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Nelly
New Member

4 Posts

Posted - 12 June 2022 :  03:16:08  Show Profile  Reply with Quote
My trust deed is 6yrs long as I was only able to pay what I pay now every month for the past 2 and half years. What I was wondering is if i was now able to pay the extra 15.00 per month then could it be reduced to 4yrs ???
As if I had been able to pay that at the beginning it would have only been 4yrs.
It's stressing me out the thought of this dragging on for 6yrs .

TDA (Debt Adviser)
Trust Deed Expert



13963 Posts

Posted - 13 June 2022 :  10:16:31  Show Profile  Reply with Quote
Hi Nelly and welcome to the forum.

Could I please check whether:

1 - You agreed to a six year trust deed at the start?

or/

2 - The term of your trust deed was extended after your trust deed began?

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

4 Posts

Posted - 13 June 2022 :  11:00:57  Show Profile  Reply with Quote
It was signed of at 6 yrs from the start as I didn't have an extra 15 to pay a month.
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Kevin Mapstone
Trust Deed Expert



4100 Posts

Posted - 13 June 2022 :  11:13:46  Show Profile  Reply with Quote
I'm afraid this is a question that only your trustee could answer for you. It is possible that they could reduce your term if you are paying more, however the terms of your agreement are likely to be that you have agreed to pay whatever you can reasonably afford for a 6-year period, however much that might be.

15pm seems a very small amount to merit having to pay an extra 2 years. How much were your monthly payments set at and what was your debt total, if you don't mind me asking?

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Nelly
New Member

4 Posts

Posted - 13 June 2022 :  11:25:18  Show Profile  Reply with Quote
Hi, I pay 93 pm but I've just checked and it was an extra 20 pm they said 4 yrs I couldn't do the other 20 so it was 6 urs. I'm unsure exactly how much. #129300; around 11 or 12 thousand
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Kevin Mapstone
Trust Deed Expert



4100 Posts

Posted - 13 June 2022 :  18:30:18  Show Profile  Reply with Quote
Was there a particular reason you didn't go down the bankruptcy route instead then, Nelly? There would have been no need for the extra 2 years then.

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Nelly
New Member

4 Posts

Posted - 13 June 2022 :  19:09:45  Show Profile  Reply with Quote
I had thought about it but thought I might be sacked from my job. The debt company didn't give me a chance really to find out and I felt I was forced into a desicion right there and then. Since that I found out I would have still had my job I'm gutted .
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Kevin Mapstone
Trust Deed Expert



4100 Posts

Posted - 14 June 2022 :  09:33:37  Show Profile  Reply with Quote
Unfortunately it is something we hear way too often. There is no reason the firm involved couldn't have given you time to find out about this before deciding. Entering a Trust Deed should never be the result of a sales process.

Hopefully they will allow you to reduce the term accordingly if you are able to pay more now. If they say not then I guess you could kick up a bit of a fuss about how this was sold to you in the first place - they may see it differently if they think there is a chance you might make a complaint.

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