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Scottish Trust Deed Forum
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Topic starter
23/05/2011 4:24 pm
hi i am about 18 months into my trust deed, and it looks like i am going to lose my job! the reason i done td and not bankrupcy was i had some property which i had been lucky enough to buy over the years and although most of them are now in negative equity i desperately didnt want to lose them! mainly because some of my family live in them andone in particular my mother lives in and although the mortgage is in my name (dad was ill and couldnt get one and needed easier place to live in) it was my mums money used to buy it. if i loss my job and cannot keep up the payments will the trustees bankrupt me and take the propertys from me? im afraid to tell them whats going on incase it screws things up.. can you advise me at all? the td have been grfeat and i found the whole process with them being very supportive.
23/05/2011 4:47 pm
Hi sg01red, welcome to the forum.
The guidance given is that whilst in a Trust Deed you shouldn't be declared bankrupt due to a change in financial circumstances outwith your control.
If however there is an agreement in place that you are supposed to be paying money over in respect of any equity in the properties you will still have to come up with this money at some point, however your Trustee should give you additional time to do so.
I wouldn't hide this from your Trustee, as they are more likely to be sympathetic if you are honest with them.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
26/05/2011 7:52 pm
hi thanks, so does that mean if my income drops they should hopefully amend the amount i need to pay, rather than making me bankrupt if i cant afford to keep up the payments i make at the moment? and if they dont make me bankrupt my property should be safe? i have made an arrangement to buy out the flats and my family have said they will if need be help with this. thanks for your advice its much appreciated thanks!
27/05/2011 9:09 am
Hi sg01red.
I think that the key point is that nobody is going to rush to do anything. There will be time for you to look for new work.
Assuming that you will still be able to pay a reasonable amount in the future it's hard to see why the trust deed should not continue.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
