.
However, it will be pointless for your Trustee to let the trust deed run and run if you cannot pay and no prospect of this situation changing exists.
Hopefully re-establishing contact and working through your current circumstances will lead to some developments in the situation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
