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Scottish Trust Deed Forum
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Topic starter
22/06/2014 8:55 pm
Okay i'll start off with expenses got the better of me this month and for the first time in the 8 years i've had my mortgage the payment has been returned due to insufficient funds.. Now i did call the company and their response was well what happened that this month was different etc.. I did have some unexpected bills..
Now onto the question part.
I have to phone them back tomorrow to go over a monthly expenditure report to see if i can afford to pay the payment in installments. How do i deal with telling them about the trust deed payment as I am pretty sure they have NO idea about the fact im in a trust deed as they said the missed payment could have a impact on my credit. ( i was thinking.. my credit is already impacted. sigggh).. I have about a year left to pay on my trust deed. What do I tell the mortgage company?
Can I just ask that if you don't have anything constructive to say then please don't comment. I know i've put myself in this position but i need some suggestions.
Thanks
22/06/2014 9:06 pm
Hi Amerififer.
I don't suppose it would matter too much if you told them about your trust deed? It would certainly make it clear that your finances are very tight.
Maybe offer to pay whatever you can afford now and then catch up the remainder in the months after your discharge?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
22/06/2014 9:19 pm
Hi Amerfifer
Easiest thing would be to advise them of the trust deed and the payment as this will have no effect on your mortgage.
It may well be that the trustee has contacted the mortgage company to obtain a redemption statement.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/06/2014 9:57 pm
TDA and Mark..
Thanks for your as always prompt replies.. I shall do as you have both advised and when i am giving them my monthly expenditure i will tell them about the trust deed and the payment.. Its only the one months payment that is affected so i'm hoping we can come to an agreement particularly since i've never ever before missed a payment. Here's hoping and fingers crossed.
Thanks Again
22/06/2014 11:54 pm
Hopefully it will be fine Amerififer.
We probably should include the standard debt adviser thoughts on this though. The mortgage would normally be treated as a priority over and above unsecured debts and quite possibly therefore over and above your trust deed payment.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
23/06/2014 6:41 am
Thanks for that TDA and I appreciate the standard debt adviser's reply. 🙂 So after I speak with the folks at the mortgage co. I may also need to speak to my contact at trust deed co? I suppose i need to just think what's done is done and I need to figure out how to sort it.. I know I will just stinks. sigggh.
23/06/2014 8:40 am
Hi Amerififer,
I would try not to worry too much about this. From time to time things like this happen in life and it should be fairly straight forward to resolve with your mortgage provider.
As Mark said your Trustee has probably already contacted your mortgage company so they should be aware of your Trust Deed already. Best just to be honest and open with them about your finances and come to an arrangement that you can afford to stick with. You may find they are a little more understanding when you tell them about your Trust Deed.
Let us know how you get on with your mortgage company.
David is not currently posting in the Trust-Deed.co.uk forum
23/06/2014 9:39 am
Hi Amerfifer
Looking at TDA's comments and depending on the figures, I wonder if the trustee would allow a missed or reduced payment to allow for the mortgage payment.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/06/2014 9:48 am
I do think that would be "the right way around".
Trustees are usually flexible when you can document unusual one-off expenses.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
23/06/2014 2:55 pm
It's a good point by Mark and TDA! Your Trustee might give you a payment break to bring your mortgage arrears up to date.
Worthwhile asking the question.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
23/06/2014 5:19 pm
Thanks for all the comments and suggestions.. I did try the payment break but no go.. I was honest and let them know about my trust deed. It is only one months mortgage payment so I will have to pay it back over six months. I however have to call them back as today was the second attempt to take payment and they haven't actually gotten it returned again .. so I've to call back thurs/fri to set up adding the extra £50 to the next 6 months payments.. Thanks again for everyone's advice. This has never ever in my life happened that i've not paid my rent/mortgage so was in a bit of a panic. Not so much now..
