I forgot to mention that we have paid the fee to have any interest removed in our home so that does not need to be valued at the end of the trust deed.

Welcome to the forum Pip49.

I can understand why you'd feel concerned about this situation given that you've submitted information every time that it has been requested.

Can I please ask whether either of you have received a pay increase outside of the periods when documents have been asked of you?

If that were the case, ideally you'd have let your trustee know at the time. If that didn't happen then it might be that your trustee determines that a contribution increase needs to be applied retrospectively. This, on most occasions, will require an extension to gather in the funds that otherwise would have been due.

You will not be discharged until your trustee considers that you've completed all of your obligations under the trust deed I'm afraid. That would include any extension that might be put in place.

There's no maximum period - just however long it takes to affordably pay over what remains due. If you had this option available to you, a third party could probably pay off that amount in a single lump sum to hasten the end of the trust deed.

Hi thanks for the reply.

There was a pay increase in this time but we notified them of this and this was evident on all information requested and submitted. The issue is that the review wasn't undertaken a year ago despite the info requested being submitted by us. Although I do appreciate that we won't be discharged until more funds are realised I'm angry that if the payments should have been increased this should have been carried out a year ago and as a result we now have to have an extension which affects our ability for obtaining a mortgage in the future. Also the statements sent to creditors confirm the amounts we were paying per month were accurate and that reviews had been carried out.
Do we have any grounds to contest this or complain?
Thanks

Hi Pip49.

I totally understand why you feel frustrated about this. You absolutely have the right to complain if you wish to. Firstly that should be addressed to your trustee. If you remain unhappy after they've dealt with your complaint, you can take it to the regulatory professional body of your trustee to be looked at again.

I'm not sure this will necessarily make any great difference to your ability to get a mortgage. For example, the trust deeds will fall off your credit files at the same time as before - six years after the trust deed began (not ended). I do appreciate that there are other possible issues associated with this though.

Hi Pip49 and welcome to the forum.

The same as TDA, I can understand why you are feeling upset and frustrated about this.

Your obligation is to complete and return the requested information to your Trustee when requested to do so and to keep them up to date with any change in circumstances. It's then up to your Trustee to review this and should an increase in payments be required then this should be done at this point.

If for example your review was carried out in the January and then in February a pay increase was received but you failed to notify the Trustee about this then potentially you could have increased your payment for 10-11 months. In a situation like this I can understand why retrospective action might have been taken.

I would ask if your Trustee has received the complete review forms that you were issued with along with all of your supporting documents. If they have but have simply not reviewed these then I think it's a little unfair to be asked to extend your payments. Also, ask them to confirm in writing on what grounds they feel they can justify an extension if it's your Trustee that hasn't properly carried out a review of your situation.

In a situation like this sometimes it's easier to sit down with the advisor in their office and discuss things to try and find a solution. You could always ask to sit down and go through things.

Please let us know how you get on.

Hi David,

Thank you for the reply and the advice. At the moment a retrospective review is being carried out despite us submitting all information we were asked for over a year ago. When this is complete a final review will take place. The point of contact has assured me that they will try and make the review as favorable as possible as the mistake is theirs and not ours but when I have a response I will be asking for all of the information in writing to go through.
Although the review does not appear to have been carried out all yearly statements have been sent to the creditor and indicates that 6 monthly reviews have taken place (which they haven't) and that the amount we were paying was accurate.
I appreciate that the extension will include the arrears and any other payments such as overtime (although again this was highlighted to the point of contact who said this would be reviewed in the annual review) but anything other than that I will be questioning as I have the letters to creditors indicating that we were paying what we should have been paying.
It's an absolute mess and a nightmare we though we only had arrears to pay off which would only take a month or 2 now its looking like it is going to drag on further!!
Given that the paperwork to the creditors indicate that the payment were accurate, do we have grounds to argue the recoup of any monies other than OT and arrears?
Thanks

It sounds like you certainly have grounds to argue your case. Best wait and see what they actually come back to you with and take it from there.

After quite a lengthy process our relationship manager/trustee have finally got back to us. We do have an extension to fulfill some overtime payments that were paid previously and a change in income. While slightly disappointing that we have some further payments to make before officially being discharged, our relationship manager and trustee have tried to make the best out of a very messy situation and have made it as favorable for us as they possibly could. Looking forward to repaying the outstanding amount and officially being discharged in the near future!

Hi Pip49.

Thanks for letting us know how this turned out.

I'm glad to hear that you've been able to work with your trustee to identify a solution that, it seems at least, you consider to be reasonable.

I hope that the last few months fly by for you.

Hi Pip49,

Thanks for coming back on to share an update on your situation.

From what you say it does sound like the Trustee and Relationship Manager have tried to find a workable solution and perhaps not ideal it will hopefully allow you to work towards an end date and closure.

As TDA has advised hopefully the next couple of months pass quickly for you.