Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,522
Views
Topic starter
15/04/2009 4:54 pm
i am 2 years into my trust deed but over the last year i have really struggled to meet the monthly payments. my IP has sent 2 letters to me in that time asking for an update on my income and expenditure. both times i have sent them back showing that my surplus cash has went down from ?ú400 to approx ?ú310 per month.(this is mainly because of increased mortgage payments) despite this my IP has not contacted me about reducing my contributions. im sure that if i had more surplus money they would be wanting that from me. im scared that if i tell i cant afford the ?ú400 then they might just bankrupt me.
does my IP have a responsibilty to ensure that i should only be paying what i can afford?
17/04/2009 11:52 am
Hi dsblue and thank you for joining the Trust-Deed.co.uk forum.
There should be some form of flexibility if there has been a significant change in either your income or expenditure.
I'd suggest that you call the firm you are with and request that consideration be given to reviewing the monthly payment amount. If you're up to date with the Trust Deed they're certainly not going to bankrupt you for asking the question.
Please let us know how you get on if you decide to do this as it will be of interest to many people who read the forum.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
17/04/2009 4:42 pm
Hi dsblue
The simple answer is yes and the review works both ways.
I think bankruptcy is unlikely. If you are struggling, your IP could and should reduce the payments and extend the period of the TD. This is the most likely scenario.
I would suggest you write to them advising that you are unable to maintain the current rate and propose a reduction and extension.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
