Trust Deed / Statute Barred Advice..!!??

Nettles_2

Hi,

Hoping for some advice from you knowledgeable forum people, on the following situation.

After accumulating significant unsecured debt from a number of creditors, I signed up to a Trust Deed in 2009. I only paid into it for the first three months, it was scheduled to run to 2012 and since then I've had no contact from the firm managing the Deed.



My main questions are -

1. If the debts run through to 2015 (six years) without me acknowledging them or making any payment towards them, would they then be considered Statute Barred or does the fact they are being managed under a Trust Deed affect this?
2. Should I prepare for implications/sanctions for essentially absconding from my responsibilities under the Trust Deed? (The firm managing the Deed have full contact details, but I've had no communication yet in relation to lack of payment.)

I have applied to check my credit files from the three credit agencies and am awaiting security info to allow me to gain access. I have also checked on trustonline and no court judgements or orders are registered against me.

Any advice or guidance would be appreciated.

Anondebtadvisor

Have you checked the register of Insolvencies on the AIB website? http://roi.aib.gov.uk/roi/

You may find that you are still in a Trust Deed and this is probably why you have not had a decree issued against you.

Hairymonster

I stupidly in my younger days stopped paying my trust deed; didn't hear much from them other than summons to court then formally declared BR

Anondebtadvisor

Sorry to hear that x

It goes to show that just beacuse you dont hear from them it does not mean the Trust Deed just stops or fails.

Sometimes they will make a person bankrupt and if that person has moved around a lot - i have seen cases where the client didnt even know.

coolcait

If you haven't stuck to the terms of your trust deed, your trustee probably won't discharge you.

So you'll still be liable for all of your debts.

OK, they should have sorted that out after you missed three payments, but they can argue that they were giving you the benefit of the doubt.

Nettles_2

coolcait wrote: »

If you haven't stuck to the terms of your trust deed, your trustee probably won't discharge you.

So you'll still be liable for all of your debts.

OK, they should have sorted that out after you missed three payments, but they can argue that they were giving you the benefit of the doubt.

Thanks for that..
What do you think would happen if I approached the Trustee to negotiate a way forward with this..?? Bad things..!!

Anondebtadvisor

They will assess your circumstances and see if you can make contributions going forward.

Nettles_2

Anondebtadvisor wrote: »

Have you checked the register of Insolvencies on the AIB website?

You may find that you are still in a Trust Deed and this is probably why you have not had a decree issued against you.

Thanks for that..
I've just checked the Register as suggested and the Trust Deed is still registered so it looks like things haven't been escalated yet.
Could I ask, how do you feel the Trustee would react if I approached them to re-establish arrangements for the Trust Deed?
I've resolved some serious personal issues during those three years, and can now fully commit to facing the problem.

Anondebtadvisor

Whatever you agreed to pay in the original deed is what they will want you to pay back over a monthly contributions. I guess the only way to find out is to contact them?

Are you working? and do you own a property?

Have your financial circumstances changed since 2009?

Nettles_2

Anondebtadvisor wrote: »

They will assess your circumstances and see if you can make contributions going forward.

Thanks for the rapid response!!

I've checked on the AiB register and the Trust Deed is still showing, which I guess means the situation has not been escalated.

Due to my erratic behaviour so far, I'm naturally nervous about making the initial approach to the Trustee..
Is it realisitic to expect them to be understanding or do you feel they are likely to make a strong move for sequestration?

(Currently I'm in a position to negotiate a higher payment than what was previously agreed..)

Anondebtadvisor

I doubt sequestration is something they will want to do - they have had plenty of time to do that if they wanted!!

The trustee also has the power to get a wage arrestment or a forced sale on the property but again if they have not aleady i doubt they will now.

They will probably want to get the trust deed back on track