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Scottish Trust Deed Forum
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Topic starter
29/12/2013 11:13 am
Hi,
New to posting on this forum although an avid follower 🙂
I entered a 36 month TD 30 months ago paying £300 per month, I have recently changed jobs and because I now earn less asked for a review of my monthly payments, this was done where-upon my monthly payments were reduced to £225. I only have 6 more payments before my TD is officially finished.
My questions/worry is
1. Will I have have to pay the outstanding shortfall balance?
2. Plus how much notice if any does my TD company have to give if they are looking to extend my 36 month contract.
I did ask on the phone if this would extend my 36 month time scale, but was told that it would stay at the contracted 36 months.
Thanks again for all the help this site has given, the info is exceptional 🙂
29/12/2013 11:49 am
Hi Greggy
The normal rule is that you should achieve the total figure proposed to creditors at the start. If there is a reduction in contribution, then the trust deed is normally extended to pick up the shortfall. It's interesting though if they have stated that it will remain for the 36 month period, although I bet you won't get that in writing.
There is no minimum or maximum period for the trustee to notify of an extension and this will normally be dealt with at the next review.
Best way would be to contact your trustee and get them to confirm the position in writing.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
29/12/2013 12:10 pm
Hi Mark,
Thanks for responding so quickly,
Yes I am anticipating a notification of extending my payments to cover the initial total figure but I have received a summary which has been sent to my creditors (is this done yearly?) stating that the dividend prospects have now been lowered from 9p in the £ to 8p in the £ due to my financial circumstances changing. The payment term is still 36 months. Just wondering if the payment term shall still stay at 36 months with the dividend prospects changing?
29/12/2013 3:05 pm
Hi Greggy.
There are some trustees that don't extend trust deeds where circumstances change due to no fault of their client.
Whether this applies to you can only be confirmed by asking your trustee.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
29/12/2013 5:41 pm
Thanks, I'll call tomorrow to confirm 🙂
Cheers
30/12/2013 4:16 pm
Welcome to the forum, Greggy.
Your trustee isn't under any obligation to extend the term of the trust deed, so if they are telling you 36 months still applies then I would expect that to be the case.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
06/01/2014 10:17 am
Hi Greggy,
How did you get on calling your Trustee? Will they be extending your Trust Deed or will they close it upon payment of all 36 payments?
If they confirmed it over the phone make sure you receive this in writing as well.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
10/01/2014 3:26 pm
Hi David,
I called my TD today and they confirmed that due to the shortfall being out with my control (change of employment) the term of 36 months shall remain which is good news. I do not have to make up the original shortfall!! I have asked for this in writing of course 🙂
Cheers
10/01/2014 5:54 pm
That's excellent Greggy.
You must be pleased and relieved?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
