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Regular Contributor

23 Posts

Posted - 09 August 2018 :  19:21:19  Show Profile  Reply with Quote
Myself and my Husband signed up for trust deeds in January 2016 for five years due
to us having a mortgage. I then let them know I was pregnant as soon as I knew as I was planning on taking nine months mat leave (three months of that with reduced pay).

However my baby ended up being born very very early and very ill so my maternity leave and pay started four months earlier than planned as well as my child having a six month stay in hospital. They agreed to pause it for a year and extend the term which wasnít ideal but helpful at the time l.Iíve had to take more leave as our child is disabled and child care isnít an option until she is a bit older. With her disabilities and equipment/extra expenses Iím worried I might not be able to pay what I was paying before -£290 a month for me and £240 for my Husband.

We started paying around £150 each then it seemed to shoot up. I may have to fall a day or two at work and am worried about the impact of this and really dreading it being extended any longer.

Anyone been in this situation?

TDA (Debt Adviser)
Trust Deed Expert

12917 Posts

Posted - 10 August 2018 :  09:11:06  Show Profile  Reply with Quote
Welcome to the forum Penny1286.

It sounds like you've had a really tough time.

Any payment you make should be based upon an affordability calculation and, therefore, take into account changes that have occurred. A reduction in income and/or an increase in expenditure for the entirely justified reasons that you describe should be considered sympathetically.

At the same time, your trustee will need to take into account the interests of your creditors as well. This is why trust deeds are sometimes extended so that creditors receive what they initially agreed to.

There's no clear answer in respect of how your trustee will deal with this situation when it arises. They'll need to exercise their judgment in connection to the information that you provide them with. They have responsibilities to your creditors, but they also have a responsibility to treat you reasonably.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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