Hi Hf1998 and welcome.

I can't give you the answer that you want to hear I'm afraid. The trust deed is legally binding on you, your creditors, and your trustee.

What were your circumstances when you entered the trust deed?

What's causing you concern now?

If I had waited a couple months instead of signing into this things would have worked out, my circumstances have changed I can now deal with my debt on my own. I just really want to know how I'd go about coming out of trust deed?

I'm afraid there is no straightforward way to do that Hf1998. The trust deed is inherently somewhat flexible if your circumstances improve or worsen, so there's no built-in mechanism for you to decide to abandon it if your circumstances change.

You could choose to refuse to make your payments, but that could have very unwelcome consequences such as being made bankrupt or having your wages arrested.

Thanks for replying. What about paying off the debts is that possible? Or if I pay extra every month will the debt be cleared quicker?

Hi Hf1998.

You'll be expected to pay as much as you can reasonably afford each month into your trust deed. If your circumstances have improved then your monthly payment is likely to be increased.

The only way to exit the trust deed before the four years is up will be if the total amount paid into your trust deed equals the total of the following:

1 - The total debt owed to your creditors at the start
2 - Some interest on these debts
3 - The fees and other costs of your trustee

This is likely to add up to a fair bit more than the amount you owed at the start I'm afraid.

Thanks for replying. What about paying off the debts is that possible? Or if I pay extra every month will the debt be cleared quicker?

You cannot pay the debts directly. The payments can only go to your trust deed.

Paying more may help you to get an early exit form your trust deed, but only if the total amount you have paid altogether reaches the level I mentioned in my last post.

If I stay in the trust deed and pay an increased amount monthly how does that work do I just pay back the total amount of debt I entered the trust deed with?

I think I've answered this two posts ago on this thread Hf1998.

Have a read of that again - as you'll see there, to finish your trust deed early you may have to pay a fair amount more than was owed at the start of your trust deed.

Sorry I read the post wrong think I know what u mean now. I would pay the £23000, plus interest & fees?

Yes Hf1998.

If you paid all of that before the usual four year term ended then you could be discharged early.

Hi hf1998,

Sorry to hear that you feel like a Trust Deed is no longer a suitable option for you. As TDA has already clarified it’s very difficult to come back out of a Trust Deed one it is signed and can only be done with the agreement of your Trustee.

What has changed since you singed the Trust Deed to make you feel like this?

Also, can I ask how much your payment is per month to your Trust Deed and if you have any assets?

To exit the Trust Deed early you would need to pay £23,000 (if that’s your total debt) plus interest at 8% per annum and then the administration costs of your Trustee.

If I cleared the debt, paid trustee fees plus interest I could come out of trust deed?

Your trustee would be able to discharge you once all of that had been paid over Hf1998.