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Scottish Trust Deed Forum
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Topic starter
20/05/2017 2:36 pm
Hi. It's been a while since my last post and I'm glad to say that so far everything seems to be going smoothly. I started my TD on 1/5/2014 and it is due to run for 48 months @£300 pm. I have kept up with all my payments and am now down to my last 11[:)]. I have £2640 in equity that is to be extended on to the TD. By my calculations it would then mean I have a further 8 months @ £300 and 1 @£240 to complete the TD meaning my last payment should be 1st January 2019. In my original paperwork it was stated that my TD is expected to be completed by 30th August 2019. It's the only time that date is mentioned. I just want to check what is meant by this. Does this mean that is when my payments are due to stop, or is this when I'm likely to be discharged. I don't want to get a nasty surprise after January 2019 that my payments are due to keep going until August. It's just I don't have a clear end date in any of my paperwork. I'm hoping some of the experts here can help clarify this for me. Any help is greatly appreciated.
20/05/2017 4:00 pm
Hi,
This is the date which the Trustee expects to fully complete your Trust Deed and apply for their discharge.
You should be discharged shortly after making your last payment in January 2019 then the Trustee should begin the closure of your case and distribute the remaining funds they have to creditors.
Give your Trustee a call to confirm this but this is more than likely what it will be.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
20/05/2017 6:10 pm
Thanks David. Just wanted to make sure my calculations were right. Like the name says I can't wait to be free of this debt. I was really scared going in to this but it has (touch wood) been the best thing I could have possibly done for myself. I used to become almost paralysed with fear over my debts. Anyone wondering if this may be the way forward for you then take my advice. Speak to an expert like David sooner rather than later. The sooner you take control the better and it really is amazing how quickly the time passes.
Topic starter
20/05/2017 6:12 pm
David can I ask, after my 48 payment are made, if I had a family member willing to pay the equity, can this be made as a lump sum, or do I have to pay it monthly as an extension to the TD?
22/05/2017 9:06 am
Hi iwant2bfree.
I think you'll find that your trustee will be absolutely delighted to receive this lump sum payment in lieu of equity from a third party.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
22/05/2017 9:48 am
Hi iwant2befree,
Like TDA has advised if a third party is able and willing to pay your equity in a lump sum then the Trustee will be happy to accept this. This means that at the end of your 4 years the Trustee can provide you with your discharge quicker.
Your right about reaching out for help and advice when the debt becomes too much and for most people they are surprised at how quickly the times does pass. Sometimes I’m surprised at how quickly the time passes when I’m on the phone to someone I met a couple of years ago telling them they are now debt free and that’s their plan completed.
If you do want to arrange for a family member to pay off your equity then speak with your Trustee and ensure that you receive confirmation in writing that at the end of your payments you will be discharged.
David is not currently posting in the Trust-Deed.co.uk forum
