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Scottish Trust Deed Forum
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Topic starter
16/06/2011 12:30 pm
need some advice i currently have a trust deed with KPMG when it started i was living at home now i have moved down to london and have my own flat which i rent privately so my circumstances have changed from when i signed the agreement i wrote to them to ask to review my agreement so i could reduce my payments just for the time being there reply was no i couldn't i had to continue with my agreed amount.
my question is can i do anything else to change this any help would be greatly appreciated.
16/06/2011 12:44 pm
Hi keara.
If the trust deed payment is no longer affordable, because you have additional costs, there clearly is no way you'll be able to pay it going forwards. You cannot pay money that you do not have.
I'd suggest that you write to the trust deed company concerned listing the actual changes (to your income and expenditure) and request that your payment is amended accordingly.
You do need to be aware that if your monthly payment decreases there may be a consequent extension in the term of the trust deed so that the creditors still receive the dividend that they agreed to at the start of the trust deed.
There is also the possibility, depending upon how much your payment has to decrease by, that the trust deed will no longer be viable and another route forwards needs to be found.
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