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Scottish Trust Deed Forum
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Topic starter
28/10/2013 10:31 pm
Hi,
I am currently in the fourth year of my Scottish Trust Deed with KPMG.
My home has a good deal of equity and I require to pay this.
I will still have £8.5k of equity to pay at the end of my fifth year.
At present I am mortgaged with NRAM and cannot remortgage to raise the required 8.5k
I am getting really worried and stressed that after 5 years of struggling through with the Trust Deed that I will lose my family home.
Does anyone have words of comfort or advice as to how I can resolve this matter ??
Thanks
28/10/2013 10:34 pm
Hi ghostofricco69.
How much do you pay each month at the moment?
Do you have any friends or family that can help in any way?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
28/10/2013 10:38 pm
Given that creditors have waited a while already its not unreasonable to ask them to allow you to pay the equity over a few years.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
28/10/2013 10:46 pm
Hi,
Myself and my wife asked to extend the Trust deed to 5 years in order to pay the equity as the whole reason for the Deed was to secure our family home. We are paying £630.00 per month in order to pay off as much as possible.
Unfortunately due to illness, my wife is on half pay and may lose her job which means we cannot pay more in order to reach the trget for equity by the end of year 5.
I am hoping that KPMG will take this into consideration as I cannot see anyway of raising the 8.5k remaining at the end of year 5
quote:
Originally posted by Trust Deed Assistant
Hi ghostofricco69.How much do you pay each month at the moment?
Do you have any friends or family that can help in any way?
Topic starter
28/10/2013 10:47 pm
Paul,
I was told that it could only be extended by 2 years ?
29/10/2013 10:12 am
There is no rule about it having to be paid within 2 years, it is really up to the discretion of your trustee. However, a trustee has to bear in mind how long it is reasonable to make your creditors wait and many do see 2 extra years as the maximum.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
