Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
4
Users
0
Reactions
1,457
Views
Topic starter
17/05/2012 2:21 pm
I've been signed up to a TD for just over a year but my circumstances have changed and I am really struggling to keep up payments. What happens if I stop making payments?[:I]
17/05/2012 2:29 pm
Welcome to the trust deed forum Triciaboss.
If your circumstances have changed it's especially important that you inform your trustee as soon as possible and discuss the options from there.
The outcome will depend very much on the circumstances involved and the view that your trust deed firm take.
For example, it might be possible to carry on with a reduced monthly contribution (which may or may not involve an extension of the trust deed term). If no contribution is possible any longer it may be that you need to look to other options going forwards.
Was the change in your circumstances outside of your control? Do you anticipate that it will be permanent?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/05/2012 2:36 pm
The change in my circumstances was in a way out of my control in that I have taken on the care of my grand-daughter. I did not absolutely have to do this but she would have gone into care if I had not. I just cannot pay this large amount to my trustees any more and wonder what the options are. I did email them asking but they have not replied.[:0]
17/05/2012 2:53 pm
Hi Triciaboss.
I'm sure all reasonable people will understand why you have made the decision that you have.
I think you should carry on chasing them as it's important that this gets dealt with so that you (and they) know where you stand.
They should work through your new financial circumstances with you and then, using the new information, assess and inform you of the possible routes forward.
It's difficult to tell you what the options are here because we don't have the detailed knowledge of the circumstances required. Much may depend upon whether you are able to carry on making any contribution and, if so, how much that contribution will be. That's worked out by going through your income and expenditure in detail.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
17/05/2012 3:48 pm
Hi Triciaboss
As TDA says, it's best to speak with your trustee to see if the payment can be adjusted.
It may be that this is reduced, but the period increased.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/05/2012 3:23 pm
Just to add, i had a change of circumstances outwith my control (which lasted for 18 months) and my payments were reduced with no extension to the overall TD term.
I understand this is not always the case, but i would like to think your TD company will look at all the facts and decide what is best.
Good luck!
