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Scottish Trust Deed Forum
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Topic starter
01/04/2013 4:03 pm
Advice please, getting very stressed out!
I have had a PTD for 22 months. My initial contributions were £250 but on my last review in November, due to a change in financial circumstances, my contributions were raised to £520 a month. In the near future my circumstances will change dramatically therefore I will have to reduce my monthly contribution back to the original £250 or possibly less. At that point I will have paid in more than originally agreed. Will my PTD still finish after the 36 months or could it be extended as the monthly payments will have gone down?
I am also very anxious as I am moving down south with my job at the end of June (selling up and renting) as to how I am going to be able to raise £1000-£1200 deposit.
01/04/2013 4:13 pm
Hi may2011
No, your Trust Deed should finish on month 36.
I think you may need to speak with your truste to see if they will allow you to miss payments to assist with the deposit. Any missed paymenbts would be added on to the end.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
01/04/2013 4:19 pm
Thanks for the quick reply Mark. I thought that may be the case, I wanted to contact them today but with it being a holiday they are closed! As for selling, the agreed equity at the beginning of the PTD was £4858, if there was a small amount of equity left, say £500, after that and the selling fees, would that go to the Trustee too?
01/04/2013 4:37 pm
Hi may2011.
If the property is actually sold I think the trustee will be looking to gather in any surplus funds generated by the sale.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/04/2013 5:55 pm
What would happen if the property isn't sold before I have to move? I can't afford to pay the TD contributions, rent and the mortgage. Could I stop paying the mortgage?
01/04/2013 8:17 pm
Hi may2011.
As Mark suggested I'd suggest a chat with your trust deed provider.
It seems like there should be a way to accommodate everyone here.
I appreciate the worry about not being able to sell the property promptly. That's a big issue for anyone needing to move at a certain point in time, trust deed or not.
Might renting it out be a back-up plan?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
02/04/2013 1:17 pm
The trustee would have to be involved in the selling of the property at some point, may2011. it may be that if you can no longer afford the mortgage then they may wish to be more closely involved in the sale/marketing process to ensure that it is progressing. As others have said, lay it all out to them and I am sure that a suitable way forward can be found.
Good luck with the move!
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
