Trust Deed Forum - Reduction in Trust Deed term
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 Reduction in Trust Deed term
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Dframe1981
New Member

4 Posts

Posted - 10 February 2020 :  21:56:08  Show Profile  Reply with Quote
Hi,
My original trust deed ended up being 6 years as I had two properties. I have had to hand back one of my properties to the bank as I cannot afford the payments on the second property and have been unable to continue letting it out. Since I only have one property now, can I discuss with my Case Manager for my trust deed to change the terms to 4 years rather than the original 6?. Any advice would be much appreciated.

David frame

TDA (Debt Adviser)
Trust Deed Expert



13293 Posts

Posted - 11 February 2020 :  07:05:06  Show Profile  Reply with Quote
Hi Dframe1981.

I'm afraid this probably falls into the category of being a question only your trustee can answer. I'd encourage you to get in touch with them ASAP (if you haven't already) to make them aware that you've handed back this asset, and that your income and expenditure has (I assume) changed as a result of this.

There's so many potential factors involved in how your trustee might see this that any suggestions I offer here would just be pretty meaningless speculation.


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Paul McDougall
Trust Deed Expert



48 Posts

Posted - 11 February 2020 :  10:17:34  Show Profile  Reply with Quote
Morning

This does sound like a question for your trustee.

No doubt when the bank sell the property there will be a shortfall and this will increase the level of debt within the trust deed.

Please let us know the outcome.

P

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