Any reason the trust deed is over 5 years?

Did you have a change in income that they wanted to up your payments by so much??

It would be nigh on impossible to change trustee part way through I'm afraid.

Paul

Hi Paul. thanks for replying.

The trust deed was over 5 yrs because of our situation at the time and to keep outgoings down. Actually my TD is over 4.5 yrs and my wife's is 5 yrs.

There was no change in income over the first year there was a significant increase in outgoings due to fuel and shopping going up £20 per week each among other things. I can only assume the problem arises from the review taking place in Feb/March time when we dont pay council tax which makes it appear we have more money over the year but this only works over one month. They claim I have "regular" overtime by looking at 2 pay slips, I have explained that this is also not the case but it does seem to fall on deaf ears. We feel that it will never end at the moment tbh.

Having reread my initial post, in the second year there was an increase in both incomes which in turn has seen our payments rise to over £600 now which is more acceptable however our mortgage company has now pitched in to say that they can no longer offer interest only terms to someone on a trust deed and that all mortgage companies are bound by this. So my payments will drop significantly again after my meeting with them.

Welcome to the trust deed forum macomedy.

To answer your main question, I'm afraid that it isn't possible to change your trustee if you are unhappy with them. It's just one of the reasons that we try to encourage a very careful choice when people seek initial advice here.

I do question the explanation given to you by your mortgage lender about having to move onto repayment terms. Depending upon the circumstances this could be a very good or a very bad thing for you.

It sounds like the increase in payments requested by your trustee may have been based on some incorrect calculations/assumptions on their part. Any reasonable trustee should be open to reviewing their calculations and making adjustments to reflect the reality of the situation - though you may be asked for more evidence to back up your case on items such as overtime.

It worries me a bit that you say "it stayed at £525 as far as we were concerned". Unfortunately, unless your trustee agrees with your analysis then you are storing up problems for yourself.

My advice would be to identify exactly how they worked out the £840pm figure, pinpoint anything that does not reflect your actual financial situation accurately, gather any evidence that you can to back up your position and send copies to them in writing. Hopefully they will be willing to amend their calculations retrospectively.