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Scottish Trust Deed Forum
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Topic starter
11/11/2011 11:46 am
Hi I was looking for some advice.
I am currently in a trust deed. Recently I have taken out a payday loan to keep my car on the road which i need for work. The only way i can see to pay this back is to miss my November mortgage payment, then pay my arrears over a number of months. I really dont want to do this but cant see i have any other choice. Does anyone have any experience doing this? As i am in negative equity i cant see my mortgage company wanting to start bankruptcy against me but not sure how it works with me being a trust deed.
Chris
11/11/2011 12:02 pm
Hi Gibby30.
As I mentioned previously in an answer to your last question, I think you need to speak with your trust deed provider as a matter or urgency.
Many would have been happy to accept a missed payment one month if you needed the money to repair a vehicle required for commuting (and which therefore is required to keep up with your trust deed payments). Hopefully they'll be minded to do this after the event, if you have proof of the costs, in order that you can repay the payday loan.
Debt advisers see mortgage payments as a priority. I'd suggest that your mortgage should be paid before your trust deed, but of course you must decide how to proceed.
Your mortgage lender cannot make you bankrupt while you are in a protected trust deed. If you get too far behind on payments they could eventually repossess your home though.
I think you're in a dangerous place at the moment. I do hope that you'll be able to persuade your trust deed firm to work with you to get things back on a more steady basis.
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