Welcome to the forum Big D.

Have you and your trustee both actually been discharged?

Who has told you that half of the proceeds will go to your trustee?

The other joint owner isn't in a trust deed are they?

Was it your decision to sell the home?

Hi,and thanks for the reply.
I don't know if I have been discharged,the last correspondence I had from them stated they were seeking discharge as my trustee,and if successful I would not be discharged from my debts.
Our estate agent informed us,as they have had contact with the trustee.How/why I don't know.
No,the joint-owner is not in a trust deed.
Yes,it was our decision to sell the house. Much longer and I think we would have lost it.

Hi Big D.

Could you go onto the Accountant in Bankruptcy website and then click through to the Register of Insolvencies please?

Once registered there you'll be able to search for your own case details. This will include information on whether or not you and your trustee have been discharged.

If you could let us know we'll be in a much better position to offer you advice and information.

Ok,thanks.

Will get back to you shortly on this topic.

Ok, so I've checked the Register,and it states that neither myself or my trustee have been discharged.

Hi Big D.

In that case you'll still be bound by the trust deed and, I would assume, your half of the proceeds will be due to be paid over to the trustee.

Are you committed to the sale? How much will your half share be?

I'd want to know from the trustee whether this changes their view on ending the trust deed and reuniting you with your debts.

Committed to the sale?I would say so,the new owners get the keys tomorrow!
I will get in touch with the trustee,although our estate agent is waiting to hear back from them tomorrow for more clarification. My proceeds of the sale amount to half my trust deed,but my circumstances remain the same.

A lump sum like that just might make a difference Big D, and especially so if your trustee wasn't expecting it.

I'd suggest talking to your trust deed provider about that as soon as you can. You never know.

I will contact them tomorrow.Will the trustee divvy the proceeds between the creditors?Where do I stand with regards the trust deed?Will it continue?Will they still seek discharge?

Hello Big D.

All of the funds paid into your trust deed will firstly be used to pay the trustee's fees and costs and then everything left over will be split between your creditors.

What happens to your trust deed, whether you'll be discharged, and whether you'll still be liable for your debts, are all questions you'll need to put to your trustee directly.

Hi Big D

Your trustee will require to sign the disposition on your behalf. If this has not already been discussed and organised, I'm afraid the sale won't be going through today.

Your Trustee will sent a notice of inhibition which prevent the sale of the property without the Trustee's consent.

Hopefully this has all been organised and agreed.

Mark

Thanks TDA.
Hi Mark.
The trustee has already signed the disposition on my behalf. I have spoken to them this morning regards my trust deed,and it seems to be a bit of a grey area with regards to the house sale and my personal circumstances.

It sounds as though the trustee might be in a position to exercise some discretion. I guess they'll have to weigh up what's fair for your creditors in light of these developments and your circumstances.

Hi Big D,

How much debt did you enter the Trust Deed with? Also, how much money from the house sale will be going into the Trust Deed?

You Trustee at one point was considering releasing you from the Trust Deed and returning all of your debts to you as you were not able to complete it as agreed.

Now your Trustee may have sufficient funds from the house sale to pay a dividend to creditors and provide you with your discharge from the Trust Deed and the debts.

You should be able to speak with you relationship manager for an idea if this is possible or not. They may have to run it by your Trustee which could take a little time.

Keep on at them. As TDA has advised, your Trustee could exercise some discretion in closing your case.