What was their reasoning?

Paul

None, just refused point blank to even discuss it. Was told 'we don't do that', said it would cost me well over £10'000 to do it with 9 months at £200 a month left to run :-/

Really disappointing.

Can't really say I am surprised by this. I take it all back to what I said before. Trust deeds are business transactions.

Well what W/A and other trust deed providers need to realise it that if someone is reading this forum before choosing a TD provider they are less likely to choose a provider who is refusing what does not seem like an unreasonable request.

Wilson Andrews, what can I say?

Hi TimeLord.

I'm sorry to hear that your trustee doesn't believe that it's appropriate to allow an early conclusion to your trust deed in this way.

To be fair, there are good arguments in favour and against allowing this to happen. I can see why different trustees have formed a different view.

That must feel unfair. I don't know whether there's any consolation that all trust deeds now will run for a minimum of fours years now with a very small number of exceptions - debts/interest/fees fully paid. This element of trustee discretion has gone.

Hi TimeLord,

Like TDA has advised it comes down to the Trustees discretion and unfortunately your own Trustee isn't prepared to accept the offer. There are pros and cons for this and each Trustee will take their own view regarding it. Now with the change in the legislation it has removed this individual decision from a Trustee to make which will even things up. I realise though that this doesn't help with your own case.

I would try not to get too downbeat about it. Try to focus on making the 9 remaining payments and for the beginning of 2016 you will be debt free and be able to move on with things.

Chin up Timelord - I'm sure he last 9 months will fly by!

Hi TimeLord,

My name is Spencer, I am part of the team at Wilson Andrews.

I am sorry to hear that you are disappointed about not being able to settle your Trust Deed early. Generally this isn't something that we can do unless there are special circumstances ÔÇô for example if you were having to give up work for health reasons.

As Trustee we have to balance a responsibility to recover as much of what you owe for your creditors, with our obligations to you as a client. From a creditor perspective, unless your income is likely to drop over the next few months (as I mentioned above) there is no advantage to them in ending your Trust Deed early. In fact, by doing so they may feel that they are missing out on potential future pay rises, or windfalls that you could potentially get over the period.

Taking this into account, unless there are special circumstances, it is generally our policy to work to the minimum term for which you are required to make payments to a Trust Deed which in your case is 36 months, however as TDA has said this has now risen to 48 months for new cases.

If you'd like to get in touch and you do feel the circumstances warrant it, please drop me an email to (contact details removed) with your Wilson Andrews reference and I will ask the team to review this again for you

I hope this explanation helps.