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Scottish Trust Deed Forum
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Topic starter
07/06/2011 10:11 am
Hi,
Looking for more advice please (I have had great advice on here before!).
My husband has a trust deed. At the time, Sept 2009, I agreed to pay the money they would have got if they had sold the car, £150 per month plus £13.33 for the interest in the property (my husbands). I had to give up work on doctors orders due to a heart condition in Nov 2009 and the trust deed company have been pretty good with suspending my payments but they have said that the full amount will still be outstanding at the end of the trust deed and will need to be paid by someone, either me or someone else. I applied for banruptcy in Nov 2010 through LILA and I am now bankrupt. My question is, should the amount I agreed to pay on the trust deed have been included in my banruptcy and written off like my other debts or as the original debt was my husbands would he then just be made to find someone else to pay off the car for him on the trust deed?
Thanks,
07/06/2011 10:23 am
Hi gillianr2.
In my opinion this was never a debt of yours, you had simply agreed (for a period of time) to be the third party that would pay over this sum to satisfy your husbands responsibilities to the trust deed. As such I cannot see how it could have been included in your bankruptcy.
Your bankruptcy doesn't change the trust deed agreement of your husband, so there will still be some amounts outstanding in lieu of the car and the interest in the property.
Someone else could step in and pay these amounts over. It might also be possible for your husband to extend the trust deed (after the end of the usual term) to pay over the outstanding balances.
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Topic starter
07/06/2011 10:34 am
Thnaks for that. There's nobody else at all available to pay over teh extra and there's no way i could afford that kind of money in one go. The only way they would get the money would be for them to extend the trust deed, which I dont think they would be happy with (they have already stated it's a case of giving overt he money staright away at the end) and obviously we dont want to have another 3yrs of payments to make as the end is now in sight with it being finished next Sept x
07/06/2011 9:51 pm
I'm afraid your husband might not have any other option other than to extend the term, gillianr2.
Would it not be easier to offer to sell the car instead? Maybe you could replace it with something cheaper as a temporary measure? They can't expect you to have to pay for a car that has been given up...
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Topic starter
08/06/2011 1:19 pm
The big problem is that we arent even in ownership of that car now, we had to sell it to get a bigger car and with my husband being 2yrs in to his trust deed the car isn't even worth what they valued it at at the start of the trust deed, £5400. So they could sell the car and it might be worgh about £3500 and we wiould still owe them another £2000 and still have to buy another car which wouldn't be cheap as we have 4 children so need a 7 seater and they tend to be expensive.
08/06/2011 6:46 pm
Hello gillianr2.
Perhaps, given that is the case, an extension of the trust deed payments might be the best way to deal with this part of the trust deed commitment?
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