If your circumstances change when you’re in a Trust Deed, the most important thing to remember is that you tell your Trustee of any financial changes that will prevent you from making the agreed Trust Deed payment amounts immediately.
The amount that you repay has been agreed with your creditors but ultimately, your Trustee is there for you and to help make sure that the Trust Deed doesn’t fail.
Your Trustee will work with you in order to help you complete the Trust Deed term and if your circumstances have changed while in a Trust Deed then a variation in the Trust Deed is likely to be the first step if you were to lose your job for example.
Trust Deeds, the Debt Arrangement Scheme and Sequestration / Minimal Asset Process are all formal debt relief tools in Scotland designed to help get you out of debt depending on your circumstances, but there is flexibility built within them, to deal with situations that may arise from time-to-time.