Trust Deed Forum - new member looking for paying off/lumpsum advice
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 new member looking for paying off/lumpsum advice
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

stuckinarut
New Member

3 Posts

Posted - 10 February 2018 :  02:16:17  Show Profile  Reply with Quote
hello and thanks in advance for any advice.

my story! I entered in a protected TD last March which is to last 7 years all in, I am in a ridiculous amount of debt about £60k( now at just over £57k) and the TD changing it to £29400.

since being in the TD my partner and i have split up(taking children) and well things are rubbish(irrelevant).
Anyway I thought about my options and thought maybe i could sell the house, but then i contacted the trustee and they told me i would be paying back considerably more back £72407.33 - that was a huge shock to me and put the brakes on that idea - because id sell the house, pay the debt and have no money to get a deposit for a new house and back to square one. so that cant happen.

Now I'm wondering after reading bits on the forum, if i could find a family member to help pay a lump sum to finish it.
what I'm needing to know is - would a family member just have to pay what i agreed to pay over the 7 year £26950 (£29400 minus what I've paid £2450) or would they have to pay the £72407.33? because there is a chance i could find someone to help with £30k but def couldn't get £72k

i hope that makes some kind of sense for someone to try help, I'm not very good at explaining myself.

thanks ;)

Krnl20
Contributor

7 Posts

Posted - 10 February 2018 :  15:29:12  Show Profile  Reply with Quote
Hi I entered a TD in May 2016 & competed it after 11 months. I had to pay back the full debt £23500 plus trustee fees & 8% interest per annum. I hope this helps you.
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 10 February 2018 :  17:29:39  Show Profile  Reply with Quote
Welcome to the forum stuckinarut.

Krnl is correct.

Iím afraid you can only end the trust deed early by fully repaying your debts plus interest and fees.

Sorry this isnít the answer you might have hoped for.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

stuckinarut
New Member

3 Posts

Posted - 10 February 2018 :  20:45:09  Show Profile  Reply with Quote
hi both, sorry i thought i replied early. yeah TDA not exactly what i wanted to hear but it was what i was expecting and that why i asked.
thanks both for clearing that up for me though.
Go to Top of Page

stuckinarut
New Member

3 Posts

Posted - 13 February 2018 :  22:02:30  Show Profile  Reply with Quote
can i ask another question, my TD is 7 year as i mentioned - 4 years for the actual TD and 3 years paying my protected.
so does that mean i'm technically out of it in 4 years and creditors paid?
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12195 Posts

Posted - 14 February 2018 :  09:08:52  Show Profile  Reply with Quote
Hi stuckinarut.

I'm assuming that the additional three years are to pay towards equity in your home? Please correct me if this is wrong.

If this is right, you'll be in the trust deed for the full 7 years I'm afraid. Discharge will only follow once you have completed all of your agreed obligations. This is the point when you'll be discharged from your debts.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3444 Posts

Posted - 14 February 2018 :  10:33:28  Show Profile  Reply with Quote
Hi stuckinarut

The minimum period for a Trust Deed is 4 years, which is why you cannot be discharged earlier than that without paying the full total of your debts plus interest plus costs. However, you should be able to be discharged at any point after the 4-year mark, as long as sufficient funds are paid in to cover what was due to be paid for the last 3 years.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.