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Scottish Trust Deed Forum
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Topic starter
02/06/2012 12:49 pm
Hi
My husband and I should have completed our Trust Deed at the end of the year. Basing that on the day the Deed became protected rather than when we first signed up. I am currently off work long term and am currently being paid but this is likely to stop soon. SSP may also stop. Will my individual payment decrease?
Also I was allowed to keep my car as needed for work etc. Do we still get to keep it at the end of the TD or does it have to go?
Are we right that the end date/release date is based on the date that the deed became protected?
Its possible that I may be receiving a compromise agreement in the not too distant future. I assume that just like redundancy this would all go to the deed?
VB
02/06/2012 1:06 pm
Welcome to the forum VB36.
The length of the trust deed is usually based on the number of monthly payments. For example, if you agreed a three year term the final payment would usually be the 36th.
Your payment will have to be adjusted if you can no longer afford the previous amount. You cannot pay what you do not have.
Speak to your trustee about the car. It depends upon it's value and what you agreed to at the start. How much do you think it's worth?
A compromise agreement is likely to be viewed in a similar way to redundancy I think. That might mean that you receive a sum equivalent to your statutory entitlement with the rest being used to help repay your creditors. Again this is a matter to clarify with your trustee.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
02/06/2012 1:11 pm
Hi Vb
No, the start date is pretty irrelevant. The key point is when the agreed 36 payments have been made as this was the proposal at the start.
It's difficult to comment on the car position as this will depend on what was agreed with the Trustee at the start. The compromise agreement is likely to be treated as income, so the trustees view may vary depending on the terms of the agreement.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
