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Scottish Trust Deed Forum
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Topic starter
16/02/2014 6:13 pm
Hi,
I am currently 2 years into my trust deed. When I entered into it I only worked part time which meant I struggled with multiple loan repayments. Since then I have completed university and gotten a full time job which doubled my contributions on my last review. Last month I was offered a graduate job which again is a much better wage, my review has just came through and I am struggling to complete it as I haven't had a full wage yet and can only estimate my monthly wage. I also have to travel much more for work and my mum is now asking for more money to help pay her bills. This being said she is wanting to move in with her partner which means I may need to rent. I have no savings due to trust deed and will have to provide rent upfront and also buy furniture and necessities for the flat. I am so stressed as I have also had to borrow from a payday lender to get buy Christmas as I was ill and off work. Completing my new review will mean my monthly payments will rise from £266 to around £450 and I am already struggling, I know that they will be unwilling to make allowances and I am sick with worry. Can anyone offer any advice on how what to do next.
16/02/2014 7:48 pm
Welcome to the forum Elle1910.
Regarding your review, just let your trustee know your income is estimated and that you'll confirm the precise figure when you know it. Let them know about your increased costs also.
If you have to move out and your future affordable contribution is equal to or greater than the amount that your creditors originally accepted I doubt there will be an issue.
If you need to raise money for a rent deposit because you have no choice you could ask your trustee for a temporary payment break with an extension to catch up later. Hopefully they'll want to help by agreeing to that.
Regards the payday loan, I doubt they'll make any allowance for a new debt that you've taken out after signing your trust deed. You may have no choice other than to negotiate a token payment arrangement with the lender and then get it repaid once your trust deed has finished.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
