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neildee
| 14-08-2008 10:12 PM |
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Joined: 14 Aug 2008 Posts: 3 | Im in a trust deed and due to work and parking fines i can no longer pay my £200 monthly payments. Ive paid about 12 months . Can somone tell me if i can apply for my own sequestration while in a trust deed or do i have to wait on the trustee applying for it ? Many Thanks |
| paladin | 15-08-2008 11:16 AM |
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Joined: 06 Jun 2007 Posts: 93 My Profile | Hi neildee Yes you can petition for your own sequestration, but it is rather academic since if you don't keep to your agreement the trustee will petition for it. Have you spoken to your IP? There may well be some lee way possible to adjust your monthly payments and still stay in a Protected Trust deed. Remember the IP is there to recover as much money as possible for the creditors. He may well re-visit your finances and judge what the best option is for the creditors. So speak to your IP and try to come to some sort of arrangement with him. Paladin |
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fallenstar
| 04-09-2008 04:12 PM |
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Joined: 04 Sep 2008 Posts: 3 | I am in the same postition, I have been in a protected trust deed for 18 months, and became unable to meet my repayments. If you speak to your trustee, they can normally suspend your repayments for up to 3 months, and then reduce them for a limited time. This will extend the length of the trust deed prior to discharge, or increase the payments when you can afford it, but is a good option to avoid sequestration. I wish to apply for my own sequestration, but have been advised by the Accountancy in Bankrupcy that only my trustee can apply for it as I am in a binding contract due to my Trust Deed being Protected. |
| paladin | 04-09-2008 07:44 PM |
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Joined: 06 Jun 2007 Posts: 93 My Profile | Hi fallenstar If you are struggling with your Trust Deed payments you should speak to your Trustee about your concerns. Obviously if you stop making payments, then the Trustee will start sequestration proceedings. In the first instance though you should definitely speak to your Trustee. P |
