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Scottish Trust Deed Forum
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Topic starter
23/01/2023 11:23 pm
Looking for advice, I work with a small business, and they are consider reducing the working week from 5 to 3 days.
im almost 3 years into trust deed, but if this goes ahead, I’ll struggle to make the current payments. Is there any chance my trust deed would reduce payments for the final year?
24/01/2023 9:18 am
Thanks for your question, Km24. It must be a worrying time for you.
Absolutely, your Trustee should be open to reducing your contributions for the final year. Your obligation is to pay whatever you can reasonably afford, so if this becomes less due to circumstances beyond your control then that should be allowed for.
I believe some trustees can be resistant to allowing this kind of thing, or insist that extra payments have to be tagged on to the end of the term to make up the difference, but this really shouldn't be necessary. Hopefully your trustee is reasonable about this without you having to fight your corner.
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