Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
2
Users
0
Reactions
1,650
Views
Topic starter
14/04/2010 2:31 am
Hi there, I'm a long time reader! I read though a good few pages looking for the answers to my questions but couldn't find them so thought I would ask here...
I have a trust deed which has been going for 18mths with no missed payments or anything, everything has went smoothly so far(I'm with French Duncan Glasgow). I complete the little update of circumstances every 6 months when they send them and as far as I'm aware I have no reasons for concern.
I pay ?ú275pm to them at the moment but in September I am leaving my current job and becoming a full time student.
I am planning to take out a full loan from SAAS and get a part time job (16hrs or so per week) to fund me throughout my course. With the part time job and full loan I reckon I will have roughly ?ú700 per month, I currently have around ?ú1000 per month.
With this in mind, what would be a realistic amount to ask French Duncan to accept per month? I want to pay the trust deed off asap of course but need to be able live too.
Also, do you think it would be possible to pay even smaller payments until I secure a part time job? I am not planning on leaving my full time position until I start university so wont be looking for a new job until then.
One more thing, (as Columbo would say!) should I inform French Duncan of my intentions now? Or should I just wait until the change in circumstances happen and deal with it then?
I know I should phone them and discuss it but just wanted to ask on here first as I noticed through reading this forum regularly that you experts are very helpful and informative and I don't know how scary or unapproachable the staff at my trust deed firm might be as I've never really had to contact them about anything after my initial meeting! 🙂
14/04/2010 9:51 am
Hi bocco and welcome to the Scottish Trust Deeds forum.
Your Trustee may be prepared to consider a reduction in the monthly payment. If they do it is likely that the term of the Trust Deed would be extended so that the same amount of money would be paid over in total (as originally expected).
To establish the position you will need to discuss the situation with your Trust Deed company directly. I really think you should contact French Duncan as soon as possible so that you understand where you stand.
The concern would be that your income appears to be going down by an amount greater than the amount it has been calculated you can afford to pay towards the debts each month currently.
How will you be able to afford to make any contribution once your studies start?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/04/2010 11:07 am
Hi tda, thanks for the reply. My parents have kindly agreed to let me pay them digs on a "if I've got it" basis! That means I'd be able to still pay a contribution but just at a reduced amount. Just wanted a rough idea of what .
would be acceptable so that I can still give my mum some money each month
14/04/2010 11:45 am
That's great that your parents are going to help bocco.
Please let us know what your Trust Deed company say.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
