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Scottish Trust Deed Forum
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Topic starter
01/07/2014 9:09 am
My Trustee wants to discharge my TD and my debts although due to circumstances I had no control over the full was not made. The Trustee does not see the point of making me bankrupt as I have no assets and he has written to ask if the creditors have any objections. Although I have been reassured it is unlikely they will I am having an anxious wait until the deadline for responses. Anyway does anyone have any handy hints about not panicing - I've not had an ounce of sleep since I was told all this. Any handy hints and tips much appreciated as I am on the verge of a nervous breakdown.
01/07/2014 9:31 am
Hello Thickasmince.
Hopefully some members who have experienced their own stressful times will share their thoughts with you.
Here's one bit of reassurance... the reason that creditors would want you to become bankrupt would usually be the same as the reason why your trustee would want to do this. It would be because bankruptcy would be likely to raise more money for the creditors.
Without any assets, and having complied with the trust deed as best as you can, forcing bankruptcy upon you seems much more likely to cost your creditors money than make them anything.
There doesn't seem to be any commercial logic for them to want this to happen.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
01/07/2014 9:49 am
Hi Thickasmince
In my experience 99.9% of creditors will not object and it will gothrough as planned. It is very rare for creditors to take a stance in these things, especially iof there is no benefit.
The cost to petition for sequestration is expensive and likely to have an impact on any available funds, thereby reducing further any benefit to creditors.
I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
02/07/2014 1:15 pm
Hi Thickasmince
I would take some comfort in what TDA and Mark have said.
Hopefully the deadline will pass quickly and you can move on with your life.
Topic starter
09/07/2014 12:25 pm
Tomorrow's the cut off date for objections - longest two weeks of my life I can tell you - I did check with my Trustee yesterday who said no objections had been received so I'm hoping and praying that everything will be fine.
09/07/2014 2:07 pm
I would be surprised if the Trustee receives any objections whatsoever, however I can appreciate the worry. I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
15/07/2014 10:10 am
Hi Thickasmince,
How did you get on with things, did any of your creditor object?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
15/07/2014 11:53 am
Thank you for your emails. No creditors objected and I got a good nights sleep I can tell you. My trustee now saya that my form 5 will be sent to me in 6 weeks time - no idea if this is a long time or short time but as least it is coming!!
15/07/2014 12:14 pm
I'm glad to hear that it's worked out this way Thickasmince, I did think that it would do.
Six weeks doesn't seem too bad. We've heard of quicker, but we've also heard of a lot (A LOT!) longer.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
