did you finish paying your trust deed successfully?

Paul

Sorry

I did not phrase my initial question correctly.

If my Trustee was to seek their discharge citing non-compliance by myself.

What would the consequences be then?

You'd be reunited with your debts gresgow and your creditors could pursue you again.

What's happened?

Nothing in particular has happened. I have had a few disagreements with my Relationship Manager which brought about a change in the person that I now deal with.

I am now going to ask to miss a couple of payments due to some things needing done in the house. I am going to ask to increase my payments to cover this as I am going to have some additional income due to letting out a room to a family member.

The reason for my concern is the fact that my payments were increased along with the period of the trust deed to allow me to keep my home.

I worry that my Trustee becomes fed up with the situation and tries to get me to sell my home to pay debts.

Hi gresgow

With the 2008 changes, a trustee can discharge themselves from the trust deed and effectively hand you your debts back.

This would/should always be a last option though.

Mark

If his were to happen, what would happen to the money that I have already paid into the trust deed? I have been advised that the trustee's fees are £6600 and to date I have paid just over £7500.

The money would mostly be swallowed up in fees gresgow, if not all of it if more work were created by this.

Hi gresgow,

I would be surprised if your Trustee resigned from office for a couple of missed payments having come so far in your Trust Deed.

Even having a disagreement with your Relationship Manager shouldn't be enough for the Trustee to resign. As Mark said, this is normally a last resort.

How many payments would you be looking for a payment break for and are the things needing done in the house essential at this moment in time? If you can show that it is then the Trustee may be more understanding.

It would be a crying shame for it to fall apart now. As Davids says, this is probably very unlikely. Whilst there is no guarantee that your trustee will allow you to miss a couple of payments, there is often room for flexibility in these things and surely there is no harm in asking the question