Hi pingpong.

My reading of option 3 is that saabrina would be discharged from the trust deed and from the debts as well (and therefore be debt free).

Basically the trust deed would be deemed to have been completed. This might happen if a trustee chose to use their discretion in a scenario where the reasons why it could not be completed as originally anticipated were beyond the control of the client.

Basically, it would almost certainly be good news for saabrina.

Thank you for the good wishes Pingpong.
Yes, TDA that is exactly what the third scenario would be, and certainly what I would hope for, if at the end of the day I'm no longer able to pay due to 25% less pay than previous job. That will be of course at the Trustees discretion, but would seem logical to me as my account manager explained that with sequestration I would qualify for debt relief and have nothing to pay and be discharged after a year, it would basically be the same outcome. Will keep my fingers crossed, but no paper work from new employer as yet, wish it would hurry so I can pass it on.

Fingers crossed for you saabrina.

I spoke with my account manager today. Last week she was preparing a report for the trustee with regards to my situation. After discussion, she called me today to let me know that he has decided that he will seek his own and my discharge from the TD. Obviously this is of great relief to me with my change of circumstances, but wasn't what I envisaged when I signed up for my trust deed. I really thought I would be seeing it through to the end.

My creditors will now be contacted and made aware of my new situation and given the chance to object to this, which I hope they won't. She explained that it's in no ones interests for me to be sequestrated, hopefully they will see that too. Another waiting game begins, a less stressful one though. I have every confidence in my trustee that this route would not be taken if they were not confident of the outcome.

That sounds really encouraging saabrina.

Lets hope you get the same good sense from your creditors.

I'm glad it seems to be getting sorted out for you Saabrina - fingers crossed that your creditors take a pragmatic view too.

After several months of going back and forward, the decision was not to seek the Trustee discharge afterall but to let things run their course. Everyone always says on this forum to get everything in writing it's very difficult when you send an email and get a phonecall for a reply.

Anyway, my circumstances have changed again. My son has left school, my tax credits and child benefit have now stopped and I still have a son to clothe and feed. I received my review paperwork and was told to wait until confirmation that tax credits were stopped had been received before sending in my paperwork. My income obviously has dropped, I'll lose my single occupancy council tax discount now that he has turned 18, so there is extra expense. Just wondering how my situation will now be viewed.

Hi saabrina

The trustee will need to do a new review to take account of income changes to see if the Trust Deed is still viable.

Best advice is to contact the trustee and advise of the changes.

Mark

Spoke to my account manager today and as the 3 years was up at the weekend my paperwork will be completed soon and I should receive notification of my discharge in 2-3 weeks.

Excellent news saabrina.

How do you feel about how it has all worked out?

Great news. Hopefully it all works out and the Trust Deed is finalised quickly.

Remember to keep on their backs!

Mark

Hi TDA
I think I was very fortunate that the company I am with took the stance that they did, they could have handed me my debts back to deal with on my own, but instead understood the change to my circumstances was outwith my control. The payments were suspended and the TD has run it's course in case I had a windfall or circumstances changed and I could have resumed payments, and rightly so. I do feel a bit bad that I wasn't able to make the payments I agreed to make, but as is often said on here a trust deed is about affordability. The new job I got came with a salary £5000/pa less than the previous one.

I remember when I made my 12th payment thinking to myself how quickly the time had passed and I was a third of the way through already.

Valuable lessons have been learned. I am not afraid or ashamed to opt out of things and say ... I'm sorry but I can't afford that.

Will update when I hear anything further, if only to give others an idea of waiting time.

Thanks saabrina.

I re-read some of your older posts a day or two ago and it did seem that everything had been handled in a very even-handed and fair way.