It's good to hear from you again Scotslad.

Just one thing to bear in mind, the trust deed will remain on your credit file for six years from the start whether it is brought to an early end or not. However, you are right that you can start taking more steps to improve your credit rating once you have been discharged.

The answer to your question is that it might very well be allowed that this happens. It is up to your Trustee though.

We have seen plenty of examples here in the past where it has been allowed as creditors benefit from getting their money sooner (and sometimes a bit more if the trust deed fees are reduced due to the shorter than expected term).

So, you're going to need to pick up the phone or fire off an email! Please let us know how you get on.

Will do - thanks for your help.

Hi Scotslad

Yes, I don't see a problem. Creditors get paid early, fee is less and dividend is higher.

Everyone wins.

Mark

Hi Scotslad

Most Tustees would be quite happy with this, so it shouldn't be a problem.

How long does it take to be discharged after the balance is paid off?

Thanks

Hi easyred.

It should only be a few weeks so long as the trust deed firm promptly gets on with the work.

Hi easyred,

You should double check with your trustee regarding this.

I made a lump sum payment at the turn of the year to pay my balance off. Mine has advised that my discharge will take about 8 months as he still has PPI stuff to sort out.

That's a good point from andy.

Probably worth checking first that the lump sum will trigger the closure process given that a few trust deed firms seem to insist on leaving making PPI claims until the last minute.