Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
3
Users
0
Reactions
2,242
Views
Topic starter
26/08/2015 8:53 am
Ok best to start at the begging I suppose, I was made redundant in October 2011 when the recession hit and started to run into trouble then, I was the sole earner in the family (wife plus 3 kids) our debts were around 23k bank loan and car finance. We originally went into a DAS but we weren't making a dent on the debt so looked into a trust deed, sorry should mention by this time I have started up as self employed.we are contacted by invocas financial and arrange for their guy to come out, by this point we are desperate not to lose our house, anyway he makes it sound so simple he went through the figures including benefits child tax credits, child benefit and working tax credits and says we would need to put the benefits down as a 3rd party is paying my wife's share, we had to do 2 separate trust deeds because of joint ownership in the house, so 2 sets of fees, he says my wife would need to pay 148pm for 54 months and myself 149 for the same term,so we are currently 3 years in and struggling to keep up with payments, some of the stuff we pay is not included in the expenditure eg life insurance, building and contents etc and with 2 of the kids now teenagers the original figures for their school meals and clothing has doubled but this now leaves us not being able to keeping paying the monthly amount also the working tax credit had just been cut by £50pw, I have already contributed more than the original amount expected as I've had 2 tax rebates totalling £9100 which again left me no security net for any periods where I had no work, also they have me owing 33k when I have repeated told them the actual figure they just say it will get sorted at the end, any long winded I know but the question is if I can pay any longer but have already reached a previous agreed amount am I in breach of the trust deed? Also I'm hoping to get a family member to pay the rest of my payments but I know the trustee doesn't have to accept this I hope this is clear enough regards
26/08/2015 9:43 am
Hi Rudedogg1888
If there was a joint loan, then the full amount will be shown against each, rather than half each. I wonder if this explains the higher debt figure.
As you say, there is no obligation for the trustee to accept a third party payment to bring this to an end, however is there the option for them to assist on a month to month basis or take over one or both of the payments.
The house is obviously a key factor as always. Is there any equity in the house?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
26/08/2015 1:50 pm
The house was in negative equity and I doubt that has changed significantly but if there was now equity I doubt it would be enough to justify selling it by the time lasers fees etc where taken into account, plus we paid a fee to leave the house out of the trust deed, no the high figure is definately a mistake the bank loan and the finance combined were only 23k and stupid as is hindsight combined payment were only IRO £400 per month and both trust deed total £298, the 3rd party has been assisting payments over the last 6 months sort of as we're having to borrow from them so we could meet all the payments, but they would rather pay the remaing amount in a one off sum to bring the trust deed to conclusion so I can the rebuild my credit and then pay them back in the same lump sum, but what I'm really wanting to know if I can't pay the rest of my instalments does this count as a failed trust deed or does that fact I've paid more in than initially intended go in my favour? Also this isn't me saying I've paid enough and can't pay anymore as I would like the trustee to accept the 3rd party offer, but if they don't accept it and I can't meet the instalments hope this makes sense
26/08/2015 3:08 pm
I think it would be very harsh for a Trustee not to consider allowing a reduction in your payments. When signing the Trust Deed you agreed to pay whatever you could reasonably afford and if your circumstances subsequently change then this should be taken into account.
Given that extra funds have been paid in previously and creditors are still going to be getting at least what was originally promised by the sounds of things, then I can't see any reason why there should be a problem.
Bite the bullet and speak to your trustee 'd say, you are hopefully worrying unnecessarily.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
