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Scottish Trust Deed Forum
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Topic starter
03/05/2022 7:19 pm
Hi everyone, I’m so stressed currently! I’ve been in a protected trust deed which is due to end at the end of this year, I’m now in arrears two months and I’ve taken on more credit cards and also have come to terms with my gambling problems. Covid and furlough has also played a major part in this as I was on 80% pay during furlough and I took adbvantage of payment holidays and it’s obviously all mounted up and now I’m in way over my head!! I need some urgent help!! I haven’t contacted my trust deed company regarding the payments missed I’m so worried and just trying to hide from it all!! Any advice is appreciated
03/05/2022 8:16 pm
Welcome to the forum Stresseddebtor.
I think the best advice is to begin communicating with your trust deed provider.
Missing a series of payments could put your trust deed in jeopardy and therefore create the risk of you being put back to square one (or worse). Working with them to identify a way forwards is likely to lead to a better outcome.
Unfortunately they're not going to make financial allowances for you to repay any new debts, so you may need to negotiate with the credit card providers to find an interim solution until your trust deed has been completed.
In all honesty I've no idea how they could justify providing a credit card to someone in a trust deed because you're required to pay over your full disposable income every month. It's the very essence of irresponsible lending, so this fact might help you to negotiate something workable with them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/05/2022 9:23 pm
Square one or worse as in? I totally agree that it’s irresponsible lending
Topic starter
03/05/2022 9:26 pm
Square one or worse as in? I totally agree that it’s irresponsible lending
03/05/2022 10:00 pm
Hi Stresseddebtor,
By square one I mean that your trust deed is failed and a chunk of your payments have been consumed by fees rather than having gone to repay your debts. You'd then need need to find a new way to deal with the debts.
Another possibility is that your trustee attempts to put a wage arrestment in place to collect your payments directly from your employer.
Another possibility is that you're made bankrupt. This could be especially serious if you own certain types of assets or if your employment would be affected. You'd also be required to make payments for a further 4 years if it was assessed that you could afford to.
Communicating with your trustee openly will reduce the risks mentioned above and, hopefully, help you to plot a route towards completing your trust deed in the relatively near future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
03/05/2022 10:32 pm
Thanks for the reply TDA, I have no assets, and my job wouldn’t be affected by being bankrupt, I already got issued with a wage arrestment last month for Scott and co for unpaid council tax. I’m going to call my trustee tomorrow and hopefully get back on track
