Welcome to the forum hevbev1.

Trust deeds run for a minimum of four years. In some circumstances people agree to longer trust deeds. This might be because they're making extra payments in lieu of an asset that they own, for example.

Your payment is based upon your regular income. Any spare income is paid into the trust deed. If you receive an annual bonus it's highly likely that it will have to be paid over (to help repay the creditors).

You can't choose to leave a trust deed. It's binding upon the debtor, their creditors, and the trustee.

Sometimes a trust deed will fail because payments have not been made. This would open the door to starting a new debt solution. This approach would be very risky though, because the trustee might decide to make the individual bankrupt instead (which will mean four more years of payments and a risk to any assets owned) or seek to gather in the agreed payment directly from their client's employer.

If there's an issue with a trust deed, it's almost always best to try and resolve the issues with the trustee.

Thank you for your response.

Can you advise if when setting up the trust deed my husbands overtime should have been taken into consideration when the payment amount was agreed as this is not always guaranteed so is a bit of a grey area?

My husband is becoming ill over this trust deed and he is left with practically no money at the end of the month which is having a dramatic effect on his mental health. I genuinely believe this trust deed is the worst mistake he has ever made.

Thanks again.

I'm very sorry to hear that your husband is suffering like this.

Irregular overtime can be tricky. Sometimes people might base a payment around their average overtime. Sometimes people might pay over any extra overtime earnings each month depending upon how much they received.

The monthly trust deed payment is based upon a schedule of your husband's income, bills, and allowances for other spending. It's basically total income minus total agreed spending = trust deed payment.

Perhaps you could ask the trustee to provide a copy of the current version? If there are inaccuracies in it there might be scope for a change in the payment amount.

That is really helpful I will pass on this advice. Thank you so much for your response.