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Scottish Trust Deed Forum
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Topic starter
13/07/2018 8:53 am
Hi, can anybody give me advice ? I recently posted about getting car finance, I have shopped about and been quoted astronomical interest rates. A family member has offered to pay the outstanding on my IVA but I am unsure if this would be possible ? any advice would be greatly appreciated.
Thanks
13/07/2018 9:04 am
Hi shaunf1983.
I think you mean a trust deed rather than an IVA? If you're in an IVA please let us know because the answer will be different.
To bring a trust deed to an early end the total amount paid into the trust deed (including what you've already paid) will have to add up to the total of:
1 - The full amount owed to your creditors just before the trust deed began.
2 - Interest on those debts.
3 - Your trustee's fees and costs.
This is likely to add up to quite a lot more than you owed just before your trust deed began.
If your family member is prepared to pay what is likely to be a fairly large sum then your trust deed can end early.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
13/07/2018 9:42 am
Hi TDA, Apologies, Yes it is a trust deed, I thought they were two in the same to be honest. Yes that will amount to a lot more than I originally owed. Was hopeful to be released from the deed but looks like I will have to see it out for the remaining time. Thanks for the advice.
