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Topic starter
31/05/2012 12:53 am
Hi.
I have been given a proposal for a trust deed. They have said after selling fees etc I would have 3000 pound equity to pay. They said the td can be extended or I can pay iy in full at the end if a friend ir family member pays it as I said I didnt really want to go past 36 months. Is this basically a code for " save it up yourself during the 3 years then pretend a family has gave u it" as in reality who has folk going to hand them 3k ??
Ive worked this out be 80 odd pounds per month. Is it worth my while asking the td company to lower their propsed monthly payment so I could try and put this amount away each month? If so what would be the chances of them saying yes do u think?
Ps sorry for spelling errors I using my phone
steve
31/05/2012 7:47 am
Hi steve1984
No the suggestions re the equity are valid options. Any decent IP firm would be unable to reduce your contribution by £80 to allow you to 'save up' to pay off your own equity.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
31/05/2012 9:26 am
Hello steve1984.
In reality it would be pretty difficult to save up £80 per month throughout your trust deed. Your trustee, if you appoint them, is responsible for collecting your spare disposable income to help repay your creditors.
The equity is a separate matter. Without support from a third party, an extension to deal with the equity seems like a good possible option if a trust deed is your chosen option.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
31/05/2012 3:13 pm
Indeed, if you did manage to save £80pm then you run the risk of the trustee asking for these savings to be paid over as well as the equity.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
31/05/2012 3:32 pm
Ok thanks . I think I will suggest it extended then as I dont have any fairy godmothers who will pay it sadly.Nightmare organising this, just wish it was up and running and I could see the end at some point in future
steve
