Hi Gallows88

When did you sign your TD? Was it before the change on the 28th November last year? Has your TD company given you a reason for the extension?

Sorry for the questions but it may help to give you a better answer.

Not unless there's a reason justifying the extension Gallows88.

Is this a specific concern for you?

The change to four years minimum only applies from the implementation date onwards, not retrospectively to older protected trust deeds.

Thanks for the information I had a very heated phone call with my TD enforcers as I call them during which the person claimed they could extend the term if they choose to do so

I signed last Jan 13 and since then have had nothing but grief from them despite never missing any payments

I believed from day I was paying too much but I was badgered into signing up as at that time they stated the changes to the term were on the way and it could happen any day as we all know now it changed in Nov 13

Hi Gallows88.

It's difficult for your trustee to reduce your payment if you've voluntarily agreed to pay a certain amount and your circumstances haven't changed. One issue is that your creditors agreed to the trust deed based upon that initial proposal.

If the payments were reduced the trust deed might have to be extended so that your creditors still receive what they agreed to.

Trust deeds are also sometimes extended when people fail to declare pay increases, extra income or windfalls. Again the purpose is to ensure creditors receive what is due under the initial agreement.