Change of Circumsta...
 
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Change of Circumstances

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(@cp1872)
Active Member
Joined: 14 years ago
Posts: 19
Topic starter  

Hi,

As the title suggests I have had a change of circumstances personally and financially.

I am halfway through my trust deed and have never missed a payment. However, I am about to move out of the family home and rent on my own, resulting in more than double the outgoings or half the income, whichever way you look at it.

Now, what happens?

Any advice, help is very much appreciated.

CP

Trust Deed Complete July 2013.
Discharged August 2013.
Saving up ever since...


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi cp1872 and welcome to the trust deed forum.

How much are you paying into your trust deed at the moment?

How much do you think you'll be able to pay once your expenditure increases?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

If you have chosen to move house and can no longer afford your payments then your trustee may justifiably see this as a failure on your part to stick to the terms of your trust deed. If so then they are at least likely to look to extend the term of your trust deed, though they could decide to terminate it altogether.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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