I entered in to a protected trust deed over a year ago, If I was to leave the trust deed what are the ramifications ? Do I owe the trust deed company money or are the debts passed back to the original debtors ? Will this affect my property as the trust deed is protected ?
You can't leave a PTD, you have signed a legally binding contract with your trustee.... Your Trustee can discharge you if you fail co-operate regarding your PTD, then all your Debt falls back to you.....
Hi sinking5
The Trustee has a number of options. He could discharge himself and give you all your debts back. Petition for bankruptcy or look at securing payment via a wage arrestment.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi Kevin, I have been given the chance of two years work in the states, but this means me selling my house, which will have about 5K equity I think. I took time to write to all my creditors that I owe and asked what would be a possible payment payback option, given that I currently pay the trustee £250 per month, they all came back to me and my total outgoing payment would be £108, yes it would be over a far longer period, but it is far more manageable for me. I want to do all this above board, some had advised me just to go and forget about it, but that just didnt seem right, all going well I intend to apply to live in the states for good, so felt walking away from trustee was wrong.