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Scottish Trust Deed Forum
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Topic starter
26/01/2010 10:40 am
Hi there, I am in a trust deed and have been for a year and a half. I got an overdraft from my bank soon afterwards to pay for repairs to my car which were over ?ú1500. Today my bank have taken away my overdraft without notice and I am left with no money whatsoever, overdrawn by ?ú800 and none of my direct debits are paid, including my trust deed which is due on 1st of the month. I cannot get a loan to pay off the ?ú800 due to my credit rating with having a trust deed. I don't know where to turn and I have not slept a wink all night! My overdraft was due for review in April and my partner and I were working on trying to clear it by that date. Please help!
Topic starter
26/01/2010 10:52 am
Also, would my trustee accept me not paying my Trust deed for a few months to clear this?
26/01/2010 11:27 am
Hello foxy1969 and welcome to the forum.
Sorry to hear that you have been put in this terrible position.
Why have the bank removed the overdraft in this way?
There can be scope for Trust Deeds to be extended where emergencies lead to payment being impossible for a short period. I think if you feel that this is necessary you should contact your Trustee so that everyone knows where they stand, and also so that you can work together to get everything back on track.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
26/01/2010 11:44 am
I have no idea why it has been removed, I called on Sunday to reduce it by ?ú50 as I know it's rather high and rather than pay nothing at all to it then I thought I was doing a good thing. Went to pay for something yesterday and the DECLINED came up. Been to bank today and they say they will call me back. I have contacted my trustee to tell them about car repairs as that's broken down as well and the bills are huge so I might mentioned the overdraft but I'm scared incase I get into trouble for taking an overdraft after I signed a trust deed.
26/01/2010 11:45 am
It might be useful if one of the experts could explain how they would handle a similar situation for one of their clients...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
26/01/2010 12:58 pm
Hello foxy1969
It is an awkward situation for you and I can understand how this can easily happen.
The first thing you should probably do is to get a new bank account opened elsewhere to get your wages etc paid into - any funds you pay into that bank would simply get swallowed up until the overdraft is repaid. That way you are at least in control of your money and can manage what gets paid to whom.
An agreement should be sought with the bank to repay the overdraft at a much lower rate which might mean that the impact on your budget is minimised. If you speak to your trustee they will hopefully be willing to discuss giving you some leeway to help resolve this problem - though any reductions in your contributions would probably have to be made up by extra payments at the end of the trust deed.
Best of luck - I am sure you will find that a path can be found through this.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
