Hi armani1981.

You certainly can move overseas, a trust deed makes no restriction on this. Your payment should be adjusted according to your updated circumstances(income minus reasonable expenditure).

You will not be able to sell your home without the involvement of your Trustee and your share of the equity will be paid into the trust deed. As such it would help to repay creditors, but such a sale could not be used as the means to fund full and final settlements with your creditors externally from the trust deed.

There is no straightforward way to exist the trust deed and come to new arrangements with your creditors. You could stop making your trust deed payments but this would be likely to result in your bankruptcy and the sale of your home.

Would you expect an improvement in your circumstances if you were to take the position overseas?

If we sell, I would expect that the equity would pay off total debts.
I take it this would be acceptable?
I would be slightly better off abroad (tax free), but would need to keep our house on in uk.

Thanks

Hi again armani1981.

When you started the trust deed could you have sold your home to repay the debts in full?

Sorry, i should have explained better.
All debt is in my name, but the house is shared jointly.
My equity would not be enough to clear total, but jointly would

Hi armani1981

I'm concerned that you appear to be struggling with your payments after only 9 months of the Trust Deed. Have your circumstances changed since you signed the Trust Deed? A Trust Deed is not there to make life harder for you, albeit you will have to manage your finances in accordance with a budget.

If you were willing to allow the trustee to place the property on the market, your share of the net free proceeds would require to be paid to your creditors. If your partner was willing to do so, they could offer to pay off the remainder of your outstanding contributions. That way the Trust Deed could potentially be brought to a close early, if your creditors agreed.

Julie