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kezzer89
Just Joined

1 Posts

Posted - 12 August 2017 :  10:24:26  Show Profile  Reply with Quote
Hi There.

i entered into a trusted deed in March 2014, with the discharge date March 2018 (48 Months), since i entered into the agreement, my job has changed, which has obviously upped my payments, my total debt entered into the trust deed was £8786.72, i have paid 24 monthly payments of £140, this has now increased to £350, by my calculations, that would total £11,760, would that be ground for it to end earlier?

also, me and my partner are looking to buy a house as first time buyers, would the fact that i have in fact paid my debts of in full have a better stead? i will be waiting approx two years until i go for a mortgage.

Thanks

TDA (Debt Adviser)
Trust Deed Expert



12026 Posts

Posted - 13 August 2017 :  16:41:05  Show Profile  Reply with Quote
Welcome to the forum kezzer89.

Unfortunately your trust deed might not end early. If things take a turn for the better you'd need to repay your debts in full, interest on the debts, and your trust deed fees before you could get an early discharge.

I'm afraid also that I doubt whether the debts being paid in full would materially improve your future mortgage prospects.

Sorry I can't be more positive.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2050 Posts

Posted - 14 August 2017 :  10:06:37  Show Profile  Reply with Quote
Hi kezzer89 and welcome to the forum.

The payment of £350, is this affordable for you? Sometimes a payment is increased without a full review being carried out.

As TDA has already advised unfortunately itís unlikely that your Trust Deed would end early. Under the legislation the only way for a Trust Deed to end early is for the total debts, plus interest and costs to be fully repaid.

It might be a better idea for your partner to purchase the property in their sole name to begin with and then once your discharged from the Trust Deed and your credit file has improved you can look to be added to the mortgage and title deeds.

I know itís not ideal at the moment but long term with the change in job and increase in income this will be a positive for you.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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