Hi alimenzies.

I do think this idea of paying off most of the debt in three years at £381 a month without a trust deed is a bit of a red herring. Your trust deed payment has been £150 less than this, indicating that £381 could perhaps only have been paid by borrowing more elsewhere.

If you are correct about the valuation of your home this will hopefully all get better very soon. I do hope that this turns out to be the case.

I think it is probably best not to get ahead of yourself and imagine the worst, alistair. Hopefully the uncertainty will be sorted out for the best sooner rather than later - and even if the valuation comes in higher than you hope for then I would be surprised if some kind of compromise couldn't be reached.

Hi
If the property value increases, how could the repayment term increase by another 2 years ? if you were struggling to sell the property in the past and if the new valuation is up and nearly around £20000 why should you hesitate to sell it now.

To be fair...I don't have a single clue how the trust deed company made up my Expenditure. I know that I have a fair amount of spare cash after bills are paid! Well over what the are making me pay...it's one of the things that worries me daily about my trust deed. If I had struggled along with my payments of £280 a month I would have been debt free and all paid off in less than three years but I'm on trust deed for 4...looking like it might be stretched out to 6 soon 🙁 trust deeds have caused me more panic than I was in before it 🙁

Hello nnrao.

Trust deeds take account of your assets as well as your surplus income.

Therefore if there is more equity than anticipated in a property it may need to be dealt with by additional contributions after the usual term has ended.

Hi missk88.

Sorry, I'm a little confused.

Is £280 what your full debt repayments were?

I thought there was a large earnings arrestment as well on top of this?

Would you have been able to afford both?

Sorry if we're going over ground that's in your other thread.

£270 for the earnings arrestment and £5 per month to two debts...wasn't paying anything to the others and didn't really intend to unless they were going to take me to court but for debts that were 5 years old and for only £100 - £ 500 I thought it would be unlikely. Another year and I believe they 'drop off' your credit file?

Dropping off your credit file doesn't mean that the money isn't still owed though missk88.

That's two different things.

I was told on another forum that after 6 years money is written off and cannot be chased?

I suspect the 'other forum' might be based in England - going by the comment that "after 6 years money is written off and cannot be chased".

Things work differently in Scotland. And it's not as simple as 'Oh, I took this debt out 'x' years ago, so it must be written off now'.

People have been giving you advice based on the idea that you only owe about 9,000 pounds. But, that's clearly not true. How much do you owe in total, if you count all the debts that you actually have? That could change thing.

Also, what has happened to the earnings arrestment of 270 pounds? Are you still paying it, plus 195 quid a month to your trustee?

Hi missk88.

In certain precise circumstances a debt might become legally unenforceable after five years.

However, there are many reasons also why this might not be the case.

You need to treat the information you find in forums with caution (apart from this one of course!!!).

My full total is £9,645 according to my trustee. But they have had to estimate 5 of those as final figures haven't come in yet. A total of 15 creditors have come forward. My earnings arrestment from the Council was dropped as soon as my trust deed became protected. It was only just put in place 2 weeks after TD was initially signed x