Trust Deed Forum - Furlough reduced payment
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Samara04
Just Joined

2 Posts

Posted - 19 September 2021 :  12:27:40  Show Profile  Reply with Quote
Hi my trust deed was due to finish in December. I took 1 payment break to buy a cooker & last year I was on furlough for 3 months so paid 126 a month instead of my usual 210. Will the reduced payments be added on at the end & can I pay them so my trust deed still ends in December.

Paul McDougall
Trust Deed Expert



133 Posts

Posted - 20 September 2021 :  08:33:20  Show Profile  Reply with Quote
Morning Samara

You should run this past your Trustee to ascertain how they will treat this issue. Technically, you are required to pay a minimum of 48 monthly payments. Your level of contribution is based on affordability and it is therefore competent that your Trust Deed should end without the need to recover the balance of payments.

Hope this helps.

p



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Kevin Mapstone
Trust Deed Expert



4021 Posts

Posted - 20 September 2021 :  11:01:14  Show Profile  Reply with Quote
I think it is likely that the 1-month payment break will require to be added on at the end, but hopefully not the amounts reduced due to furlough. It is really up to your Trustee though, so you will need to ask your case manager.

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Paul McDougall
Trust Deed Expert



133 Posts

Posted - 20 September 2021 :  14:55:18  Show Profile  Reply with Quote
Agreed Kevin

p

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Samara04
Just Joined

2 Posts

Posted - 20 September 2021 :  18:01:45  Show Profile  Reply with Quote
Hi thanks for the reply. I phoned today & I will pay the missed payment in January then the difference from the reduced payment in February & March

Tracy white
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TDA (Debt Adviser)
Trust Deed Expert



13824 Posts

Posted - 23 September 2021 :  09:49:46  Show Profile  Reply with Quote
Hi Samara04,

I'm glad to hear that you have resolved this matter.

I hope that you think this is a fair outcome. Best wishes for the last few months of your trust deed.

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