Hiya,
yet another question from me, sorry!!
i was going to down the sequestration route, but i've now managed to get a temp job till march. i'm not sure if i should make a few payments to the trust deed and keep it going or just leave it and go for sequestration. i feel there is no point as i will be back out of work again in a few months, and in the same situation again. i've only made about 6 payments to it in about 18 months.

Hi elmo and welcome back.

It doesn't sound as though your trust deed has worked well for you (or your creditors) to this point.

Have you discussed your new change in circumstances with your Trustee at all?

Hi Elmo

Just out of curiosity has your Trustee updated you on what is happening with the Trust Deed? Are they still pursuing the PPI claims?

Like TDA suggests I would let your Trustee know about your change in circumstances and ask them for an update at the same time.

Julie

Hi and thanks for your replies

I've updated them on my circumstances, and told them the job is just temp till march. All they have said is to re-start my payments to them.

Hi elmo,

Lets hope that you can secure ongoing work once your current position comes to an end so that you can make more progress towards completing your trust deed.

Hi there,

Just an update on my situation..I'm still no further forward with it.
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I've had a Trust Deed up since May 2009, but due to a couple of spells of unemployment I've only made about 6 contributions to it in 2 years. I've got some other debts outwith the arrangement and I'm really struggling again. I recently saw a money adviser about it, who told me my best option now was bankruptcy as it was just going to go on for ever. I'm not working at the moment.

I contacted the Trustee but they are not willing to do this for me, as they say it costs them about ?é£500 to make me bankrupt. I asked them in this case to release me from this as it's failed, and i will apply for bankruptcy myself, but they are unwillng to do this also.

Is there anything I can do as it just seems to be dragging on and on, and at least through bankruptcy i know it will be over within a certain timescale???

thanks

Hello elmo.

Did you restart the trust deed payments as you were asked to in November?

What's your current position regarding work?

Hi TDA,

Thanks for your reply.
I'm not working and the last payment I made to the Trust Deed was over a year ago.

Hi elmo.

How long is it since your temporary work ended?

I think you'd expected it to be until March?

Hi,

Yes, i was paid off on March 31st this year.

Hi elmo.

Obviously I'm stood a long way away from your situation and might be missing something, but I wonder if your trust deed company considers that you have been failing to comply with the trust deed you entered into.

They obviously believed that you were in a position to contribute again between November and March but this isn't something that you appear to have chosen to do.

Sorry if I'm missing something important... please point it out if I am.

no your right,

because of my unstable work i'm thinking that sequestration would be the better option. i tend to work for a few months then be unemployed for anything for 6 months to a year. when i signed up for the trust deed i was in steady employment, but it unfortunately ended and i haven't been able to get any form of steady work since. i just feel that the trust deed is going to take 10 years+ to complete.

Hi elmo.

I can understand why you would feel like that. However, you have entered a legal agreement which, I suspect, your Trustee might believe you are failing to comply with.

If you're not prepared to carry on making payments into the trust deed and they are not prepared to release you from it there appears to be some kind of "stand-off" at the moment and I can understand why there has been no progress with your situation since the end of last year.

Sequestration might be a better option for you from your perspective now, but a trust deed is the option that you're in. I think you need to maintain a dialogue with your trust deed company and do something, whatever it is, so that you feel that you're getting closer to dealing with the debts rather than standing still as appears to be the case currently. You may however need to take into account the views of the Trustee concerned as well as your preference for bankruptcy.

I do hope that you're able to find a way forwards soon.

Elmo, I know you have said that you have only made 6 payments but that only leaves 30 payments left would things not be easier if while out of work you agreed to pay just a small amount and as much as you can when you have work. Excuse me for being blunt but it's seems like you have not really taken your trust deed very seriously and through lack of commitment are now looking for another way out. There are fees involved when setting up a trust deed and these are recouped by the trustee through your payments, I should imagine you have not contributed enough to cover these fees let alone the trustee incurring further fees by sequestration, maybe your trustee would be more sympathetic to your situation if you showed a little grit and determination when it cones to contributions.

My advice would be to request something in writing from your trustee stating their position - ie why they are not willing to sequestrate you and if they are not then an assurance that you will be discharged from your trust deed at the end of 3 years, regardless of the fact that you have had to miss so many payments due to your change in circumstances.

See what comes back and then let us know. I don't think it is fair for them to continue a trust deed indefinitely and believe that the Accountant in Bankruptcy and their professional body might see it this way too.