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Scottish Trust Deed Forum
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Topic starter
29/06/2010 2:44 pm
I took out a northern rock "together" mortgage about six years ago,and paying 240pm without missing a payment.I entered into a ptd in december 2009 paying ?ú200 pm,i got my mortgage statement through the other day showing i ve been paying the unsecured loan of ?ú5000 for the last six months.When i telephoned the td,they telephoned northern rock,seemingly northern rock hadnt recieved paperwork to inform them,northern rock are now going to refund me by paying the td the money that i ve been paying,then the td are going to pay northern rock back.Should it not be myself that gets the refund as ive been paying the td already to pay northern rock?
29/06/2010 5:17 pm
Hi andrew224,
Presumably the income/expenditure record at the start of the Trust Deed included provision to pay for what turned out to be an unsecured loan?
If it had been set up correctly in the first instance your contribution each month would/should have been higher as your mortgage/loan payment would have been lower.
As such it seems correct that the refunded amount be used to help repay your creditors (which now include the Northern Rock unsecured loan).
You should ensure that your payment to Northern Rock is reduced now as you should not be paying the unsecured loan directly. You may find that your Trustee seeks a higher monthly payment from you as a result of your reduced monthly expenditure.
Sorry that this probably isn't the answer that you wanted to hear.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
30/06/2010 5:34 pm
I'm afraid trust deed assistant is right - had the lower monthly payment to Northern Rock been taken into account at the start then your trust deed payments would presumably have been higher.
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