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Scottish Trust Deed Forum
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Topic starter
07/02/2012 2:10 pm
Hi all, I know this may be a daft question, but as the end of the trust deed draws nearer for both myself and my husband. I was wondering what is the process at the end of a trust deed. Do you need to sign anything meet with anyone? Or is it purely all dealt with by you IP? We only have four payments and although its exciting, I also worry about something cropping up unexpectedly or going wrong. Wondering if anyone else who has made it through to the other side, could impart me with their knowledge and experience.
07/02/2012 2:16 pm
Hi Bampot ( Never thought I'd see that sentence!)
On 3rd anniversary, if all matters are dealt with, the Trustee issues Form 5 to you, your discharge. He then issues form 6 to creditors seeking his own discharge and after 14 days he sends Form 7 to AIB to tie everything up.
Dont let anyone pretend its more difficult than that.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
07/02/2012 2:26 pm
Thanks Mark, that seems pretty straight forward. However, not that I am in anyway cynical or negative minded. But, by all matters do you mean paid the full amount previously agreed or are they able to come back and say...actually we require you to pay more. We are fully paid up to date. Obviously I posted the issue I thought I may have with the car, though that seems like it may be ok. We also have £5000 to pay to protect our house equity. Which a family member is going to pay. Other than that, can they ask for anything else?
Thanks
07/02/2012 2:57 pm
Hi Bampot.
Not that I can see unless they discover something that you hadn't reported to them, for example an increase in income or a windfall of some type.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/02/2012 3:01 pm
Hi Bampot
Trust Deed Assistant is correct. If they have ingathered all that was agreed at the start and there are no new assets discovered etc, then it should be pretty smooth.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
07/02/2012 3:21 pm
I'm not sure if it's to be thankful for or not, but there isn't anything like that. But how would they know? Are you required to hand review info again? I know it sounds minor, but I feel if I'm armed with the correct information then it's not such a scary process. Funny, when you start this process you never really think of getting to the end. So it doesn't occur to mind to ask these questions at the time. I will phone my IP closer to the finish, to clarify all I need to do.
07/02/2012 3:59 pm
Bampot - I suggest you are worrying unnecessarily! Your IP will do what is needed and let you know when you are discharged - be patient!
