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What If ?

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(@sinking5)
Active Member
Joined: 13 years ago
Posts: 6
Topic starter  

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 ?


   
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(@porcupine)
Estimable Member
Joined: 15 years ago
Posts: 206
 

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.....


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 17 years ago
Posts: 4798
 

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.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 17 years ago
Posts: 4253
 

Why do you want to leave your trust deed, sinking5?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@sinking5)
Active Member
Joined: 13 years ago
Posts: 6
Topic starter  

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.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi sinking5.

Is there a reason why you wouldn't move to the USA and carry on with the trust deed?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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