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trust deeds

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(@wendy)
New Member
Joined: 15 years ago
Posts: 1
Topic starter  

Hi
i took out a trust deed in Jan but my income has now changed (long story) i am now ?ú157 a month worse off will they lower my payments off ?ú270 according to this and extend the period or will i get kicked off it or do they lower the payments and still have it for 36 months????


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hello wendy and welcome to the forum.

The best thing to do will be to contact your trust deed company and discuss how things might proceed from here. They will not want to see your trust deed fail if there is a practical way forwards.

One possibility might be for you to pay a lower amount for a longer period so that your creditors still receive the same dividend that they originally agreed to.

Of course you will also want to consider whether, in light of the change in circumstances, a trust deed remains the right way forwards for you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Julie Heaton
(@julie-heaton)
Estimable Member
Joined: 16 years ago
Posts: 246
 

Good Morning Wendy
As the Trust Deed Assitant quite rightly points out, you should contact your Insolvency Practitioner and advise them of the change to your circumstances. As TDA states there are a couple of possible scenarios, one being your trust deed will be extended past the 36 months to allow the same level of dividend to be paid or another may be that the trustee will inform your creditors that you are not in a position to make payments to the Trust Deed and it will be brought to a close. My advice would be to contact your IP and tell them immediately and a solution which suits you will be achieved.
All the best! Julie

Julie is not currently posting in the Trust-Deed.co.uk forum.


   
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