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Scottish Trust Deed Forum
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Topic starter
15/10/2013 10:20 pm
I have noticed a few mentions in various posts of the impending chenge from 3 years to 4 years for the standard term of a PTD. Please can you clarify where this appears in AIB or Scottish Parliament published information ? All I can find mentioned is the proposal to :
"Make a trust deed ineligible to be protected if the debtor's total debts can be repaid, in full, within a 48 month period" (From AIB website news)
I can't see how this transpires to extending the term to 4 years? Does it not mean if the debtor can repay all their debts within this period then the Trust Deed would not be allowed ? Maybe I am interpreting it wrong? Or is it stated elsewhere.
Confused and would like some direction please, as it's a faily major point regarding PTD.
Many thanks.
Topic starter
15/10/2013 10:41 pm
Ooops ! Just found the clarification myself , within the actual draft legislation...
Section 8. (2)a !!
(Funny how this was not included in "the general notes" issued by the relevant authorities though..! Thanks to the Forum experts for keeping us informed again , cheers !)
"Payment of debtor's contribution
8. (1) Where this regulation applies, the trust deed must state that the debtor must, during the payment period, pay the debtor's contribution from income at regular intervals.
(2) The payment period isÔÇö
(a)a minimum period of 48 months beginning with the date on which the trust deed was granted;
(b)such shorter period as is determined by the trustee; or
(c)such longer period as isÔÇö
(i)determined by the trustee where there is a period during which the debtor did not pay the debtor's contribution; or
(ii)agreed by the debtor and the trustee.
16/10/2013 9:43 am
Glad I got sorted when I did although our td ran for 42 months anyways.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
