trust deed reduced payments

[Gemgem]

my husband and i are months away from the end of our trust deed and our payments over the last 3 years have decreased by a large amount. i asked the representitive of my trustee if the reduced payments would affect the 36 monthly payments and she told me that it would not affect the term of the payments only a missed payment would add an extension to the 36 months. i just phoned and spoke to the new representitive to see if my husband and i could settle early with a lump sum from a relative and although she is asking the trustee tomorrow she is unsure what she will say as she said i had not met the original expectation of money i should have paid in. i was never told that reducing payments due to financial changes could cause and problems.i was also never tols that we had to reach a certain figure by the end. i am now very worried as ive also been told that they want higher payments from us both. i was expecting a settlement figure in the hundreds and feel it will be thousands and my relative wont have that kind of money. it could affect my husbands job is the trust deed continues any longer and i would have eaten value food and cut down to barely anything for the whole family if i had not been told that 36 payments of any amount as long as agreed by the trustee was fine. Help.

[redman]

Re: trust deed reduced payments

Hi Gemgem. You have not mentioned why the repayments have decreased. Did you request a lower monthly payment?

Either way, from what I understand, PTD's are agreed in advance based on your financial situation at that time. Your Creditors have agreed to take those repayments and then, at the end of the term, write off any outstanding balance. In your case, it seems that your creditors may not have received what they expected to receive!