Trust Deed - am I tied to working full time?


Apologies if this has been posted already - but I couldn't see it anywhere!

I am currently repaying a protected Trust Deed which I signed up in January this year.

I have recently been off work for a week on my docs instruction with "anxiety" which has been caused in part by the worry of my finances, but other factors such as being a full time single working Mum, receiving no help from "Dad" or the CSA (due to the ex giving them the slip at every op!), and loads of other factors!

I am stuck in a job that I detest, 20 miles from home, and my son has to be "home alone" for a couple of hours every day as a result - another worry.

I would really love to have started my own Dog Walking business, and nearly got it off the ground, web site and everything, then along came the TD & I guess that idea is up the Swanee for the foreseeable future!

I would like to work part time so that I can spend some more time at home - for my own health as much as anything else, and perhaps do my biz on a part time basis also!

But, am I tied to working in my dead end job now as I have to earn the same salary that I did when I signed the TD - and if so, that could be for the next 3 years!!!

Aaaaaargh - what a nightmare!! I thought the stress would be going down now, not up!!

All help gratefully received!


  • You agreed to a total amount, x amount multiplied by 36 months.

    Your TD will likely extend if you cannot maintain payments.
  • tiggerbabe
    tiggerbabe Posts: 25 Forumite
    That's ok - that's exactly what I thought would be the case.

    Guess it's something I need to look into a good bit more before making the final decision.

    I am angry at myself for getting into this situation where I am now trapped financially and personally for the next 3 yrs - with the threat of bankruptcy hanging over me if I miss one payment!

    It really angers me when I think of my ex-husband who has managed to avoid paying me maintenance for 8 years, has evaded the Benefits Fraud agency, The CSA, the Council Tax, and many others I know of.

    Whereas, muggins here raises our son single handedly and ends up having no choice in my future for quite a while!

    Anyone know of any hitmen?!
  • Bankruptcy may be a better option, go back and discuss it with your IP. Bet money if you have income he will not make you bankrupt, they obviously did not inform you of the pitfalls of a TD and they are many.
  • I'm sorry to sound so stupid but can someone plase tell me what a TD is and an IP?
  • scroogey
    scroogey Posts: 160 Forumite
    I'd guess Trust Deed and Insolvency Practioner, but I might be wrong
  • scroogey wrote:
    I'd guess Trust Deed and Insolvency Practioner, but I might be wrong
    That is Correct.
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