Thanks for posting, Gorilla. This highlights an important point for anyone out there thinking of signing a trust deed.

Any windfall received whilst in a trust deed must be made available to your trustee for the benefit of your creditors - though once the debts are cleared, together with interest and the costs of running the trust deed, then you will keep any remainder. You should then be discharged from the trust deed and there would not be any further contributions to pay.

The only issue I guess would be how quickly the house's value can be realised to pay to your creditors. You might find that you will have to keep making contribution payments until it is either sold, or money is raised on it by means of a mortgage or from a third party (maybe the person who has the other share might want to buy out your share?).

If you have already spent the cash the trustee may try and get that money back, though if the share of the house is enough to cover the debts and costs in full then this may not be necessary. However, at the risk of sounding a bit schoolmasterish (god forbid), you really should not be spending any of that money without reference to your trustee first.