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kev1980
Contributor
8 Posts |
 Posted - 29 November 2009 : 23:04:39
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Hello,
I have a trust deed which was signed in October 2008.
I have been mainting my monthly payments for the last year and have also dealt with the equity in my property.
I now find myself having difficulties meeting the trust deed monthly payments due to the same reason that got me into debt in the first place.
The reason i got into debt was due to compulsive gambling, I thought i had my addiction under control but this is obviously not the case as since signing the trust deed i have incurred additional debt.
I will be receiving one 2 one counselling sessions starting this Tuesday to try and help me with this problem.
I also have an appointment at my doctor. I do believe that the doctor will give me a sick note due to the levels of depression, anxiety and worry i'm experiencing over this situation.
I'm basically hoping you can give me some advice on what is the best course of action to take.
I look forward to your reply. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 30 November 2009 : 09:26:22
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Hello kev1980,
I think it's great that you are taking the step you have identified to try to deal with the gambling issue.
First and foremost your health has to be the most important thing and you should follow whatever course of action your doctor suggests.
In terms of the Trust Deed I think only you will know how to proceed. It could be allowed to fail but that would seem a shame as you seem to be a fair way through it and have already dealt with the equity. This also wouldn't necessarily help because it would be likely to lead to bankruptcy in which you would have to hand over any excess income in a similar way to a Trust Deed.
Depending upon the advice of your doctor you may need to discuss the situation with your Trustee, especially if being signed off from work will result in a loss of income.
I'm wondering how this might be viewed by a Trustee, especially as you are taking steps to deal with the gambling. I wonder what Kevin or Mark's thoughts on this would be........ |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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kev1980
Contributor
8 Posts |
Posted - 30 November 2009 : 10:21:51
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Hi TDA,
Thank you for your reply.
I'll keep an eye open for Kevin and Mark's replies as well.
Thank you |
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Kevin Mapstone
Trust Deed Expert
414 Posts |
Posted - 30 November 2009 : 12:29:54
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Hi kev1980.
There is certainly some room for some flexibility in a trust deed, especially when it comes to allowing time for treatment of health problems. We do regularly allow people to suspend their payments for a period in order to deal with such issues.
As trust deed assistant says, get advice from a health professional and then discuss this with your trustee, there is a very good chance that you will be allowed some leeway.
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To have me prepare a Scottish Trust Deed for you please click here: http://www.trust-deed.co.uk/contact_kevin_mapstone.php |
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kev1980
Contributor
8 Posts |
Posted - 30 November 2009 : 12:58:01
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Hi Kevin,
Thanks for youer advice.
I've got an appointment at the doctor tomorrow morning and my first counselling session will take place tomorrown afternoon.
I guess it is best to be open and honest with my trustee and explain the full circumstances of what has happened after visiting my doctor.
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kev1980
Contributor
8 Posts |
Posted - 01 December 2009 : 15:42:39
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Hi,
I contacted my trustee today and explained the situation after my appointment with the doctor this morning.
Unfortunately my trustee said there wasn't anything they could do with regards to payment holidays etc....
I said i would put everything in writing and maybe someone could review my circumstances.
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 01 December 2009 : 17:32:10
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Hi kev1980,
How much additional debt do you have? How much do you have to repay each month? |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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kev1980
Contributor
8 Posts |
Posted - 02 December 2009 : 13:28:03
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Hi TDA,
My trust deed is set at £242.00 per month and the additonal debt i have incurred amounts to just under £3,000.
I had my counselling session yesterday and I felt much better, i will be going to the counselling sessions every fortnight.
I also posted a letter to my trustee explaining the circumstances. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 02 December 2009 : 16:25:35
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Hi kev1980,
How much are you having to pay each month towards the new debt?
I'm glad to hear that the counselling went well for you. |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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kev1980
Contributor
8 Posts |
Posted - 02 December 2009 : 17:05:08
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There are 4 new debts i've incurred...
2 credit cards and 2 of those pay day advance loans.
The first credit card has £1300.00 debt, i've spoke to the credit card company and they have frozen the interest and charges and are willing to accept £30 per month.
The second credit card has £500 debt, i've still to speak to them and to negotiate some kind of repayment.
The other debts are 2 pay day loans, one of which has £600.00 to be repaid on 24/12/09 as a one of payment and the other has £250.00 to be repaid on 21/12/09, i've spoke to both companies but they say they can't do anything until the actual repayment date. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 02 December 2009 : 18:00:32
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I wonder if Mark or Kevin think that a payment break for three months might be granted in this situation?
This could allow repayment of most of the Payday loans.
If that happened would you be able to handle the credit card payments negotiated in addition to the Trust Deed contribution? |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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kev1980
Contributor
8 Posts |
Posted - 02 December 2009 : 18:29:04
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Yeah, I think that certainly would be acceptable.
I would be able to clear the majority of the payday loans in the 3 months.
I'l keep an eye open for Kevin or Mark's response.
Thanks |
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Mark McFadyen
Trust Deed Expert
620 Posts |
Posted - 03 December 2009 : 16:56:23
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Hi kev
I'm glad to hear they've frozen the interest on the bigger credit card debt, that should certainly assist. Then chip away at the remaining debts. I think communication with them all is the key factor.
Let me know how you get on.
Mark |
To have me prepare a Scottish Trust Deed for you please click here:
http://www.trust-deed.co.uk/contact_mark_mcfadyen.php |
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kev1980
Contributor
8 Posts |
Posted - 03 December 2009 : 17:39:01
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Thanks for your message Mark.
Yeah, I was really suprised at how helpful the credit card company was when i explained what was going on.
Like you say communication is certainly the key factor, and i would certainly stress that to anyone else who needs to communicate with their creditors..... Its amazing what you can achieve by being polite and asking for help.
I'll keep you posted. |
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Trust Deed Assistance
