Hi gresgow.

Might include:

1 - Bankrupt you - putting your home in serious jeopardy.
2 - Selling your home.
3 - Cancelling your trust deed and reuniting you with your debts.
4 - Arresting your wages.

Hi gresgow,

Not co-operating with your Trustee will only lead to further problems and probably make things worse.

Like TDA has advised, the Trustee has options available to them should you not co-operate.

If you aren't making payments your Trustee could look at an arrestment of your wages or an assignation of your salary. They would go directly to your employer. Also, any assets which you have could also be put at risk by not co-operating.

Sequestration or being kicked out of your Trust Deed is also a possibility but we only do that if we are unable to secure a salary assignation or if the person doesn't have any assets.

Thanks TDA

Contacted my trust deed company with the same question and advised them that I may lose my job.

The only option I was told that they would consider would be sequestration, the sale of my home and the failure of my TD.

Thank you very much.

Hi gresgow,

Did your Trustee say if they would provide you with a payment break to try and allow you to find another job?

When someone loses their job we will look to suspend their payments and provide them with a payment break in the hope that they will find another job, be in a position to recommence with a payment and therefore we can complete their Trust Deed.

Also, when you say about the sale of your home, does your property have equity available?

Hi gresgow

I'm surprised at this approach by your trustee.

The normal process I would think, should you lose your job, would be to suspend payments for a period of time and see how things develop. It may be that matters improve and you gain employment shortly after, so looking at sequestration etc without looking at the bigger picture seems a bit severe.

Mark

Mark/David

Thank you for your replies but perhaps I should have clarified things.

Property is owned outright with no mortgage so TD extended to pay debts, fees and interest.

I may be dismissed from current employment due to misconduct.

Hi gresgow,

Thanks for clarifying things.

I think in the situation that you lose your job and are therefore unable to pay off the Trust Deed in full within a reasonable timescale then the Trustee could consider action against the property as a last resort. I still think you should be given some time to find another job before this action is considered.

What are the chances of you finding another job paying a similar amount if you are dismissed?

David

Thanks for your reply.

This I agree would be a reasonable course to take.

My trust deed company however do not seem to want to entertain this. This seems rather unreasonable.

Funnily enough someone has just posted about something similar.

Hi gresgow, if you have a property that you own outright, sure entering into a trust deed was only ever going to mean payment in full + interest + fees. I'm not sure that this would have been the best option for you.

Hi SkintAlly

I entered the trust deed before I inherited the property. After inheriting the property I agreed to extend the trust deed to cover all cost, interest and debts.

Ahh apologies. That makes more sense now. A difficult situation to be in. I can see your frustrations now.