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Topic starter
29/10/2018 11:07 am
Hi - my trustees failed to take payments Due to an administrative error and I am paying back the arrears having completed my initial 36 months and then it was extended by 24 months as I couldn’t secure a remortgage as was agreed in the initial trust deed. I received a letter at the end of this 5 year period stating that I have made all of my monthly contributions minus the outstanding amount they failed to collect which is fine. I am in the process of paying back the specific amount of arrears and my query is can this amount of arrears be changed now given the only reason I am not discharged from this obligation is due to an administrative error on their part. Thank you for your assistance.
29/10/2018 11:42 am
Hi lm1234
It is obviously unfortunate and a bit unfair that you have accrued these arrears, however I don't think you will be able to avoid paying it if you want to be discharged successfully from your Trust Deed.
Did you not realise that the payments were not being made from your bank account and that you had extra funds in there during that time?
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Topic starter
29/10/2018 11:53 am
Thank you for your response. I do not dispute that the payments are due - my concern is regarding the amount of monthly instalments I now make. The monthly payment I am making at them moment will clear the arrears in about 18 months. I am just wanting to confirm that if I am in a position to pay more that this will clear the arrears quicker rather than resulting me in paying more back over the 18 months. Thank you.
29/10/2018 1:16 pm
Hi LM1234.
If it's for a fixed sum of money, an increased payment should reduce the period of time that this takes.
This is something you should confirm directly with your trustee though.
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