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Scottish Trust Deed Forum
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Topic starter
22/01/2011 4:18 pm
I have been on my trust deed for 18 months now and the company have written to me today and told me because I am earning more money now m monthly payments will go up (which i fully expected) but they have not took in to consideration that my outgoings have went up dramatically too such as childcare and rent etc etc. They have put my payments up from ?ú150 to ?ú400 and have extended it for another 45 months. I'm really annoyed by this as i signed up for this with the understanding that this would all be sorted after 3 years. I would like to leave my trust deed and deal with my creditors again. Is this legally a possibilty. I'm not able to speak to someone from the company until monday thanks in advance for any help
22/01/2011 5:33 pm
No, you can't leave a Trust Deed....
Am sure the experts will explain in detail why not later.......
22/01/2011 6:46 pm
Welcome to the trust deed forum SiobhannP2.
Your payment is likely to be adjusted upwards if you get a decent pay increase but any increases in your reasonable living expenses should be taken into account as well.
Perhaps you could ask them to provide you with a copy of the updated income/expenditure schedule upon which your proposed new payment has been calculated?
I do not understand the extension by another 45 months at all. There would have to be a very significant reason for this. Have you been given any reason? Can you guess what any such reason might be? This simply cannot be done on an arbitrary basis with no reason for it.
You could stop paying your trust deed, but the outcome might well be your bankruptcy. I think it's probably going to be best to work through this situation with your trust deed company if that's possible and find a reasonable way forwards.
Please let us know about the questions I've asked as it would be good to have a little more understanding about the circumstances here.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
