While dicussiong my concern around falling behind with my payments to my close friend, he kindly offered to pay the shortfall over two / months. (Its four thousand pounds) and he is happy for me to pay back when i can. Firstly i am anxious about doing this at all but i wanted to know if the trustees would allow this? Would this be deemed additional income or suffice in catching up with payments?
Hi silveline
I don't see how this would be a problem.
If you can show the Trustee the source of the funds are third party funds, then it shouldn't be an issue.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Well i would propose the third party pay them stright into the TD account rather than giving them to me for me to pay? What other proof would be required?
Also assuming this is done then i pay the remaining balance of by deed upto July then am i free from it or is there a final review where i may be asked to pay more? The reason i ask is the finders fees i was talking about yesterday are only payable once the person that i "found" has worked with the company for 12 months (meaning you cant get someone a job get paid your finders fee and they leave after a month.)
I think this is something only your trustee can advise unfortunately, as the final decision would lie with them.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi silverline.
There might be a review of whether more is due from your income this year in addition to the arrears and remaining contributions.
It might therefore depend a bit on when this extra income is paid to you.
Why is it so murcky!!
How much are the fees likely to be? I may just try clear the original amount plus interest plus fees.
Hi silverline.
The level of fees varies widely from firm to firm and from case to case.
The paperwork that you got at the start of the trust deed will tell you what fee-level you and your creditors agreed to. If you don't have it your trust deed provider should be able to tell you.
Hi silverline
It should be fairly straighforward for your Trustee to provide the total debt, interest on the debts & fees & outlays to allow you to pay in full.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.