You cannot just walk away from a trust deed without your trustee allowing you to do so, either by agreeing to discharge you, or by terminating the trust deed without discharging you from your debts, or by petitioning the court for your sequestration.

Are you now just paying off a sum in lieu of equity in your home, or are you in arrears with your income contribution payments, am123456?

Unfortunately you cannot. A Trust Deed is a legally binding agreement which you must fulfil. If you disagree with the Trustee's view on contribution arrears then perhaps you could set up a meeting with the Trustee? Ask for a statement of your contributions paid and cross reference this against the original agreement and your banks statements? Should be simple to check.

It would be a shame to have come so far to risk it all. If you don't comply the Trustee may petition for you sequestration or resign from office reverting you to the position you were in prior to signing the Trust Deed. And at the mercy of your creditors.

Contact the citizens advice bureau if you require further assistance?

Hi guys, thanks for the replies, Kevin, no this is just arrears, the equity will be dealt with at the end by sale of house

Hi am123456

The Trust Deed can only be finalised with the agreement of the Trustee for a lump sum payment from a 3rd party.

I suppose the only other wee technical way around this would be via an offer of composition which is normally stated in the Trust Deed document itself.

Mark

I've been offered a transfer to Dubai and it would great for my career, it wouldn't be an expat deal so I'll have to pay for my accommodation etc there so don't know if i can afford it, but if i do go with the TD being extended now for another year just seems a waste of house sitting empty for a year, waste of mortgage payments & house liable for burst pipes, break ins etc with no one living in it

Hi am

There would bo nothing to stop you taking the job and continuing with the payments from abroad. We have several Trust Deeds where this is the case and they run as normal.

Re the property, you could advise your Trustee of the position and allow them to deal with the sale of the property.

Mark

I am sure the Trustee would welcome the keys to the property to sell with your consent? This combined with reular payments towards arrears even whilst abroad should not be a problem!

It is important to note that the equity in your home is a separate matter to your contribution arrears though am1234. Even if you were to give up the property and have the trustee sell it they are still going to be looking for the arrears in your monthly payments to be made.

Yes understood Kevin, thanks Rob and Mark, i would be quite happy to do this!

I guess if i was then paying less rent etc abroad and have more money each month my monthly payment would increase? If so would that be till the end of the 3 years or the 3 years and extra 6 months?

Hmmm, good question. I'd have said that any extra payments over and above the 3-year period should just be covering the arrears sum, though I suppose your trustee might see it differently.

I would agree at this stage in the case it would be unlikely to increase payments I would rather take the increase against arrears of contribution and then be allowed to realise the equity in the property. All depends on level of arrears against original conclusion date.

Thanks, say the house was to go on the market next month and i moved out, would i still have to pay the mortgage till it was sold?

In a word ( or 2) no. There would be no legal requirement to maintain it although your trustee could seek to increase the contribution if you don't have the expense.

Mark

Mark, is there a possibility as mentioned above that the contribution would be limited to arrears due as opposed to a new assessment of contribution? As in, extra paid would result in a quicker completion?