There's a post here : https://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=959

which talks about Bonuses / winfalls ... unfortunately it looks as it a big chunk of it will go to the Trustee

Hello kowalski and welcome.

It's unfortunate that you weren't aware of the effect that signing a trust deed would have on your ex.

In reality it isn't really the case that your ex could pay half and then walk away from the debt. Unless he has some kind of formal agreement with Northern Rock saying otherwise he still owed the remainder of the debt before you signed the trust deed just as he did after you signed the trust deed.

Therefore it's not really the case that you owe his dad this money, though if you choose to pay it to him that's obviously a matter for you. I can understand why you would want to.

The £5000 of back pay will not go to trust deed fees. It will be paid into the general funds which will enable more than expected to be returned to your creditors.

You'll need to speak to your trustee about what will happen with extra earnings. They may allow you to keep a percentage to incentivise you, while taking a percentage to further assist in more of what is owed to your creditors being paid back.

I'm afraid that's very unlikely to reduce the agreed term of the arrangement, but I suppose there's no harm in asking your trustee.

Thanks. I actually didn't think i'd see any of it. Have to wait for a phonecall from them tomorrow. Things will be clearer then hopefully.

What percentage of the total debt was with NRAM and did your partners Dad pay this in full? If so do you know the balance of the remaining debts.

Mark

erm sorry i'm rubbish with numbers evidently, but the full NRAM amount was £9000 and he paid £6000 (they agreed to getting the other £3000 via me and TD). My other debts amount to approx £6000. Estimated fee's for trustee are £4900 according to my paperwork. I'm repaying £309 x 37 -this started in November last year.

36p in the pound is what i'm paying back to creditors

Thanks. I was thinking if the NRAM debt had been paid in full, then the Trust Deed could have been brought to an earlier conclusion with full payment.

Mark

if the term with be staying the same as with the amount i pay, then after 37 months i would've paid £11,433 in total, which with fees being added on top is £3215 short of the full amount debt plus fee's on top (£14,648). Could that mean they'll take the £3215 and leave the rest? Or am i being overly optimistic?

Probably optimistic! I doubt they will look for the full amount though as its still classed as income.

It wouldn't be unreasonable to suggest debts paid in full plus interest @ 8% and trustees fees to date.

Mark

Just been told they're taking the whole lot and "maybe" shortening the term. Surely there can be no maybe about it? £5000's a big chunk of £9000. I'm going to be left hanging over the weekend before i get any more details.

Hi kowalski.

As Mark mentioned in his last post £9000 isn't the relevant figure here.

I hope you get good news next week though.