Hello sweetie05,

Welcome to the site.

What is the reason you cannot meet the payments? Has something changed in your circumstances or was it set too high from the start?

Are you a homeowner? If the answer is yes is there any equity in your home?

Hi there

No I'm not a homeowner, The job that i was doing moved my position 70 Miles away and couldn't cope travelling 140 miles a day in a car sometimes this would take three or four hours. So my income has now reduced by 40% so i'm bearly making ends meet with the bills that i have let alone making payments to my trust deed. So I just need to know what my options are please.

Thank you.

Hi Sweetie

If you are unable to make the payments then the TD will fail and the only option for the IP would be to petition for your bankruptcy.

Mark

Hi

Thanks for that information, please could you explain a little more in depth bout what the would be and what effects this would have on me please?

Thanks
Sweetie05

Hi

Thanks for that information, please could you explain a little more in depth bout what the procedures would be and what effects this would have on me please?

Thanks
Sweetie05

Hi Sweetie

Your IP will have to petiyion for your bankruptcy and probably appoint the accountant in bankruptcy. They will contact you to organise a meeting to fill out various forms and then look at a contribution. If you are struggling to meet ongoing bills, this will be minimal. You should thereafter be discharged after 12 months.

Hope this helps

Mark