Hi ac1,

If the debt falls outside of your Trust Deed (i.e it wasn't included) I understand that you will need to deal with it personally.

You cannot pay more than you can afford towards this additional debt. Even if they are refusing the offer I suggest you commence making an affordable payment to them anyway. You may also wish to put in writing to them that you are currently in a Trust Deed and on low-income. This may have the effect of discouraging further action against you.

There's no minimum Trust Deed payment. Different firms will look at this in different ways. I think you should be careful not to commit to paying more than you can afford though (for the Trust Deed and the salary overpayment). If it all simply does not add up you may need to consider whether a Trust Deed continues to be the best solution for you.

Hi ac1

TDA is correct. Was the overpayment before the Trust Deed was signed or after. If before, it will be a claim in the Trust Deed if after, then it would be your responsibility to maintain payment.

Can I ask you what your total debt is under the Trust Deed as I have never heard of a contribution as low as ?ú100.

Thanks

Mark

hiya,
thanks for your replies.
the salary overpayment was a couple of months after the trust deed was drawn up, so i will try and sort it out seperately.

my debts under the trust deed were around ?ú18,000

Hi ac1

Did the Trust Deed acquire protected status?

From my calculations you would pay ?ú3,600. With irrecoverable VAT and outlays that would reduce a bit and I'm not sure the creditors would get a minimal 10p in the ?ú. Unless the IP is working for nothing!

Given your current financial position, I would not have thought a TD was appropriate.

Mark

Mark

Hi Mark,

Yes, it became protected in may/june of this year. i've just checked agin and the debt was closer to ?ú16,000. not sure if this makes a difference? sorry to bug you but what would you consider to be my best option?

Hi ac1

It depends on affordability. The Trust Deed would appear to be the best option if affordable. If you are struggling and the position is unlikely to change, then sequestration would appear to be a better option (assuming you don't own a house etc)

Mark

hi again,
many thanks for your thoughts on this. i really appreciate you taking the time to help. i don't own my house and have no assets at all. i will do my best to stick with the trust deed and let you know if the situation changes. the help from your replies and reading the forum in general has been invaluable.

edited to add - if in the future bankruptcy becomes my best option do i just stop paying the TD and let the IP make me bankrupt? or do i contact him and tell him i cant make payments anymore?

Hi ac1

If there is a change in future affordability, it's probably best to advise the Trustee as he is the only one who could petition for bankruptcy. Stopping payment would probably have the same effect.

Hope all goes well

Regards

Mark