Hello Hopeful and welcome to the forum.

I'm sorry to hear that you have needed to reduce your hours.

In such circumstances your Trustee may be able to exercise some discretion and it's by no means the case that these changes will necessarily result in bankruptcy. For example your suggestion that a third party completes your obligation to the trust deed is, I would think, likely to be acceptable to all concerned. That would most likely mean them paying over a sum equal to the number of monthly payments remaining multiplied by your current monthly payment.

Your Trustee may well consider that they have a responsibility to verify the changes in your situation, so you may wish to consider whether providing some documentary background to the current changes will be possible.

Bankruptcy is therefore by no means inevitable. Even if it were to happen there would be no need to attend Court and you would not be asked to pay any amount unless it was affordable for you to do so. I doubt that your car would be affected at this time and you would be able to have a basic bank account (even if that meant changing the account you currently use).

I think the most important thing at the moment will be to maintain open lines of communication with your trust deed company so that you can find a mutually acceptable way forwards.

Thankyou for your advice.

Hi
Further to your reply I have since contacted my Trustee and asked the assistant if it would be possible for a 3rd party to pay off my debt. She replied that this would be okay but would need to be in writing, then said but you don't have to do this, send in your expenses and your first pay slip for the Trustee to have a look at.

I am a bit cynical as to why she would say that = do they benefit in anyway from keeping me on? Presuming that I may be made bankrupt? I would still have to pay what I could afford for the year after being declared? or if circumstances change can they just close the Trust Deed. I still have £3,300 to pay back and 1 year left from May and the future payment I can afford to pay them, due to the change in my hours, would be £23 a month (that's with my daughter paying my annual car insurance)as opposed to £236.00 which I have been currently paying. I asked for more information but she said she would have to discuss it with the Trustee.

What do you think?

Thanks

I'm not sure that there's a need to be cynical about this Hopeful. It sounds to me that the person you spoke with just wanted you to be sure of all of your options.

As mentioned previously your Trustee may feel that they can exercise some discretion so no harm in working through the options open to you.

Just to clarify something for you, Hopeful. If you were made bankrupt then any contribution that you can make has to be made for 3 years, not just one. I guess this might affect how you view your preferred solution.