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Trust Deed - Scotland
Can anyone help with info on a trust deed please? My hubby has one with Carrington Dean, original debt was £7k. We took this out in 2021 & at the time he was working. In 2022 he was too ill to work & we told CD this. We gave a new budget etc but they never lowered the monthly payment of £156 even though we were on UC with 2 children. We stopped paying & they stopped contacting us. Move forward to now, I have sold my house & want to clear the trust deed, they have said it will cost AT LEAST £12k plus a substantial amount more. Is there anything i can do? They have told me the balance owed including arrears was just less than £4000. Has anyone heard of this or dealt with this? Thank you
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Is the house owned jointly with your husband?0
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nope, it was my house bought with my money before we met. So the money from the sale is mine & nothing to with him, same as the trust deed is his. They have just told me they want £21,000 to pay it off0
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A trust deed is the Scottish equivalent of an IVA.
The thing with these arrangements is any missed payments must be made up, there will also be supervisors fee`s to pay, these can amount to four or five thousand pounds, but 21k seems to me to be excessive.
You should ask for a breakdown of how they arrive at these figures, that will tell you more.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
21k sounds like the cost of repaying his debts in full plus CD fees which would be normal if he owned half the house but he doesnt.
He needs advice from a Scottish adviser, I dont know if there are any here, about getting the Trust Deed failed.0
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