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Scottish Trust Deed Forum
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Topic starter
25/09/2015 4:37 pm
I am 2 years into a 42 month Trust Deed. 36 months plus an additional 6 months because the value of my car (after 36 months) was estimated to be £1800. My question is this; my car recently suffered catastrophic mechanical failure which was going to cost in the region of £3500 to repair, an amount which was almost what the car was worth. Obviously I could not afford these repairs and the car was scrapped. Do I inform my trustee of this as I now have some extra cash as I am no longer pay fuel, insurance, road tax and maintenance costs, although I now have public transport expenses or do I keep quiet and pay my trust deed for an extra 6 months, for a car that has long gone to scrap yard heaven.
25/09/2015 4:43 pm
Hi again Joeblob.
We can only advise you to be truthful and honest with your trustee.
You should inform them of the change in your circumstances and your new expenditure related to public transport. They'll be able to tell you whether any adjustment to your monthly payment is appropriate.
Failing to do this could store up substantial problems for you later.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
