Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,111
Views
Topic starter
30/05/2010 3:58 pm
I am almost a year into my trust deed and my monthly payment of ?ú300 was based on my wife's earnings contributing to the household bills.
She lost her job last November and we now have a minimum ?ú400 less coming in per month causing a great deal of difficulty keeping things going.
Can my payments be reduced at this point without affecting the 3 year length of the original deed or would it have to be extended.
Are there any other options left to me.
30/05/2010 8:16 pm
Hello eltel55 and welcome to the forum.
When the question of reduced payments has come up before the experts have often stated that an extension of the term of the Trust Deed is very possible.
Do you anticipate much likelihood of the lost income being replaced soon?
If no significant monthly payment is affordable at the moment you could consider bankruptcy.
Do you have any significant assets, such as equity in a home that you own?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
31/05/2010 1:56 pm
It is really up to your trustee eltel55. There is usually a fair degree of flexibility in terms of reducing payments and lengthening the term of the trust deed. However, if the trust deed is no longer viable long-term then you may have to go down the sequestration route instead.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
