Good Morning TN

Can you please adviser what debts it is that you are concerned about repaying? There are so few debts that could result in imprisonment that I believe your fears are unfounded. Also, can you confirm if these debts were incurred after you signed the Trust Deed?

It is not possible for you to cancel the Trust Deed, but depending on the circumstances, and a helpful trustee, there may be options open to you.

Also, it would not be advisable to look to have the Trust Deed cancelled, incur further credit and then immediately re-enter a Trust Deed as you would have incurred credit without realistically being in a position to make repayment.

It may be, again depending on your specific circumstances and additional information, that sequestration would be an option to deal with your debts. This is something your Trustee would have to apply for but may be willing to do so if the additional liabilities were taken out after you signed the Trust Deed.

Welcome to the forum Totalneep.

Just to confirm Voice of Reason's comments, you cannot cancel the trust deed I'm afraid. It's a legal agreement which is binding on you.

Therefore your suggestion isn't going to be the answer to your problem. Please let us know a bit more about this problem and we'll try to help you to find a different answer.

Basically due to a gambling problem I am owe an employer £1300 I have offered to pay it back £200 a month to avoid going to the police. This would mean I couldn't afford my trust deed.

Thanks Totalneep. I can see that you're in a very difficult position.

Are you a homeowner? You you own any other significant assets, like a car for example? The answers to these questions might help us to inform you of the potential consequences of certain courses of action you could take.

It may be that your trustee would be willing to allow some flexibility given the predicament you are in. For example they could allow you to miss some payments and have them added on to the end of your trust deed instead. This would seem likely to be a better way forward than seeking to end the Trust Deed altogether when you are already half way through it.

Of course, it depends upon the attitude of your trustee.

No I have no assets but I am in full time employment

Speaking about this with your trustee very openly and honestly seems like the best first step to take here Totalneep.

As Kevin says, they may well feel that they can support you in some way to both deal with this and complete your trust deed.

Any other course of action at this stage is risky and could end up being very expensive, so would only be a last resort in my view.

Ok I'm waiting for them to call back bit worried as due to the gambling I've missed the last 2 payments of £155 per month I'm hoping if I offer to pay £55 a month until my other debt is cleared then up my trust deed payments to £200 per month.

Thanks for the advice

Ok I'm waiting for them to call back bit worried as due to the gambling I've missed the last 2 payments of £155 per month I'm hoping if I offer to pay £55 a month until my other debt is cleared then up my trust deed payments to £200 per month.

Thanks for the advice

Hi Totalneep,

I’m sorry to hear that you have found yourself in a difficult situation.

As others have said you can’t simply cancel the Trust Deed without the co-operation of your Trustee.

Be honest and open with your Trustee about everything. If they can find a way to work with you then hopefully they will. Make sure if you are putting forward a proposal to them than you are able to stick to this. There is no point in over committing to something which you can’t afford to sustain.

Have you considered seeking help and support for the gambling? I deal with a number of clients who attend Gamblers Anonymous and say it’s a great way of finding support and help to deal with things.

Please let us know how you get on.

Just spoke to my trust deed company can't see I feel they can help me too much said I must make a payment in December.

They asked me to send through my bank statements these will show my online gambling habits but I don't think this will make them think to lesson my payment for 2/3 months so I'm going to be in a pickle!!

Yeah I looked at GA but nothing close by and the closest one is when I'm working.