How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11753
Experience:  30 years as a practising solicitor.
31090051
Type Your Law Question Here...
JGM is online now

I have been subject to a Scottish Trust Deed established

Resolved Question:

I have been subject to a Scottish Trust Deed established over 5 years ago, it is currently running year 6 due to missed payments. I have asked the firm for a final settlement figure but the amount was more than I could raise. I am 66 years old and my income is reducing, throughout the term the payments have been covered by my wife who is 67, she raised the money by a lifetime mortgage on a property she owns, she is not involved with the trust deed.
The situation cannot continue due to our age and earning potential, I have done my best to maintain payments through the term. Can I make an appeal to have the Trust Deed discharged and if so how would I start the process.
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.

As your circumstances have changes you can ask your trustee to reduce or suspend your payments which may have the practical effect of bringing the trust deed to an end. The trustee should consider your request and make a decision which is reasonable having regard to your situation balanced with that of your creditors. If you are unhappy with any decision that the trustee makes you can ask him to reconsider. Thereafter you can complain to the Accountant in Bankruptcy. I hope that helps. Please leave a positive rating so that I am credited for my time.

JGM and other Law Specialists are ready to help you