Welcome to Trust-Deed.co.uk fishandchips.

I'm sorry to hear about the employment issues that you are both experiencing. I think everyone will understand that the health of your wife will need to be the priority here.

If there is a significant reduction in your joint income you'll need to quickly contact your trustee to have the situation and your payments reviewed.

If no payment is possible any longer, or if the payment has to be very much reduced, your trust deed provider will need to consider what the best option for your creditors and yourselves will be.

In some circumstances they may decide that a change which was outwith your control should not result in you being penalised. In such instances it may be possible for the trust deeds to carry on and eventually complete even if the payments are greatly reduced.

In other circumstances they might conclude that the trust deeds aren't viable or appropriate any longer. You might be discharged from the trust deeds with your debts still in place. At this point you would have the option to become bankrupt... something that might be appropriate if your assets and employment would not be at risk.

I do hope that everything works out and that none of this becomes necessary.

Hi Trust Deed Assistant,

My Wife's situation regarding stress had been ongoing for a few months now and she feel that if she were to give up work due to this, she would be letting everyone down. She would be willing to take a job with less stress and it would mean a lot less pay, but even going from a job to another job just now is hard. Thanks for the quick reply.

Hi fishandchips.

It may be worth having a chat with your trustee about the possible options here.

If your wife were to reduce her income based upon verifiable medical advice it would make the situation much more likely to fit into the "changes outwith your control" category that I mentioned.

With no assets I'd be looking at sequestration. Your wife's health is much more important than any debts.

Paul

Agree with plasticdaft here.

health comes first.

Yup. You get one shot at life. Wish I had sorted my debts out 15 years ago.

Paul

I think if you do not own your home and have limited/no assets, then sequestration would appear to be the natural option.

Sequestration always has a strange image and people always assume the worst, however the process is very similar to the Trust Deed process with no scary bits. The key point is that in a Trust deed you need to maintain a level of contribution to achieve the payment agreed with creditors at the start. In sequestration you dont. This will be based on your income and expenditure and if this is limited, then the contribution could be zero.

I have to agree with the above, health comes 1st.

Mark

Hi folks,

My wife has secured herself a new job with no stress and £14,000 less a year. I spoke to my trust deed advisor on the phone this morning and we will take it from here. Looks like it will be bankruptcy, but my wifes health come before anything. A big thank you for all your advice and will let you all know how we get on.