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Scottish Trust Deed Forum
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Topic starter
18/06/2011 12:46 am
hi there.
i am very worried as i entered into a trust deed due to being in financial difficulty after seperation. i am now very worried as my agreed monthly payment that i have agreed is going to be a major struggle. i am due to make my 1st payment at the end of this month. i have queried going down the bankruptcy route but my trustee advised me this is not possible as i am a homeowner! after reading the new leglislation. it states that if your home is in negative equity which mine is ( has already been surveyed by trustee) then there is very low chance to none of losing your home and gives you other options to keep your home. i am concerned that i have been given the wrong info from my trustee carrington dean purely at the amount of fees they are making from me setting up my trust deed. can this be changed or is it set in stone that once i have signed my trust deed thats final. please help me. i cannot sleep due to all the stress this is causing and is now affecting my health. thanks
l girvan
18/06/2011 8:01 am
Hi lgirva10
Could you clarify your comments on carrington deans fees for 'setting up the trust deed' There should be no set up fees and I would be surprised if an IP charged these before signing.
There are 2 options available outwith the Trust Deed. Firstly if you fail to co operate with the Trustee, he can resign and this would leave you the option to petition for bankruptcy. Secondly, the trustee could petition for your bankruptcy if you have a change in circumstances which makes the Trust Deed no longer viable.
Re the property, in bankruptcy the trustee would instruct a further valuation, however there is always the option that they may test the Market by putting it up for sale. Unfortunately it is difficult to gauge how they will deal with this.
On the signing of the Trust Deed, I would have hoped that the trustee or one of his senior members of staff would have sat with you, ran through all the options and confirmed all these option in writing before you decided which way to proceed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/06/2011 11:41 am
Hi lgirva10.
I would assume that you went through details of your income and expenditure with the company concerned to work out what your trust deed payment would be?
Do you think the record of income and expenditure was fair and accurate?
How much will you be paying to the trust deed each month?
I ask because it's important to remember that in bankruptcy you would also be expected to contribute what you reasonably could afford towards the debts each month for three years. The calculation is likely to be done in a similar way as it would be for a trust deed.
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