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Topic starter
26/05/2020 2:01 pm
It has come up to my yearly review. I have spoke to the trustee.
It is just so complicated due to changes in my circumstances. I have a baby on the way, my missus pay will be 1/3 of normal due to stay maternity and I have been picking up as much overtime as possible to pay for the changes that are on the way.
I wanted to know is there anyways to cancel out of a trust deed? I would rather just pay the debt back to the creditors. It was way more easier than constantly having to explain everyone of my finances. My change in wage my overtime ect.
I was originally went into trust deed following losing my job and having to take a much lower paying job at the time which resulted in me not being able to afford my payments. I originally contacted the creditors in advance about the change and they basically told me there was nothing they could do to support me in terms of making lower payments ect. So went through trust deed.. but I am now back in a position where I can financially pay the original debts as before, have money left over. But instead I have to justify everything.
Just looking for peoples thoughts?
I know this sounds ungrateful, which I most certainly am not because it helped me at the start when I needed it however it’s becoming more challenging as I have a child on the way and changes.
Thanks
26/05/2020 8:23 pm
Hi KSCS.
It sounds like you have a lot on your plate just now and no doubt it can be a major headache constantly updating a trustee with changes to your circumstances. Unfortunately you cannot just decide to cancel your Trust Deed. It is possible that the Trustee could agree to terminate it if you ask them, however I think that is probably unlikely in your circumstances.
Perhaps the first thing to do would be to reach out to your Trustee and let them know how hard you are finding it given your changing circumstances. They may be agreeable to doing average income calculations over a longer period instead, so that you don't have to report every time something changes. However the danger with this method is that you may end up with an underpayment to catch up on, or may be be faced with payments that are difficult to afford if your income isn't quite as high some months.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
