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Scottish Trust Deed Forum
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Topic starter
21/01/2012 3:25 pm
Hi, I have been in a protected trust deed since may 2008 and it was scheduled to last 42 months for a total of 11,000. However other than at the beginning of the TD I have not made any payments. I still have 8000 outstanding. I don't really have a valid excuse for missing payments however I now have every intention of paying the remainder. My TD company have accepted this and I am to resume payments soon.
My worry is that because I have missed so many payments my TD if I continue to pay at the current rate will overrun around 3 years. Is this ok or are my creditors likely to raise objections in the future. Am I wasting my time continuing. I should note that I have no property or other major assets.
Thanks
21/01/2012 5:11 pm
Welcome to the forum charlie.
It's your Trustee that determines whether your trust deed running longer is acceptable, not your creditors.
As you have no assets bankruptcy might be an alternative. However, your Trustee will have to agree to discharge you from your trust deed first and you'll then have to pay what you can afford for 36 months.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
21/01/2012 6:01 pm
Thanks for the reply trust deed assistant
Bankruptcy is not a road I wish to go down and I would prefer to finish the trust deed which I am comfortable with. As my trustee has agreed for repayments to recommence it seems then that I should be ok to do this.
Great site by the way
21/01/2012 6:34 pm
Thank you charlie.
Best wishes with everything.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
21/01/2012 6:42 pm
Hi Charlie
there is nothing to be gained by going down the bankruptcy route. If your Trustee is happy to let you continue paying, I would suggest you go with it. Good luck.
Shona is not currently posting in the Trust-Deed.co.uk forum.
