Welcome to the forum oopsie.

You should be able to speak to your trustee or someone suitably senior and qualified enough to answer your questions. It sounds as though you have lost some faith in them though?

You can suggest to your trustee that a third party would pay a sum into your trust deed (equivalent to your remaining payments) if you could be discharged straight afterwards. They may well be happy to accept that outcome, but it's up to them to make a decision on that.

If your wife has not been formally discharged I'm afraid it's quite possible that any windfalls she receives might have to be paid into the trust deed to help repay her creditors. She'd normally be able to keep the statutory element of such a redundancy payment to help tide her over while she looks for new work.

Both of these issues may require direct communication with your trustee I'm afraid; hopefully they'll be helpful and fair with you.

many thanks for the quick reply 🙂 I'll let nature take its course i think, Every time we have been open with the trustee they have hurt us even more, now to the point that they believe a disposable income for a family of £12 per month is a luxury.

I would now go as far to say, i wish i had planned it better and just gone bankrupt, i can see the frowns haha, but you think you are finding a way out but it isnt, they want another pint of blood.

i do appreciate the advice, many thanks !!!

No frowns here oopsie! We accept that people will form their own views based upon their experiences.

It is probably worth mentioning that the way a trust deed and bankruptcy contribution is worked out is pretty much identical.

yes Oopsie
I think many of us are coming to the same conclusion that we have been taken for a ride with so called trust deeds and bankruptcy would have been a better option in our case too.
as far as I am concerned the companys have not been honest with us, so why be honest back, it gets us nuttin but more skint......
good luck in yer case

Hi angiepal.

You're free to express your views. For balance, let's make it clear that failing to be open and honest with a trustee (in a trust deed or bankruptcy) could result in very serious negative consequences.

Hi

Yes you have to be honest. Why not just contact the trustee and ask them to hurry up closing your wife's case. That way she may be discharged before any payout.

I think Shona has an excellent point. Your best bet is to put as much pressure on your Trustee to get your wife discharged as quickly as possible.

Once your wife is discharged she would be free to offer your trustee the equivalent of your remaining payments to buy-out your PTD early from the funds she recieves from her redundancy.

Hope all works out well for you.

PB

I would like to add that having been open and honest and willing to talk to my case managers made our trust deed a very simple and pain free experience. On several occasions I needed their advice on how to deal with things like losing a car through major mechanical failure and therefore having to replace it,broken cookers etc etc. Dont be scared to talk to your TD firm,without customers they wouldnt exist.

Regarding the original post,get on that phone and push for a discharge and ask why things are taking this long.

Paul