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Scottish Trust Deed Forum
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Topic starter
28/07/2012 8:30 pm
Hi there I am looking for some much needed help and advise on whats going on with my trust deed.I realise now I was conned going into this and it has been a waste of time.when I took out the trust deed I had 13,469.54 in unsecured loans which I transfered to wilson andrews, I was clearly told by them that I would pay what i could each month for exactly 36 months and after that I would be debt free.I have been in the trust deed for 29 months and was looking forward to being debt free at the end of this year and no more payments to make.At the end of the first year of payments wilson andrews took it upon themselves to extend the trust deed by 4 months for some reason and today they have sent me a letter to tell me they have extended it by another 17 months.I was unemployed last year for 6 months and this year for 4 and was recieving jsa so was unable to contribute during these months.for the rest of the time I have payed every month with what they have asked from me and dont understand why they are extendind it.Can me being unemployed for these months be something to do with it as i remember clearly asking them if I became unemployed during any time in the trust deed would the trust deed still only be 36 months and was told yes nothing would be frozen and started again when i became employed.I am dissalusioned with this trust deed and wish I had never got involved.I am thinking about seeking legal advise on the matter but not sure what difference it would make.If I refuse to pay them anymore after 36 months can i lose my home there is no equity on the property and have had enough of these conning companies who clearly are making money out of peoples misfortune.Any help with any of my questions I would be deeply gratefull.
at the end of my teather
Peter
28/07/2012 9:06 pm
Unfortunately, I think you've not had the benefit of good info when entering your trust deed.
From prior posts on here, your agreed total amount payable at the start of a trust deed seems to be the minimum due, however long that takes when circumstances reduce or stop your payments in. So a break in payments for however long just results in those funds needing to be paid when your income improves again. Some people do manage to discuss it with the trustee and make arrangements but it doesn't appear you've discussed payments with the trustee when your income stopped.
More worrying than being in the trust deed longer is the fact that you don't know the position regarding your home. Was it valued at any time before entering the Trust Deed. The equity position at the start is normally used unless something else was agreed, or worse, if nothing at all was?
If you have not met all the payments and refuse to do so, the trustee can stop the trust deed and you could find yourself with the debts returned, there is also the option for the trustee to apply for bankruptcy, ie you would enter bankruptcy as a result.
I think you need to have a meeting with the company you've used?
29/07/2012 12:14 pm
The extensions may simply be to ensure that creditors receive the amount they expected to get.
Dont be rash with any decisions just now,as your trustee has nothing to lose by petitioning for your sequestration,they have already had there pay day from you.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
29/07/2012 12:53 pm
Hi Peter
An extension would normally apply if there had been missed payments as the agreement at the start of the Trust Deed is for a specific sum. However any extension should be based on the need to arrive at that agreed figure. ie if you missed 4 payments of the 36, then the Trust Deed would be extended by 4 months to pick up these payments.
The extension mentioned does not seem to calculate unless you are paying a reduced amount. If you have missed 10 payments in total, then the extension should be 10 months.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
30/07/2012 11:16 am
Hi peterjbduff,
Clearly we haven't fully explained the reasons for extending your Trust Deed as well as we could have and would like the opportunity to do so.
I'm sorry to hear that after all this time we have disappointed you as you neared the end of your Trust Deed.
There are various reasons why Trust Deeds may need to be extended, however, to discuss your personal situation we will need to speak to you directly, as we can't disclose specific details on the forum. We'd love to be able to discuss this with you to make sure you're happy with your Trust Deed, and explain why the extension is necessary. If you can, please call us and ask to speak to Thomas Gallagher ÔÇô who is expecting your call.
Hopefully we can resolve this for you.
Thank you
Ian Williams - a member of the team at Wilson Andrews
