Sorry but there is no set minimum, Pinkveggie.

Thanks so why are they saying there is, and was told from the beginning there is? Can I change companies whilst in a trust deed as I am have lost faith with the company i am with?

Hi Pinkveggie.

We'd be guessing why you have been told that. As Kevin says though, there is no set minimum and we often help people to set up trust deeds with an agreed monthly payment that's lower than £150.

It's possible that your firm has a minimum payment criteria, or that your specific circumstances mean that a payment lower than this just wouldn't work from the perspective of fairness to your creditors. You might want to put this question to your trustee in writing to see what they have to say about it.

I'm afraid there's no way to switch your existing trust deed to a new firm.

Hi Pinkveggie

There is no set minimun as mentioned above as it would need to be calculated based on income and expenditure, level of debt and what creditors would accept.

If circumstances have changed through the course of the Trust Deed then the agreed amount can be reduced and the period extended. Depending on circumstances it may be that sequestration could be an option.

Mark