Have you had any change in circumstances littlemo? My understanding is that your trustee will review your payment obligations if you have had a change circumstances, but the trust deed must remain viable for creditors. If nothing has changed, your affordability should still be the same as it was two years ago. You could always ask to pay less for longer if it helped.

thanks skint ally
no change of circumstances at all have not worked since the birth of my son 3 years ago,so exactly the same situation as when i took out my TD,(UNEMPLOYED),had zero income when i got signed up for trust deed aprt from child allowance £80 per month,ah well your probably right dont think theyll look to change it now.
thanks for your reply.

Hello littlemo.

I think all of the experts here would agree that a trust deed was, quite probably, not the right option for you when you first decided to address your debts.

It does sound as though you'd be making no payment at all if you were bankrupt, and discharge would have followed after a year.

That's not an option currently unless your trustee were to agree to discharge you from your trust deed first and, obviously, you should take professional advice personally before choosing that new route.

In terms of carrying on your trust deed with or without a reduction in the payments, you can only really enter into a dialogue with your trustee on that to see whether they're prepared to assist with making some changes. They will have to consider the interests of your creditors as well as taking into account the difficulties that you're facing.

Hi littlemo,

I don't think the Trust Deed was the most suitable option for you to enter into. Can you remember if you had alternative options explained to you i.e. Sequestration (Bankruptcy)?

Do you own any assets i.e. your own home etc?

How long do you have left on your Trust Deed?

You really need to speak with your Trustee or relationship manager about things, tell them that it's a struggle to try and maintain the payments and ask them what they can do to help out. I would also discuss why you proceeded with a Trust Deed when Sequestration could have been a more suitable option.

Was it a 3-year Trust deed you signed up to, littlemo?

Hi
Sorry haven't got back to you all sooner, thanks for all replays.
First of all yes it's a 3 year trust deed and I do own my own home with my husband who has a separate trust deed arrangement with the same company,
When taking out this trust deed the adviser did mention about sequestration but advised that my home would have to be valued at the end of the one year sequestration and he couldnt guarantee the same equity position that my husband had of over 10k neg equity,

Bearing this in mind and the thought of losing my home i was advised that a trust deed would be more secure ie house

I pay £134 pm to it, well my husband does but they didn't rearrange his payments to compensate for giving over the£134 to my trust deed each month so we are and have been really struggling, I've got 9 more payments to make, my circumstances have never changed and I was advised to put in my husbands income as well as my £80 child benefit into the 6 month audit sheet that comes out, ie the colum next to my income that also says partner.

Hello littlemo.

I guess being a homeowner will always make people nervous about sequestration.

I'm still very unconvinced that you were well advised to enter a trust deed however. The fact is that you have though, and have made formal proposals to your creditors that they have accepted.

With that in mind, I can only really advise you to make a case to your trustee and see how they respond. I don't think that there is anything to be lost by trying.