Welcome to the forum smith8360.

Have your circumstances changed since the time you went into the Trust Deed? Have you made additional payments because your income has gone up for example?

The reason we have been able to pay back more is due to overtime at work and other bits and bobs.

Hi smith8360. I think you should be congratulated for managing to pay so much towards your debts so far, but I'm afraid you will still probably have to continue with your contributions for the full 3 years.

The amount of the contribution agreed at the start is not fixed in stone and the trustee is meant to request more from you if your income turns out to be higher than expected.

A trust deed can finish early, but usually only if a lump sum is paid in by a third party to cover any remaining contributions that would have become due. However, this is not the same thing as you yourself paying extra because of improved circumstances.

Folks,

cheers for the advice! It was kinda wishful thinking and thanks for the congratulations, I think! 🙂

We do have an agreement with our IP that we pay 2/3 of anything above our basic earnings/allowance plus 2 x ?ú200 pm. Just wished I'd realised what we'd be earning afore taking the TD. Hey ho!!

Thanks smith8360, it's very useful to know how different IPs are approaching this issue.

Roll on the end of your final year - I'm sure it'll fly by!

Just to expand a wee bit on my last post:

We each pay ?ú200 pm and, on a quarterly basis, we forward our payslips to our IP who then requests 2/3 of anything we have earned above and beyond our allowance (inclusive of the monthly payments). This is then paid to them on a quarterly basis.

One more quick question though, once we have paid back the ?ú36,000 (which at this rate will be before the 36 month period is up), can we be discharged from the TD, or do we still have to make payments for the full period?

Cheers for the previous, quick responses and good advice!! Wished I'd known about this site afore proceeding with the TD!!

Sorry to be the voice of doom again smith8360, but in order to be discharged early, you would need to have repaid the ?ú36k you owed at the start PLUS interest that would have accrued since the start of the TD PLUS the costs of the administration of the trust deed. I'm afraid that this extra cost is likely to run to several thousand pounds, so you probably will be paying for the full 36 months after all.

Unfortunately a trust deed can turn out to be an expensive option for anyone who finds they are able to repay their debts in full within the 3 years. Still, the upside is that at least it has meant that you have been able to get your debts sorted out without regular harrassment from creditors and threats of legal action etc hanging over you.

Oh well, never mind!

Once again, cheers for the quick response and advice!!