Hi moishall

If you miss payments for 3 months, creditors need to be notified and the Trustee then needs to petition for sequestration (bankruptcy). This I guess if the 12 month thing.

The problem is that the Trustee must petition as you are unable to. I am unsure why they are guiding you to the CAB as they will not get involved if you are in a Trust Deed.

Mark

Hi moishall and welcome.

Did the company tell you that they were resigning from your case?

Sounds like they are planning on closing your trust deed but without allowing your discharge from the debts. The 1-year procedure they are talking about is sequestration (ie bankruptcy), which you will be able to apply for yourself once the trust deed is finished.

I have mentioned on this forum before that strictly speaking they should not be refusing to discharge you from your debts based purely on a change in circumstances - the Accountant in Bankruptcy have stipulated this. Either they should have petitioned for your sequestration way before now, as Mark suggests, or they should be willing to allow you to be discharged from your debts. The refusal to discharge should only happen in cases of non-compliance, not where there is a change of circumstances beyond your control.

I think it would be worth you making this argument to them, moishall. You say they have been patient, but a bankruptcy could have been arranged 2 years ago and you would have been discharged from your debts a year ago - they've done you no favours at all.

Hello, and I thank you all very much. I have just discussed this again with Wilson Andrews, who have informed me that, yes it has dragged on a little, however they cannot just discharge this. The person I spoke to is now going to speak to the trustee, however he has more or less stated that the trustee will not and cannot discharge my debts. And that bankruptcy is my only option here.

ps I forgot to mention that I left my job, due to circumstances. I was not paid off or sacked. They are also using this against me.

Hi moishall

They are unable to discharge you, however the only option they have is sequestration due to a change in circumstances. They will need to do this as you are unable to.

Mark

Hi Mark, thanks for that. What exactly does this mean. Will I still be able to have my bank account, I also still have a contract mobile phone, which I pay monthly, also home tv, phone and internet package I pay monthly... What differences will this make, in comparison to the trust deed?

Hi moishall.

Provided that your bank account is available to persons in bankruptcy (usually the same accounts available to persons in trust deeds), and you don't owe the bank any money, I'd have thought that you'll be able to keep it.

I doubt that there will be any difference at all with the other things that you mention.

Is there any other route I can take.

Hi moishall

I think its unlikely that there will be any real change as these expenses are pretty standard.

My advice would be to speak to Wilson Andrews and ask them to confirm in writing EXACTLY what they propose to do with the Trust Deed as they are unable to resign as such due to a change in circumstances. The route they should follow is sequestration.

Mark

Thank you Mark and trust deed assistant... I am trying to contact to ask for their proposal in writing. Shall keep you`s posted.

I think they can resign as trustee as it sounds like the change of circumstances is of your own volition, moishall, and therefore arguably a failure to cooperate. Therefore it would be left to you to apply for bankruptcy yourself.

Hi Kevin

Sorry I need to disagree. Irrespective of the possible non co-operation, there is not a discharge and:

4. Effects of Protection
?á
4.1 Application for bankruptcy
?á
From the date on which the trust deed becomes protected, until the date of the debtor's discharge (or a determination refusing discharge), the debtor cannot apply for their own bankruptcy (sequestration). ?áSee regulation 11(1)(b) of the 2008 Regulations.

Mark

more confused than ever now, however thank you.