Scottish Trust Deeds Help and Advice

Choo_Choo_4

Ach Gillian - I'm sorry .. didn't I forget there for a minute who I was speaking to :silenced:

Choo_Choo_4

Right Gillian .. It seems you're in a bit of a panic BUT the only thing is your situation HAS changed (quite a number of times in fact) and you really need to keep the IP informed.

Sometimes honesty is the best policy - the fact of the matter is that you can no longer afford the Trust Deed payment and should really have this looked at - make sure you have plenty of back-up for your argument (bills, receipts etc ...)

What about this £170per month that you are contributing - is this a struggle as well? At the end of the day - you need the car to get to/from work and by selling to downsize will not really benefit you as the likelihood would be that it would cost you more to maintain (cheaper car likely to break down more often)

What do you think? I would get the information back to her and tell the truth about your changes in circumstances .. she will want this to work as much as you do!

Choo_Choo_4

See if you can re-negotiate the £170 - get it reduced and then if you do come into any money down the line you could knock it off that ... here's hoping anyways.

That reminds me I must get me lotto ticket for the weekend

Good Luck Gillian. The bottom line is that your situation has changed and you can no longer afford the agreed payment but still want to offer what you can so best to tell IP this ... x

Choo_Choo_4

Gillian,

I think that you should try to get speaking to the IP yourself or even make an appointment for you and DH to go meet with her (who is she anyway? sounds rather unhelpful) and discuss this situation.

I think that she has been VERY unfair in that she has taken the FULL value of the car at the initial stage of the Trust Deed (when realistically this is required for work purposes and has to do you for 3 years so would never be valued @ £5k at the end)

PLUS ... £170 per month x 36 months = £6120 and you did say that the car was worth £5k - am I right? So why is she taking more? (or was it more than £5k - sorry if so ...)

Fair enough you might have signed up and agreed to pay £170 pr month for 3 years BUT you may not have thought this through fully and only now are you seeing just how unreasonable the IP was at the time (and still is)

The car likely would not have come into the bankrutpcy given the fact that you BOTH require it for work purposes and they wouldn't/couldn't have left you with no transport or no funds to replace your current vehicle (worst case scenario)

It's not that you have said you won't pay anything towards the car you just cannot afford £170 and no longer think that it was fair from the offset.

How is DH fixed with his end of the TD? Is that a struggle for him too or ok?

Choo_Choo_4

You could also perhaps advise that you might think about consulting the regulatory body over this decision.

She is making you both seriously consider the bankruptcy route over the running of the TD because of affordability and the fact that she is unwilling to work with you AT ALL.

PhotoDave

Hi everyone,

I currently have my TD draft and I'm ready to sign it. I have been advised by CCCS and KPMG, whom the TD is with. I am comfortable that the TD is the way forward for us (both my wife and I are entering TD's).

Once we sign it, we obviously have to go through the 5 week period before it is protected. Regarding it becoming protected, I take it that KPMG will be well aware of the criteria required by our creditors and wouldn't put it forward if they weren't confident on it becoming protected? They have been assuring, but I can't help worry that it may be rejected, we don't owe one single creditor more than 33.33% so fingers crossed.

I'll update when I have any more information regarding it!

Dave

Bexter

Hi - you probably know that no one can really answer question that for definite. It's years now since I had my TD but I do remember the bit about not owing more than a certain percentage to one company or they could block it, but other than that I don't think there's much that can stop it going through. Certainly with mine I think it was more a formality. Trustee should be able to advise you - try not to worry and good luck!

Daveed

Made my last payment to my Trust Deed at start of this month!

Just waiting on my Discharge letter now, been told to expect it about end of January.:money:

Also as thats me finally through it all, with exception of the discharge letter of course, if anyone has any questions or issues I might be able to help with then please feel free to contact me.

Markandmj

I have a question about trust deeds. My MIL has one and cannot afford the payments. The company included her husbands income in the original calculation, and i dont think they should have (especially since she rarely sees any of it). She had to miss some payments. She is in rented accomodation and her rent has increased by £70 per month and cost of living has increased as well. Are the company allowed to include her husband's pension? Have they advised her wrongly and if so has she any redress? I would be grateful for any help.

Markandmj

Markandmj wrote: »

I have a question about trust deeds. My MIL has one and cannot afford the payments. The company included her husbands income in the original calculation, and i dont think they should have (especially since she rarely sees any of it). She had to miss some payments. She is in rented accomodation and her rent has increased by £70 per month and cost of living has increased as well. Are the company allowed to include her husband's pension? Have they advised her wrongly and if so has she any redress? I would be grateful for any help.

Anyone out there?