I signed a trust deed but made no payment. Where do i stand?

Question

I signed a trust deed, which became protected, in July of 2002. I then split from my husband, and was in a position where i could not make any contributions to the trustee. They came to visit me in May of 2005, and i told them that financially i was in such a state that i could make no contribution. Since then, I have heard nothing from them. I am now in a stage of my life that I want to get all of this cleared up and out of the way, but would like to know where i stand before i contact the trustee. can anyone tell me what is likely to happen when i get in contact, and whether the full debt (17000 pounds) will still be pending.

Please do not think badly of me for this, i seriously want to get it all sorted out!

Answer 1

Hi,

I currently work in the Insolvency Dept for a very large company and i can tell you that if you do not pay your Trust Deed your Trustee has the powers to file for your sequestration. But i think if you go back to your Trustee now he wont be to bothered about it and i would suggest you contact your creditors directly and try to sort something out.