Hi Andrea73

Don't worry, I don't think anyone on the forum will offer anything other than support.

There was a similar post last week and this is something you will need to discuss with your trustee to see what options are a available. It may be that the current payments are reduced to ease things a bit or depending on circumstances the trustee might look to discharge himself and you could look possibly at sequestration.

I'm sure if you explain the position, you can both work towards something which can deal with things. The great unknown is always the worst part, but there are very few things which can't be resolved.

Mark

Hi Andrea73.

While not being ideal, this is nothing that cannot be sorted out one way or another and I'm sure you will.

Please please please put your health to the forefront here and reach out for medical help if that's what you need to deal with some of the feelings this situation is causing.

Hi Andrea73,

It's easy for me to say this but please try not to worry and stress too much about your situation. There is absolutely no reason that you need to feel suicidal. As TDA has advised if you are feeling like this then there is professional medical help available which should help.

Many people that are in Trust Deed's unfortunately find themselves getting into further debt for a variety of reasons. How much extra debt have you taken out and how long do you have left on your Trust Deed?

The first thing you need to do is to make a list of the debts that you have incurred, the balance outstanding and the minimum payment per month. Then you want to give your Trustee or Relationship Manager a call to discuss your situation with them. As Mark has said it may be possible depending on circumstances for your TD payments to be reduced for a period of time. Your Relationship Manager will probably look to work through a very thorough income and expenditure with you to see what your budget is currently like.

You could also consider speaking with the companies that you have taken out new debt with and asking them to freeze interest/charges or reduce the agreed repayment to help you out. Often people don't think to contact the actual lenders for advice and help.

It may not be the easiest thing either but speaking with your husband about things could help. He may not be happy to start off with but if you do speak with him he having the emotional support from him to help you deal with things could really help.

The worst case scenario could be that unfortunately your Trustee doesn't allow for the new debt to be paid and decides to release you from the Trust Deed and provide you with all of your debts back. This is not the end of the world and you could consider Sequestration to bundle all of the debt up together and deal with it through that. If you don't have any assets involved in your Trust Deed then Sequestration is a very straight forward process.

Try to remain positive, you do have solutions to help you deal with the new debts it's just a case of taking steps to deal with it. The first positive step you have taken is to ask for advice on the forum. That's a good start.

thanks for all your advice and support. I went to the CAB today to discuss it but they said that they couldn't help as I was in a trust deed. I bit the bullet and phoned my trustee to tell them about my mess and she was good. She can't do anything about the new debt I have taken on but she did say to look into sequestration.

My husband also has a trust deed with the same company so am wondering how me going bankcrupt will affect him and his TD?? There is no equity in the house and we have no other assets.

With regards to my health, I may have to have a stay in hospital so need to get this sorted soon.

I would appreciated any comments or advice x

Good for you for talking to your trustee Andrea73.

I think this was the right thing to do and I'm glad that you received a constructive response from them.

You'll need your trustee to discharge you before sequestration becomes a possibility. Was this discussed at all?

Becoming bankrupt (sequestration) should have no effect at all on your husband's trust deed as far as I can see from the information that you have provided.

Thanks for your replies.

I've been told about sequestration but unsure if my house would need revalued? I need to get this sorted as my health is bad and may need a stay in hospital. I'm not sure who to get advice from

Hi Andrea73.

I think the equity position regarding your home would need to be revisited if you became bankrupt. That's not automatically going to pose an issue however.

In terms of advice, I'd keep communicating with your trustee. They obviously have a very detailed understanding of your circumstances.

People here will also continue trying to help if you'd like us to.

Another question! When looking at my outgoings - how does it work if my husband and I have a joint account. How do we split the bills when it comes to affordability etc

Tia

Your trustee has probably already done that for you Andrea73.

Why not ask if they can supply you with the figures they're using.

It will work in a similar or the same way if you became bankrupt.