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Scottish Trust Deed Forum
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Topic starter
24/08/2010 10:47 pm
My help request is 2 fold. Firstly i have been in my trust deed for just over a year i started by paying ?ú350 pm which has now risen to ?ú577 due to improved circumstances, i am in the armed forces and will soon be posted so i am going to sell my property and move into quarters at my new unit i have a secured loan on my property which will be payed off in full after the sale of my house, if my trustee takes the full amount i was paying for the secured loan towards my trust deed then i will be paying ?ú907 pm towards my trust deed which is only ?ú15 less than my payments to my creditors before entering the trust deed is there any way i can leave the trust deed and start to pay my creditors again in full also using the equity from the sale of my house to pay off some of my debt in full straight away thus not paying the full interest on these loans and further reducing my payments.
Secondly is it possible to lease a car while in a trust deed and if so can i ask my trustee to reduce my payments to cover this, my current car is on its last legs and is costing me a fortune just to keep on the road and my car is a neccesity for my work and not just a luxury. Thank you for your time.
24/08/2010 11:48 pm
Hi soapster
unfortunately you are unable to deal with creditors yourself while in a Trust Deed. This must be carried out by the Trustee.
I see no problem with leasing the car in general, although the might use your credit file to decide. However as it's leased, there's little or no exposure to the company.
Another alternative may be to try to agree some payment from the equity from the sale of the house for your assistance in this. Because of this everyone benefits.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
25/08/2010 9:51 am
Hello soapster68,
To confirm Mark's comments once you sign a Trust Deed it simply isn't possible to exit because your situation has improved I'm afraid.
How much debt went into the Trust Deed?
How much equity do you think can be released when your property is sold?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
