If your circumstances change when you’re in a debt solution such as a Trust Deed or the Debt Arrangement Scheme, the most important thing to remember is that you immediately tell your Trustee (or Money Adviser) of any financial changes that will prevent you from making the agreed Trust Deed or Debt Payment Programme (DPP) payment amount.
Whilst creditor contact is usually very stressful, or is a daunting experience – the Trustee or Money Adviser is there to help you find a solution that benefits you, above all else.
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 Debt Arrangement Scheme or Trust Deed doesn’t fail.
Your Trustee (or Money Adviser) will work with you to help you complete your chosen debt solution satisfactorily. if your circumstances have changed while in a debt solution then a variation in the DPP or 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.