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11/10/2011 11:50 am
hi all, would really appreciate some advise regarding my trust deed.
my car has recently broken down and is going to cost quite a lot to be repaired. i do not have a spare penny after i pay my monthly cont to my td, my living expenses and all my other bills. i have been in touch with my ip and they are not allowing me to miss a payment in order for me to get my car fixed. i need the car as i have two small children and also need it to get to work (i work nightshift over the weekend, therefore busses are not an option)
was wondering what would happen if i cancelled the dd for 1 month. would my ip be able to apply for my sequestration if i done this. i would start the dd straight back up again for the beginning of december.
11/10/2011 12:02 pm
Sounds like your trustee is being a bit unreasonable, fred. It is always a risky strategy to miss payments without the consent of your trustee however. I very much doubt that they would apply for your sequestration after 1 missed payment, but technically I suppose they could.
I think it might be worth trying to reason with them again and maybe you will get someone a little more sympathetic. If you spell it out to them that you will not be able to travel to work and therefore not be able to earn a wage in order to pay the contributions then hopefully they will see sense.
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11/10/2011 10:06 pm
Hi Fred
I agree with Kevin - your Trustee is being very unreasonable. Things happen in life that you cannot predict, and a Trust Deed is meant to have a degree of flexibilty. I would ask to speak to someone else, and explain that you cannot help this. Why don't you tell the Trustee that you would be able to provide a receipt from the garage to prove the money was spent on your car - worth a shot.
Shona is not currently posting in the Trust-Deed.co.uk forum.
11/10/2011 11:32 pm
I find this strange. Over the course of my 36 months I missed at least 4 payments, all with the blessing of my trustee and the trust deed simply extended for four months to make up for this.
12/10/2011 9:12 am
Hi jazza374.
I think everyone reading this thread would agree.
Most trust deed firms understand that there are occasions where something unusual comes up and a bit of flexibility needs to be shown. You can see that from Kevin and Shonas comments along with your own experience.
It does once again point to the fact that a trust deed shouldn't be seen as a "product" to be sourced/bought from any firm that handles them. The choice of the firm is very important (though I appreciate that it's hard to weigh this all up in advance).
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12/10/2011 9:12 am
If you need your car for work and need to work to pay your monthly contributions i really cannot see why the trustee cannot be flexible on this.
12/10/2011 10:55 am
Hi all
It works like a loop. You need the car, to go to work, to earn money, to pay the contribution.
I see no reason why a payment can't be missed as long as you are able to provide a copy of the garage receipt.
It does appear some IP firms are unnecessarily fussy/unreasonable when common sense should prevail.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
