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Scottish Trust Deed Forum
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Topic starter
01/02/2015 6:15 pm
Hi there I was just on for a bit of advice and was wondering if anyone can help. I have been in a trust deed with Wilson Andrews for three years now. At the time of signing in to it I was advised my trust deed would last three years and my payments would be no more than 150 a month. My payments are in fact 265 a month and were higher at one point. Over the three years by my calculations I think I have paid back close to what I owed in debt (so much writing it off). Anyway Wilson Andrews are now saying my trust deed will have to be extended for a further 7 months due to me missing a payment and also some overtime I earned. Can they do this? My overtime varies each month so it's not regular. Some months I don't have any overtime so its a basic wage and over the past three years I have actually struggled with their payments and they dont wanna know!
Thanks in advance!
01/02/2015 6:59 pm
Welcome to the forum kim.
Trust deed payments are based upon affordability, so if circumstances improve they can increase.
It's also standard for at least part of any overtime earned to need to be paid over to help repay more of what is owed to the creditors.
Therefore, if overtime has been earned without your trustee having previously factored that into your payment, I'm afraid an extension might well be the result.
Sorry that I can't give you better news.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/02/2015 8:14 pm
What happens if I have already paid back more than what I initiuaslly owed in debt?
01/02/2015 10:31 pm
Hi kim.
It's possible to pay back more than you originally owed.
If you become able to pay it, you'd also be responsible to pay your trustee's fees and some interest on the debts.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
02/02/2015 8:25 am
Hi kim and welcome to the forum,
A Trust Deed more often than not does write of the debt that someone can't afford to pay back but in some circumstances a person may pay the equivalent amount of what their total was into the Trust Deed.
If you are in a position to pay back your debts then you will also need to cover the Trustees fees and also interest on top of your debts. How much was your debt when you entered into the Trust Deed?
Have you documented everything in writing for WA to consider and review your case?
I know it doesn't help your situation at the moment kim but for anyone else considering a Trust Deed It's extremely important that at the start of a Trust Deed things like overtime and bonuses etc are discussed and clarified in writing to avoid any potential problems like this.
David is not currently posting in the Trust-Deed.co.uk forum
02/02/2015 11:37 am
Dear Kim
I am sorry you are have been struggling to meet your Trust Deed payment, it is important that your payment is affordable and sustainable.
I understand it can be difficult to budget with a fluctuating wage and we would usually use a realistic average earnings figure when calculating your payments.
Trust Deed payments can go up or down if circumstances do change providing evidence can be provided to back this up.
If we can help by getting in touch with you to see what we can do to help and talk through the figures please drop me an email (this can be found in the 'contact us' section of our website) with your reference.
I hope this helps.
Sarah ÔÇô A member of the team at Wilson Andrews.
