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Topic starter
11/05/2012 10:40 am
I have been in a protected trust deed for almost 3 years and the end is in sight.
My last payment is due to come off in either October or November this year. I'm not 100% sure which month as I think I may have made a first payment as an administration fee in 2009.
It's just that since March my financial circumstance has changed and I wondered whether the term of the trust deed is ever altered (ie shortened), to take into account these changes.
Although I do have a decent salary I also have a bucket load of outgoings. My property is still in negative equity. I share a joint secured loan on my property with my soon to be ex-husband but have a legal agreement with him that ensures he will be liable for half of the secured loan until it is complete.
11/05/2012 10:56 am
Welcome to the trust deed forum poorweeme.
I don't think a shortening of the term is a likely outcome unless a third party steps in with the offer of a lump sum that your trustee chooses to accept to end the trust deed.
If you cannot afford to maintain your current contribution level you'll need to contact your trust deed firm to discuss reducing it. If the change in circumstances has been out of your control they may choose to allow this and still end the trust deed after 36 months, or they may require that the trust deed be extended so that the full amount of money originally promised is paid over (albeit over a slightly longer term).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/05/2012 11:01 am
quote:
Originally posted by Trust Deed Assistant
Welcome to the trust deed forum poorweeme.I don't think a shortening of the term is a likely outcome unless a third party steps in with the offer of a lump sum that your trustee chooses to accept to end the trust deed.
If you cannot afford to maintain your current contribution level you'll need to contact your trust deed firm to discuss reducing it. If the change in circumstances has been out of your control they may choose to allow this and still end the trust deed after 36 months, or they may require that the trust deed be extended so that the full amount of money originally promised is paid over (albeit over a slightly longer term).
Topic starter
11/05/2012 11:07 am
Thanks for your reply. I think I'm getting a little twitchy now that the end is in sight. I worry that the company I chose to take out my trust deed with may be one of the companies who are perhaps a little unscrupulous, and that the end might be painful as a result. I have contacted them by letter a couple of weeks ago and by phone today (as I got no reply). I'll just have to be prepared.
11/05/2012 11:12 am
The Trustee should take into account your current situation, and may well reduce payments, but it is entirely upto your Trustee. Hope you are successful.
Shona is not currently posting in the Trust-Deed.co.uk forum.
11/05/2012 11:47 am
quote:
Originally posted by poorweeme
Thanks for your reply. I think I'm getting a little twitchy now that the end is in sight. I worry that the company I chose to take out my trust deed with may be one of the companies who are perhaps a little unscrupulous, and that the end might be painful as a result. I have contacted them by letter a couple of weeks ago and by phone today (as I got no reply). I'll just have to be prepared.
What company did you go with?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
11/05/2012 12:29 pm
I am not sure naming the company in question is relevant to the situation?
poorweeme - the end is in sight and congratulations on sticking to the three year plan. As I have previously advised people before - pick up the phone to the trustee firm and inform them of your situation. Most firms follow a general ethos and balance the needs of the individual and their clients i.e. the creditor and will help you in your situation
I am sure if you outline the position they will provide a plan of action with you 🙂
let us know how you get on.
11/05/2012 8:59 pm
bpm45d0, Without wishing to create a culture of finger-pointing, I feel it is very relevant to name a company where someone has a particularly positive or an especially negative experience.
Some concerns have been seen to have arisen from confusion or misunderstanding. Some problems have arisen from a culture of non reply and disrespect which seems to be repeated at a very few named companies. I feel it is easier for others to advise a route to a conclusion when they know the company involved and have personal experience of the culture within the company. Some, probably most companies successfully clear up queries as a result of a phone call or email. Others have 'history' of poor records (at best) of discussions on the phone and message taking that is later unable to be verified and the message not relayed. With that information, clients are well advised to record every contact or only communicate in writing.
11/05/2012 10:34 pm
totally agree Pamjo,for this site to work properly we need experiences both good and bad to help people make informed decisions about companies.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
11/05/2012 11:54 pm
Hi Poorweeme, it might seem like a stupid question but has your financial position changed for good or bad?
If its bad ,as presumed I would imagine the Deed will be stretched out to cover the anticipated return that was expected by your creditors when they agreed to it. If good the firm your with see it as a bonus for creditors, thats their job, it will still be 36 months of payments.
I personally agree with bpm and see no benefit in naming the company yet! Well done thus far, keep going!!
Ralph
