Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
3
Users
0
Reactions
2,257
Views
Topic starter
12/01/2011 3:52 pm
Hi,
I'm looking for some advice please, I've got myself into a stupid situation with some payday loans and could really kick myself.
I've been in a trust deed since March last year paying ?ú400 a month. This has been going well up until a couple of months ago. I had some issues with my car that had to be fixed that cost a lot and then tried to make Xmas normal as well. Rather than fail to make my trust deed payments I stupidly took out some payday loans to help me. I'm know caught in the payday loan cycle and due to only being able to pay the interest it's just building up and owe about ?ú2500.
I could kick myself as the TD had saved me and was managing it well and can continue to if it weren't for these payday loans.
My question relates to payment holidays. What do you think my trustee would say if I requested a payment holiday for a few months to get rid of these payday loans? I know it's my own fault but don't know what else to do about it.
Any help wouldbe appreciated.
Steve
12/01/2011 3:57 pm
It's worth asking, Steve, they may be willing to be flexible rather than risk the whole thing falling apart. Let us know how you get on will you?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
13/01/2011 9:14 am
Hi stevedodge.
I do wish you well with this.
These types of payday loans are becoming an increasingly big issue. One payday loan company saw fit to post an "advert" in this forum at 0645am this morning; clearly there is a part of their industry that considers the targetting of people who are worried about debt to be good business.
Thanks to Porcupine by the way for spotting it and taking the time to advise other readers as to the nature of the post (it's been deleted now).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/01/2011 3:35 pm
Hi,
many thanks for the replies. I called my trustee today but only spoke to themain reception. They indicated that payment break would not be possible. My trust deed was set up by Mark (Philip Gill).
I was wondering if Mark is around to perhaps answer my query?
Regards
Steve
19/01/2011 4:57 pm
Hello stevedodge.
I happened to know that Mark was away from the office today visiting potential clients so I gave him a quick call to make sure he was aware of your post.
He told me that his office had in fact already been in touch with him to keep him updated about an enquiry of this type (I'm obviously assuming it was from you).
He also let me know that where one of their clients can evidence a genuine reason for such a scenario developing their policy is to work with their client positively to try to find a solution.
For obvious reasons Mark wouldn't be able to discuss the detail of a specific case he was involved in on a public forum so I think it might be best to take this forwards offline.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
19/01/2011 5:02 pm
Thanks very much. I've left a message for mark to contact me so hopefully I can speak to him offline.
Thanks again.
