Hello star11 and welcome.

As your circumstances have changed you'll need to contact your trust deed provider to let them know and to go through your income and expenditure with them.

You'll then be able to arrange a way forwards.

Bankruptcy isn't possible unless your trustee first discharges you from your trust deed.

During my wife's maternity our contributions were reduced but this was agreed at the outset as she was due in the first year of the TD and was documented in the agreement. We've since enquired about what would happen if we had mat leave again and were advised we may be able to reduce contributions however we'd have to extend the length of the TD as what was agreed to be paid must be paid in full.

I'd definitely contact your provider as this may be a possibility for you to reduce and extend....

Hi Star11,

If you are unable to maintain your agreed contributions or an acceptable payment to your Trust Deed then it is unlikely that your Trust Deed will complete.

Once your Trustee verifies this they should discharge you from your Trust Deed but not your debts and this would allow you to go down the route of bankruptcy.

Do you have any assets in your Trust Deed? For example a house or car with equity?

If you go down the route of bankruptcy and if you are in employment then an income and expenditure will be carried out with you to establish if you can afford to make a contribution or not. If you can afford a payment, you will pay this for a 3 year period.