Hello fred

If you are struggling to pay for your car have you spoken to your Trust deed company? it may be possible for them to give you a payment break for this month and add the payment onto the end of your trust deed.

I suggest you consider speaking to your IP before you cancel your mortgage payment fred as this should be a priority.

One of our experts will be along soon to add their thoughts

I asked my Trust Deed company for a payment holiday before as my car had broken down and they refused so I really do not want to go back to them. My relationship manager is the most unhelpful and awkward person I have ever had to deal with and to be honest, I really do not want to ask them for a payment holiday. Even my insurance went up and she would not allow extra for that. She says I have too many allowances for other things.

I'd agree with trust deed assistant that missing mortgage payments should be avoided if at all possible, unless it is with the agreement of your mortgage lender, ie an agreed payment break. To answer your original question however, I'd be very surprised if you were expected to pay any more to your trust deed due to you foregoing paying the mortgage for 1 month in order to pay for car repairs.

Have you spoken to your mortgage provider, sometimes they will allow you a payment holiday?

If you miss a payment to the mortgage without it being agreed, you will then have mortgage arrears to make up going forward and this could make the trust deed payments difficult to pay in the future.

Contact your case manager again and ask for the payment break. I had to take a 2 month break for car repairs,but as it was early on in the trust deed we asked if we could try and make up the extra over the remainder of the deed rather than tag it on at the end but both are possible.

Your mortgage provider will no doubt add charges onto your account and thats a slippery slope you dont want to start down.

As for your insurance going up then the allowance you have for that should have been increased. We have had increases for groceries and gas and electric over the past 3 years as prices have risen!!

Paul

Thanks Kevin. I was thinking a payment break however, this has to be OK'd by the trustee as the mortgage company know I am in a trust deed. Maybe this would be a better option for me? I really do not want to fall into arrears with my mortgage, even though it is only a few hundred pounds, I know it could severely affect me in trying to get another mortgage in future!

chances are fred your credit file is like mine,full of dirty crosses,but the mortgage payment shows up as lots of nice ticks. Do your best to keep it that way as once the trust deed drops off file(and all associated defaults),the positive payment history on your mortgage will work to your benefit.

Paul

Thanks Paul, I have contacted my mortgage company and there is a payment holiday available. I have e-mailed the relationship manager asking them if they will authorise this. Fingers crossed!!!

Result!

Thats good news fred 🙂

Hopefully the mortgage company will come back with some good news

Let us know how you get on

Thanks TDA.

The mortgage company have approved the repayment holiday, but as I am in a TD, they have asked that the TD company fax them to say they allow the repayment holiday. Here's hoping the TD company are OK with allowing me to have the repayment holiday.

Thanks guys

Hi all,

I e-mailed my trustee on Friday and have not yet had a reply as to whether they are going to allow me to have the repayment holiday on my mortgage. Realistically, what are the chances of them allowing this? As I mentioned previously, the repayment holiday has been OK'd and put through by the mortgage provider and they just need a fax from the trust deed company to say it's OK for me to have it.Is there any reason why any experts on here would not allow someone in a trust deed to have a repayment holiday on their mortgage?

Thanks

Hi fred

I can think of no real reason why this would be a problem. We are contacted now and again re mortgage payment holidays and its never an issue.

Mark

Thanks Mark - lets hope my firm are as good as yours! Fingers x'd!