8 year trust deed!!
 
Notifications
Clear all

8 year trust deed!!

2 Posts
2 Users
0 Reactions
1,388 Views
(@easyred)
New Member
Joined: 13 years ago
Posts: 2
Topic starter  

Hi I thought my trust deed was finished last month (5 years I've been in it) when my trustee told me I had another £5000ish to pay & I would have to extend it again for another 3 years!!!!

To be fair I couldn't pay it for 1 of the 5 years but after reading these forums it seem most trust deeds are for only 3 years?

I owed about 30-40k in unsecured debts & had 20k equity in my home... so am I right in thinking I need to pay back 20k???? that's what my trustee said.

My payment is £150 a month but as you can imagine it does feel like 'FOREVER' that I am paying this!!

Any advice would be grateful


   
Quote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the trust deed forum easyred.

The first question relates to what you agreed to at the start of your trust deed? Most trust deeds are for three years, but there are circumstances in which they'll be set up for longer in order for them to be viable.

The second consideration relates to extensions due to reduced or non-payment during the expected term of the trust deed. In certain circumstances it will be considered to be reasonable for the term to be extended to make sure creditors get what they agreed to at the start.

The third part of this is the equity in your home. When you signed your trust deed this asset vested in your Trustee and they became duty-bound to collect it for the benefit of your creditors.

Has your Trustee given you quite a long time to pay this £20000 over?

Have you been provided with an estimate as to when your trust deed will be finished?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
Share: