Hello beerdrinker and welcome to the trust deed forum.

I fear that the initial advice you received wasn't good.

Things can and do change during trust deeds, so there is potential for the monthly contribution to go up or down.

If a reduction in your contribution results from circumstances out of your control many trust deed firms will see that you aren't penalised and your trust deed is not extended.

Where a reduction in contribution results from a decision that was within your control, for example ceasing to work a second job, it's common for a trust deed to be extended. This is to ensure that creditors still receive what was promised to them when they allowed your trust deed to become protected.

I can very much sympathise with you if you entered the trust deed under a false impression that wasn't your fault.

Thanks so much for your speedy response. I actually had to give up my second job due to ill health (I was working as a delivery driver and suffered severe dermatitis on my hands)

Why can't they just chase the bigger fish? I am contemplating all sorts, to get out of my situation.

Would it be worthwhile talking to them? Though they once tried to raise my monthly contributions by £10, deciding I had a spare tenner to give, so they don't feel very approachable.

That may be a different matter then beerdrinker. By making your case you may be able to encourage some flexibility.

It's certainly worth talking with your trust deed firm, a lot of the forum members here that have completed their protected trust deeds have spoken about the value of good communication.

I should point out that there has been some difference of opinion amongst our experts on this subject. Two have written that they'd not expect an extension where income declines due to factors out of their control. One has written that the total amount pledged at the start of the trust deed generally needs to be paid over.

Good luck with this and let us know how you get on.

Well I sent an email on the 9th Feb, asking that my trustee consider my plea for 36 month TD at reduced rate, due to me having to give up my job. I received a response that day saying they would get back to me.

Still nothing back last week so I sent another email on Thurs (1st March) asking if they'd had a chance to consider, and I've still not had a response!

Does anyone here think this is an excessive period of time to wait for a response? In both emails I explained this is causing me great anxiety.......

Hi beerdrinker.

I think it's excessive. Even if a trustee is difficult for your adviser to pin down and get an answer you should certainly be kept up to date. Please keep on asking until you get the answer you need.

We do seem to read quite a lot here that some trust deed firms fall over themselves to communicate with people before they sign their trust deeds, and then fail to respond adequately once a trust deed has gone ahead. It doesn't seem right.

Thanks TDA, I will keep trying to get in touch with them.

I have had a response, and they have agreed to extend my trust deed by only 6 months, instead of 16! It was a long wait for a response but this was due to unfortunate personal circumstances.

I now have less than a year before I am released from this PTD.

Thanks for the advice TDA, it really does help a lot to have unbiased 3rd party viewpoints on stuff like this!

Beedrinker [^]

Congratulations beerdrinker.

That sounds like a pretty fair compromise between all of the parties?

Glad that things are moving forwards for you again.

Hi Beerdrinker

What a good result for you, well worth the wait!!

Yes, I think it is a really reasonable compromise, and I am really relieved!

Thanks guys.

Beerdrinker.

Hi Beerdrinker,

I'm glad that a compromise has been reached and there is light at the end of the tunnel for you. If I was you i'd also be asking if the IP intends to make PPI claims as part if the Deed. This will hold up your discharge for a few more months if they wait till after the Trust Deed contributions are fully paid up before starting the ball rolling. Just a thought.

Thanks Andy, they actually asked about PPI claims yesterday and I informed them I never had any. I was always really against insurance as I believe it to be a racquet......

Was? What am I talking about, still AM really against insurance.

Anyway they seemed to be happy enough with that and said they would rule them out.