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Scottish Trust Deed Forum
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Topic starter
03/02/2014 8:19 pm
Hi I hope you can help on this. I originally had my Trust Deed with RSM Tenon. This has since transferred to Apex Restructuting. I have not had a yearly review however I have contacted Apex to have the forms sent. In my last review with RSM a Tenon they offered to reduce my monthly payment due to a reduction in wage and increased outgoings. I opted to keep my payments as agreed and made sacrifices elsewhere. I have found it increasingly difficult to manage and over the last 3 months have survived on payday loans (not good).
I was contactd by MBNA and reclaimed PPI from them. I advised them of my trust deed. I have since received a copy of the offer letter they have sent to my trustee. I wondered if there is anyway the Trustee can urgently review my payments or if the payday loan can be cleared by my PPI payment. I am aware any PPI needs paid to my TD however also had a review been undertaken then I may not be experiencing such a financial mess. Any thoughts/advice much appreciated as the need for payday loans are crippling me and I am stressed to the hilt!
Nuttabean
03/02/2014 8:54 pm
Hi Nuttabean.
It's very important to make sure your trust deed payment is affordable or this type of chaos can so easily break out.
You can ask Apex, but I doubt any trustee with any firm would feel able to allow you to repay the payday loan with this PPI money. I think they'll feel obligated to use the PPI money to repay the creditors that are involved in the trust deed.
I think your priorities are to:
1: Review your trust deed payment to an affordable amount.
2: Contact the payday lender, tell them everything that's going on, and agree a very small monthly payment to them. Attention can turn to clearing this balance once your trust deed had ended.
I suppose you could also ask your trustee for a payment break to deal with the payday loan. Whether they'll feel able to agree to that I don't know.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/02/2014 9:04 pm
Hi there. Thank you for the advice. I normally fill in my yearly review. My latest one was due in dec 13, about the time if the TD transfer and I know when I contacted the new Trustee they advised they were catching up with the account transfer. Both they, and my previous trustee, have been brilliant in all dealings with them and like many in the forum I agree having a PTD was the best thing I've done.
I'll contact Apex tomorrow to explain and the payday loan company.
Thanks again!
Nuttabean
03/02/2014 9:14 pm
No problem Nuttabean.
One way or another I'm sure you'll bring it under control.
It's really vital that you break the cycle of using payday loans though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
03/02/2014 10:26 pm
I totally agree. The 1st one was taken as I had no other option (or so it seemed) then it's been impossible to make ends meet over Xmas etc.
Thanks for the advice and i 'm sure it will get me back on the right road.
Nuttabean
Topic starter
04/02/2014 7:12 pm
Hi there
Just thought I'd give you an update. I contacted Apex who were brilliant. Review forms sent urgently and offer of suspending TD payments for a couple of months given. For anyone worried about the transfer from RSM Tenon then all I can say is my experience of Apex has been a good one.
I've decided to submit my financial review urgently and, if this doesn't help my situation I will consider an extension.
Thanks for all your advice and here's to soon being debt free!
Nuttabean
05/02/2014 6:33 pm
Well done Nuttabean. I'm really pleased that this has worked out for you.
Well done to Apex for working with you to find a solution.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
