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Topic starter
21/12/2015 8:38 pm
Hey all,
Not posted for a while but continue to read regularly what others have been experiencing etc.
My wife and myself took out our TD's with RMS in March 2013. My TD was for 42 months and my wife's for 36. We received written conformation there was no interest in our house due to their being no equity shortly after our first payments. Both TD's became protected within 3 months and have ran efficiently since.
Since that time our PTD's were switched to Apex when RMS closed up shop. The switch took a while but then seemed to run smoothly.
My wife fell pregnant during this time and while she was off on Mat leave there was an agreement to stop payment for three months of her contributions and instead extend her PTD by 3 months at the end. My PTD was unaffected and continued as normal.
We are due our third review in March which is fine and I have started prepping the expenditure information to ensure it's ready to go when requested.
My question actual sits at the end of the full process. My wife's lat payment is due in May and I am due my last payment in August.
Do we simply stop the Standing Order's after our last payment or do we keep it in place until Apex ask it to stop?
Do we complete another review at the end of the PTD's as with the different end dates our expenditures will mean there will be a surplus by the time I reach my end date (my wife's previous contributions to her PTD will then be free cash as her PTD ends 3 months before mine).
As RMS confirmed their was no interest in our house in writing does the switching to Apex affect this agreement or will I have to look at the equity in our house anew with Apex (if there is any?)
Love to get the feedback from others reaching the end and what their experience was with Apex or other providers along with the Expert teams thoughts on what to expect (apart for the FROM 5's!!!!)
Colski
Half way already!
21/12/2015 11:18 pm
Hi colski. I hope all is good with you?
If it were me, I'd make a quick call to my trustee to confirm all obligations have been met before cancelling the standing order.
The end of your wife's trust deed should make no difference to your contribution which is assessed on your personal disposable income - not your joint disposable income.
I can't imagine that any legitimate arrangements regarding your home will be amended by this change of firms, but again it's best to verify that with your trustee directly. It's hard to see why anything might have changed though.
By the way, I can't believe how quickly that time has gone! I hope it's gone as quickly for you?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
22/12/2015 8:55 am
Hi colski,
TDA has pretty much summed up what you should do as you approach the end. Give your Trustee a call and ask them to confirm you can cancel your standing order after your final payments in May and August.
You also shouldn't need to complete a final review of your income and expenditure at the end either. As TDA has advised your wife's contribution stopping should have no impact on yours increasing as that is her surplus funds and nothing to do with your Trust Deed.
The agreement that you made with RSM Tenon regarding your equity should be the same one the Apex sticks to but again, just confirm this with your Trustee.
All in all, it should work on the basis that a quick call to your Trustee to confirm final payment, no change to your agreement regarding your property and upon final payment within 4-6 weeks you should receive your discharge.
This time next year you will both be debt free and discharged from your Trust Deeds!
David is not currently posting in the Trust-Deed.co.uk forum
22/12/2015 1:54 pm
Hi Colski
Great to hear from you - time certainly does fly! Glad to hear everything seems to have run pretty smoothly for you and your wife.
Have a great 2016 (I'm sure you will!)
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
