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10/04/2013 11:27 pm
i entered a trust deed back in july 2008 and paid into it for 8 months my wife lost her job and i had to move 90 miles away and start a new job subsequently things fell appart in relation to the deed and i stopped paying it stupid i know but after a couple of letters from my trust deed company telling me that the money i had payed was going to them not my creditors i just left it there now im unable to get credit and its 5 years on im to scared to open this awfull can of worms im thinking bankrupsy would have been a better solution 5 years ago how can i now where i stand and how should i proceed.isnt there a law about creditors that they cant chase you after 5 years...ps no creditor has chased me to date.[V]
11/04/2013 12:00 am
Phone the company oh have your trust deed with. Ostrich approach won't help and the issue won't just go away.
Good luck, hope it all works out for you .
Every end has a start !!
11/04/2013 12:17 am
Statute barring occurs after 5 years but that would only start 5 years after you last made a payment or acknowledged your debt. How did your trustee end the trust deed? Have you had a look at your credit file to see whats on there.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
11/04/2013 9:43 am
It is also worth noting that there are certain debts that don't "prescribe" after 5 years. For example, council tax arrears, or any debt where a decree has been granted at court (20 years if memory serves).
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
11/04/2013 9:44 am
If you check the register of insolvencies, this should provide an update on the position. I don't imagine prescription would apply ( 5 year rule) if the trustee is still in office. If not, I would imagine it would commence from the date of discharge.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/04/2013 11:34 am
Hi, I am in a similar (kind of) position. commenced my PTD with my partner in jan 2011. Had a couple of occasions where we submitted receipts for unexpected expenses and did not have to make payment. last year it all went wrong, change in circumstances, plus new outgoings( childcare), increased payment to mortgage meant we missed several payments. Were unable to contact out firm, despite several messages left to get advice. Subsequently we are finding our contributions a real struggle, have meeting with firm next week to discuss this but am scared they will resign from trust deed or else make us bankrupt. Should also say payment recommenced in feb after discussion, but then we had a bill to pay for MOT so could not make March payment.
Do we have any options?
Could we continue in the PTD after the 3 year term to make up the missed payments?
jmillar
11/04/2013 11:58 am
Hi jpie.
It sounds like you're doing the right thing by engaging with your trust deed provider about the challenges that you have faced.
Your trustee will not want the trust deed to fail provided that they continue to believe that continuance will be in the best interests of your creditors.
The meeting you have arranged will be a good opportunity to make your case for this and/or discuss alternatives.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
11/04/2013 1:56 pm
Hi jpie
As trust deed assistant says, most trustees will try and avoid a trust deed failing, as long as they are comfortable that you are not just stringing them along. Extending the term may well be possible.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
11/04/2013 2:57 pm
Hi,
Thanks Kevin and TDA, am hopeful that we can reach an agreement and move forward.
Jpie
jmillar
