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Jamie1874
Just Joined

2 Posts

Posted - 04 December 2017 :  14:26:07  Show Profile  Reply with Quote
Hi all, I've previously posted under another username (which I forgot!)

Just a quick question as I head towards the end of my TD. My last payment is in Feb and there is light at the end of the tunnel!

My TD was set up for 48 payments and was due to finish May 18, however I requested I pay my trustee on each of my pay days. I get paid 4 weekly so essentially I make 13 payments a year effectively finishing my contributions slightly early.

Do I require to do anything other that chase up my form 5 after my final payment in Feb? Also the estimated end date in my latest form 4 says November 18 - is this the time my trustee expects to have form 5 and 6 etc done and dusted?

I hope that by making the number of contributions quicker than they expected won't see me having to keep making them until the May 18 date?

David Tannock
Trust Deed Expert



2096 Posts

Posted - 04 December 2017 :  15:26:45  Show Profile  Reply with Quote
Hi Jamie1874,

Was it discussed with your Trustee about making the 13 payments per year and if this would result in your Trust Deed ending earlier than the 4 year period?

Within the legislation it confirms that the payment period is for a minimum of 48 months beginning with the date on which the Trust Deed was granted. Also, within the legislation it confirms that the only way in which a debtor can be discharged earlier is for the total debts, plus interest and costs to be repaid in full.

Iím not sure if you would be able to receive your discharge until at the earliest the 48 month period has expired i.e. May 2018.

The November 2018 end date will be in relation to the discharge of the Trustee.

I would give your Trustee a call to clarify things.

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Kevin Mapstone
Trust Deed Expert



3411 Posts

Posted - 04 December 2017 :  16:50:30  Show Profile  Reply with Quote
I would echo what David has said. In a Trust Deed you are required to contribute whatever you can afford for a period of 48 months. if you are paying 4-weekly then you may find that you end up making 52 payments in total I'm afraid.

Or maybe they have worked out your payment with reference to your income averaged on a monthly basis, in which case you may find your payments stop after 48, though your discharge still couldn't happen until the 4th anniversary at least.

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Nel
Regular Contributor

16 Posts

Posted - 04 December 2017 :  20:34:58  Show Profile  Reply with Quote
Hi
I have been advised by my TD that after paying 48 payments my contributions will now stop and they will be submitting my completion paperwork. Is this incorrect and should I raise this with them? I'm worried after reading this that it could delay things right at the final stages?
Any advice you could offer would be really helpful. Thanks

Nel
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 05 December 2017 :  09:59:55  Show Profile  Reply with Quote
Hi Nel,

If your Trustee has confirmed that you have made 48 payments and the 4 year timescale has come to an end then you should receive your discharge.

I donít think you have anything to worry about.

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Jamie1874
Just Joined

2 Posts

Posted - 05 December 2017 :  10:22:07  Show Profile  Reply with Quote
I called my trustee this morning and they clarified that my payments will indeed end in February and they cannot discharge me until May. I am happy with this as no longer making the payments is a significant milestone in itself - after almost 4 years I have no issues with waiting 3 months to begin the discharge process.

As Kevin alluded to, they took and average of my monthly pay which has enabled me to do this. I signed up for 48 payments and that's what I will make.

Thanks for the replies everyone.
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 05 December 2017 :  10:37:56  Show Profile  Reply with Quote
Hi Jamie1874,

Thatís good news and sounds like a sensible approach by your Trustee.

Well done reaching this point.

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Kevin Mapstone
Trust Deed Expert



3411 Posts

Posted - 05 December 2017 :  11:23:24  Show Profile  Reply with Quote
That's good then. Not too long to wait!

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Nel
Regular Contributor

16 Posts

Posted - 05 December 2017 :  19:58:19  Show Profile  Reply with Quote
Thanks.

Hopefully my situation will be similar then as although I have made 48 payments my four years isn't up until February so maybe they will delay submitting completion certificate until then.

Nel
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David Tannock
Trust Deed Expert



2096 Posts

Posted - 06 December 2017 :  13:27:09  Show Profile  Reply with Quote
Hi Nel,

I think that will probably be the case and you will need to wait until February to be discharged.

Give your Trustee a call and ask them for an update and when you can expect to receive your Form 5 Certificate of Discharge.

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