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Scottish Trust Deed Forum
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Topic starter
18/02/2018 3:07 pm
Hello,
My PTD has approx 2.5 years to run and I am moving out of my partner's house so will no longer be able to split the bills/rent with her. I'm scared I'l no longer be able to pay the agreed £200 per month. What am I supposed to do please? I'd rather know upfront opposed to not being able to pay an installment.
I am trying to be open and honest upfront, I have calculated my income and projected expenditure and even using food banks I will not be able to continue paying what I used to as I no longer will be a dual income household. I am already working every hour under the sun.
What options, if any, are there please?
Thank you in advance.
18/02/2018 4:52 pm
Welcome to the forum Stressed Out.
I’m sorry to hear that you find yourself in this position.
The first step is to contact your trustee to talk all of this through. You cannot pay over money that you don’t have and your trustee shouldn’t expect you to once they understand the situation in detail.
What happens next needs to be agreed with your trustee based upon the reality of the new situation. If a reduced payment is possible then this might be an option. If no payment is possible it might be necessary to consider whether a different type of debt solution has now become more appropriate to your situation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/02/2018 11:03 am
Trust Deeds should have a degree of flexibility to account for changes in circumstances, so it may be possible to reduce your payments and still carry on with your Protected Trust Deed to a successful conclusion.
Alternatively, if it looks as though you will only be able to afford very little or nothing at all and this isn't likely to change in the foreseeable future then it may be that the trust Deed is no longer suitable. Sequestration could be an alternative option instead and may mean that you would actually be discharged more quickly than if you tried to carry on with your Trust Deed.
You would need to discuss this with your trustee first, however.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
