Welcome to the trust deed forum Havingkittens.

You are correct in your assumption that different Trustees might take a different view on this subject.

However, we've heard from people on the forum that they have been given a year or two to do this after the 36 months are paid.

Will that work for you?

Thank you for the reply TDA. A year would be plenty. My concern would be they may look at it and think, we could get the money quicker by selling their (my) home. Do trustees look at it like this or if I can commit to a payment plan, even to run for a year, do they look at that as, well a better way for me, but as a viable option?

Contributions over a year will almost certainly be preferable for your trust deed firm and creditors Havingkittens.

Forcing a sale of your property is likely to be time-consuming and expensive, and especially so if you stand in the way of this happening as much as you can. That isn't good news for your creditors (they'll ultimately suffer the extra costs) so getting the equity by other means within a reasonable period of time seems better for everyone where it is possible.

Thanks TDA. I know this can't be set in stone as ultimately it is the trustee's decision, but I "should" be fairly confident if i put this to my trustee, they probably would accept? I totally understand it is their decision alone, and I'm don't want to put anyone on the spot as such, but this has a good chance of happening? I know I'm going on a bit here, but I hope you can appreciate the hope your last comment has given me. My last payment is in January so it's been a worry to say the least.

We've certainly heard from people in the past that they have been given a year (or sometimes more).

Maybe Mark, Shona or Kevin (when they next visit) could explain how their firms would view such a situation of choosing between a forced sale versus equity paid by contribution over 12 months...

Thanks again for the reply TDA. I see Mark has been on but not picked up this thread. Would it be better sending Mark,Shona and/or Kevin a direct message? The details of my situation are; the settlement figure is £9000. My last monthly payment is due at the end of January. By that time I will have £4000. I can commit to £500 per month after that. I know the settlement figure may go up so does paying £500 per month for 12 months, plus the £4000, totalling £10000 seem reasonable/feasible?

Leave it with me Havingkittens... I'll see if I can get one of them to respond to the thread shortly!!

Hi Havingkittens

Sorry for the delay. Been getting my broadband changed over.

I think the payment plan is more than fair and would be extremely surprised if there were any issues whatsoever.

The Trustee has a duty to reach the greatest amount for the creditors and I dont think there would even be the slightest consideration in selling the property. Relax, I'm sure it will be fine.

Mark

Thanks very much TDA and Mark for the replies. One final thought. During the the last 3 years, I was unemployed for a total of 9 months. This resulted in missing 7 months payments. Originally the ptd was to finish in June, but because of this it is now January. So all in all, if they were to accept this plan, the ptd would run 1 year and 7 months over. Basically what I'm saying is does that 7 months handicap me?

I really don't think so Havingkittens.

You've clearly done all that you can to meet your obligations to the trust deed when you have been in a position to do so. It also wouldn't help your creditors to create a whole lot of extra work that your Trustee would be charging for (and hence reducing the dividend that they receive from the protected trust deed) when you'll pay the money over soon enough anyway.

Thanks a million for the advice and for putting my mind at ease TDA and Mark.

Six weeks ago I was involved in a car crash that resulted in me losing time off work and sustaining injuries. I am currently doing half shifts and my insurance company has started a claim on my behalf. I received a call from the lawyers who asked if i was in a ptd. Having said yes they said it would be better if I were released before settling the claim as they said the trustee would take it. I have no problem whatsoever any money I get goes into the pot.
My question is would the money go into the pot and I still owe the £9000 or would it come off the £9000?

Hi havingkittens

Unfortunately it would be seen as additional assets and therefore would not be deducted.

Mark

Hi Havingkittens.

That type of claim would usually be seen as being a windfall to be paid over and be unconnected to any equity responsibility.

Has your ability to pay into your trust deed been affected by the accident? Part of the claim might be applied to missed or reduced contributions if it is being paid to cover lost income.

With all of this the important thing is what your Trustee thinks. I'd suggest you ask them and then take things from there.