Hello near the end.

A trust deed should normally be based on the equity position at the start of the period, and even if the equity reduces during that time your trustee is likely to seek the full amount of the equity that was available at the start if possible, as this was what was proposed to creditors.

However, having said that if you are happy to sell the property then that should be that, I would be very surprised if you were asked to pay the shortfall. You'd would have to confirm this with your trustee though.

Hi near the end

Just another small point. You mention that you are paying your wife's contribution from your income. This is not possible and is certainly a cause for concern. I assume when your wife completes her review, she is stating that she has no income, yet they are continuing to take a contribution from no income.

Creditors will/should demand that your contribution increases and hers is reduced to zero. It is beyond me why this hasn't been picked up.

You should query this with your Trustee because if your Trustee is subject to a monitoring visit ( which all Insolvency companies are)and this is spotted, it could have serious consequences.

Sorry to put a dampner on things.

Mark

Hmmmmm!! Good news and bad all in just a few hours lol.

Okay, so the selling of the house thing I'm happy with.

The paying ?ú250 a month for nothing, a little less happy with!

I signed an agreement at outset stating that I was taking responsibility for my wifes payment. At the start of the trust deed she was on incapacity benefit so I guess this income was taken into account for her general living expenses but I was to pay her monthly payment. all of our income and expenditure was done on a joint basis although the debts were split into mine, hers and joint.

About a year ago she came off incapacity benefit but hasn't returned to work. She has no income other than our child benefit which I declare as her 'other' income on our 6 monthly reviews.

If this isn't right will I need to pay a further ?ú250 over 3 years for her? Again? Or will she be made bankrupt after going through all this for 3 years?

Or .... What ??

Hi near the end

it is difficult to say as I am looking at worst case scenario.

You won't be required to pay 3 years worth of ?ú250, however you can't be seen to be paying her creditors. The reason for this is that if your creditors were aware of arrangement, they would ask why they are not benefiting from the ?ú9k which would be paid over the 36 months.

Re the equity if you sold, the trustees interest in the property extends to the net free proceeds from the sale. There could be no valid reason for seeking the balance.

Mark

Whilst Mark is technically correct, I would argue that this is not your look-out, NTE, and if I were you I wouldn't be querying it with your trustee given you are so near the end (as your name suggests!).

It is up to your trustee to ascertain what each of you can afford and present this to creditors. Presumably you have been up front with them about any changes in your circumstances and it seems your creditors have no problem with the current scenario if it has been running like this for a year quite happily. Chances are it will continue as presently for the remaining 6 months and you will both be discharged no problem I reckon. If this is picked up during a monitoring visit then it is your trustee who will get their wrists slapped, not you.

Sound advice guys. Thank you soooooo much for your input.

One last query if you don't mind.

Do my trustees have any say in the price I get when selling my house?

For instance if someone offers a price that means there is little or nothing left over after fees etc. Can my trustees effectively refuse the offer and hold out for a higher price?

Hi near the end

very generally yes they could as they will sign the disposition, however if the price is reasonable given Market conditions etc, I see no reason why they would/could stop a sale.

I hope it all works out well for you.

Mark