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Stephcmb89
New Member

3 Posts

Posted - 30 October 2018 :  13:46:45  Show Profile  Reply with Quote
Im just about to enter the last 12 months of my Trust Deed but i'm beginning to stuggle financially. Ive been unemployed since august 2017 and I'm a single parent so my income is solely benefits. I do own a very old car which is probably worth 400 if you're lucky. My question is, can a trust deed even continue when your income is benefits? And wpuld they want me to sell the car to pay the trust deed if I told them about it?

Steph

TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 30 October 2018 :  15:57:17  Show Profile  Reply with Quote
Welcome to the forum Stephcmb89.

If you've been making the trust deed payments I can fully understand why you're struggling.

You shouldn't be making payment at this time. Your trustee should not be gathering in money from benefit income.

If your trustee is not aware of this situation, you should make them aware ASAP.

Do you expect/hope to be back in work soon?

I doubt that a car of that value is at risk, and especially so if you can demonstrate that you have a reasonable need to keep and use it.

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Stephcmb89
New Member

3 Posts

Posted - 30 October 2018 :  16:30:27  Show Profile  Reply with Quote
No they are not aware of this yet as I was worried what the outcome would be. I dont want the last 3years of paying the trust deed to be in vain.
I also receive a child maintenance payment each month but I expect they wouldnt touch this as the government cant even take it in to account either?

No i dont expect to be going back to work for at least another 2years.

Steph
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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 30 October 2018 :  16:56:12  Show Profile  Reply with Quote
Hi again.

You should certainly reach out to your trustee about this now.

We can't tell you exactly what will happen, but you should not be disadvantaged if a change of circumstances arose through no fault of your own.

I would imagine and hope that your trustee will take a sympathetic and supportive position, not least given that you've covered three years of contributions already.

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Sharon Toal
Trust Deed Expert



295 Posts

Posted - 01 November 2018 :  16:36:45  Show Profile  Reply with Quote
Stephcmb89 , as TDA correctly advises the trustee is not entitled to pay contribution derived from benefits. If that has happened, please contact our trustee and ask for a refund.



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Stephcmb89
New Member

3 Posts

Posted - 08 November 2018 :  12:01:46  Show Profile  Reply with Quote

Well I contacted my Trustee today and they are sending out an expenditure form so they can reassess my situation. They said the trust could fail, i could get someone else could pay it for me or they may be able to reduce my payments.

Not really great options. I have no one to pay it for me and it feels wrong that they would simply fail the trust deed after 3years of making payments which would leave me open to my creditors #128545;

Steph
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TDA (Debt Adviser)
Trust Deed Expert



12644 Posts

Posted - 08 November 2018 :  16:59:02  Show Profile  Reply with Quote
Hi Stephcmb89.

I know you must be very worried and I'm sorry that nobody can tell you exactly how this will work out as yet.

The trustee will need to make a decision that is fair for your creditors and fair to you, based upon the facts of the case. I do hope that a solution you consider to be satisfactory is found.

Please let us know how things develop.

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Kevin Mapstone
Trust Deed Expert



3613 Posts

Posted - 09 November 2018 :  10:03:45  Show Profile  Reply with Quote
What is the reason that you are no longer working? Did you choose to stop? Was it an involuntary redundancy? Were you sacked?

The reason may be important as your trustee needs to be able to justify their actions and the guidance they are given by the Accountant in bankruptcy says that they shouldn't refuse a person's discharge purely due to a change in circumstances beyond the individual's control. Nor should they be accepting payments from benefits.

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