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Scottish Trust Deed Forum
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Topic starter
01/12/2013 9:33 am
I only have 6 payments left on my trust deed. My wife wants to give me the money to pay it off. can I do this?
01/12/2013 11:05 am
From what I have read on here in the past, the answer is "probably".
Really depends on your IP and if they think you are likely to benefit from any kind of windfall in that final period or not.
No harm in making them the offer though.
Topic starter
01/12/2013 11:36 am
okay, thanks, I guess there in no harm in asking
01/12/2013 12:50 pm
Welcome the the forum stephenjc56.
Jinty has explained this well. There are arguments for and against allowing this type of early settlement to go ahead.
Put the offer to your trustee. There's nothing to lose and some will consider it positively.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/12/2013 12:53 pm
Thanks...when you say make them an offer, should the offer be x6 of my current monthly payments or are you saying offer a bit more ?
01/12/2013 1:22 pm
There's no right or wrong answer to that I'm afraid.
Some trustees might want the remaining payments, others might only allow you to settle early if you repaid the full amount of your debts plus interest and fees.
Offering the remaining payments would be a common starting point.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
10/12/2013 4:23 pm
Hi stephenjc56,
How did you get on with a proposal to your Trustee, did they accept it?
David is not currently posting in the Trust-Deed.co.uk forum
10/12/2013 10:40 pm
It could take 6 months to sort out anyway so not sure there's any benefit to it.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
