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Unable to make payments

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(@sezzie)
Active Member
Joined: 12 years ago
Posts: 12
Topic starter  

What happens if your no longer in a position to make your full repayments on a trust deed and have already had a payment break?

Sarah


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

Hi sezzie.

There's no black and white answer we can give you here I'm afraid.

Much will depend upon the precise circumstances of a case and how the trustee interprets them.

Something that's likely to be beneficial is to keep the trustee fully advised at as early a stage as possible.

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


   
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(@tinsoldier)
Honorable Member
Joined: 14 years ago
Posts: 634
 

First thing I would say is try not to worry too much. There will be reasons why you can't pay, and these will be taken into consideration but please tell your trustee as soon as possible.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Why is it that you cannot make the payments any longer, sezzie? Can you afford a lower amount instead?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@amerififer)
Estimable Member
Joined: 15 years ago
Posts: 120
 

Yep always keep your trustee (contact person) informed.. I finished paying my trust deed last year Yipeeeeeeeeee.. But had to have quite a few payment breaks over the time of my trust deed.. I however ALWAYS informed the company why I needed to take another payment break and okayed it with them before doing so and was always reminded it would be added on to the end of my deed which meant my trust deed went on longer than the 3 years intended..


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi sezzie,

Sorry to hear that your struggling with things. As others have said communication is key with your Trustee.

If there are genuine reasons that you are struggling with things then another payment break could be granted.

speak to your Trustee about things and let us know how you get on.

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


   
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