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 Sequestration while in trust deed
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Paulo1888
New Member

3 Posts

Posted - 28 June 2018 :  20:40:41  Show Profile  Reply with Quote
Hi there new to the forum and looking for some help.

Im currently a year and a half into a trust deed and im struggling with the payments of £250 a month,and im now in arrears with my mortgage of about £1000 and not paid my trust deed in 2 months.i have a little boy who is a year and a half old(he was just born as i entered the trust deed) im paying half of childcare a month as well as other money to my partner.

My mortgage is for my one bed flat which is now lying empty so paying for two sets of bills.

Im starting to get quite depressed with the situation as ive started gambling what ever money i have left of my wage.

So my question is a) can i voluntarily hand my keys back for my flat and b) is sequestration an option from my trust deed?

Thanks in advance for any info.

P kelly

Sharon Toal
Trust Deed Expert



281 Posts

Posted - 29 June 2018 :  08:51:09  Show Profile  Reply with Quote
Paulo1888

I am sorry to hear about your situation.

You do have the option to hand back the keys to the mortgage provider. If the property has not been excluded in the trust deed process then if the house is repossessed and a shortfall incurred, then the balance outstanding to the mortgage provider will rank as a creditor in the trust deed estate. The mortgage company would not be able to chase you for the shortfall.

As part of the trust deed, you would be unable to apply for the sequestration of your estate.

I would recommend speaking with your trustee’s office to complete a full income and expenditure review to see if there is opportunity to reduce your contribution.

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Paulo1888
New Member

3 Posts

Posted - 29 June 2018 :  09:32:46  Show Profile  Reply with Quote
Thanks for the quick reply,

If i could get rid of the extra mortgage it would help and if i have that option then i will give my mortgage provider a call.

For hypothetical reasons what would happen if i couldnt make my trust deed payments? I really do want to pay the missed payments on this but i know if you miss more than two there can be problems,what would the most likely outcome be?
Thanks again.

P kelly
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Kevin Mapstone
Trust Deed Expert



3578 Posts

Posted - 29 June 2018 :  09:47:52  Show Profile  Reply with Quote
The first port of call would usually be a review of your circumstances to see whether the payments are still affordable, or whether they should be reduced. If this is not possible then there are a few routes that your trustee could consider, including:

- terminate your Trust Deed without discharging you from your debts (at which point you could apply for sequestration if you wish)
- apply to court for you to be sequestrated instead
- seek to force payment of your Trust Deed directly from your employer

As Sharon has suggested, your will no doubt be best served by discussing your situation with your trustee to agree a way forward between you.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Paulo1888
New Member

3 Posts

Posted - 29 June 2018 :  09:54:20  Show Profile  Reply with Quote
Thanks for the info i will get in touch with my trust deed advisor and see what they say.

Thank you for your help with this.

P kelly
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