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Scottish Trust Deed Forum
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Topic starter
05/03/2012 12:43 pm
Hi
I am 36mths into my trust deed but it has been extended because i had to reduce my payments. As it stands i only have £2620 to pay which will take another 11mths. Do you think if i was able to settle early from a third party they would still want the full amount because it is so little? I also have a car attached to the trust deed which has been valued at around £3500. Would i have to return the car? There are also 4 ppi claims going through at the moment that they didnt start to pursue until feb 2012. Would that make any difference to an early settlement?
05/03/2012 1:00 pm
Hi mshazmac.
If a third party can pay over that sum of £2620 you may well find that your trust deed can be brought to an end now. That's in the best interests of your creditors and you.
The PPI claims are pretty much irrelevant as they aren't connected to your income contributions or any liability connected to your potential car asset.
What, if anything, has been agreed about your car? If you don't know you'll want to confirm the position with your trust deed firm.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/03/2012 1:21 pm
On the trust deed it says £1000 relating to the car, so i'm not sure if that means if its worth over that i'd have to surrender it or pay longer to keep the car, which i dont really want to do. The only reason i want to finish it early is because i now only work part-time and the £230pm is a big chunk out of my wage. I recently contacted my trustee about it(new trustee that i didn't know about)and he asked me to send in a new expenditure form, which i did. But i've heard nothing since. Just managed to pay march payment, but i now owe my sister rent money.
05/03/2012 1:29 pm
I think you may want to check on the status with the car mshazmac.
If you need to pay over £1000 in lieu of the car (for example) that might require a further extension, or a higher settlement figure to end the trust deed earlier.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
05/03/2012 1:44 pm
Should i contact my trustee again about my current employment status since i havent heard from them? My payment is made by DD and if i fail to make a april payment i dont want to incur any bank charges. I have a feeling they would not want to reduce payments any further.
05/03/2012 2:20 pm
Hi again mshazmac.
As much as you want to, you cannot pay over money to your trust deed that you do not have.
I do think that you should follow up on this as well.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
05/03/2012 9:23 pm
Hi, I think you need to contact the Trustee regarding contributions. You should not have to borrow money from your sister just to make ends meet. It sounds as though the trustee is looking for a further £1000 for the car unfortunately, so you need to get that clarified.
Shona is not currently posting in the Trust-Deed.co.uk forum.
06/03/2012 9:10 am
Dont worry about talking to your trustee about anything,especially a change in income,there are always solutions to be found.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
