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Topic starter
25/11/2014 4:49 pm
Hi all,
I am new to the forum and looking for some advice, I have looked through some previous comments and can see that even though the trust deed can be hard it is a godsend.
My query at the moment is, my husband and I had to take out a trust deed each, included within the debt was a join loan that has been added to each of our trust deeds. If I request a statement from my adviser for both trust deeds how can they tell when it will be cleared if they have the joint loan on both accounts if that makes sense, I'm just worried we will be paying back double the amount.
25/11/2014 5:57 pm
Hello LBarrie82 and welcome.
You are correct that a joint debt will be presented with the full balance for each of you in your trust deeds.
Most debts aren't fully repaid by trust deeds, so this is probably a non-issue. The arrangement simply ends when your obligations are complete.
Your trustee should have systems to prevent overpayment on the relatively uncommon occasions when debts are repaid in full.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
25/11/2014 6:13 pm
Thanks, I think I am just at the stage where I keep thinking my trust deed is never going to end.
26/11/2014 9:29 am
Hi LBarrie82,
As TDA has advised, joint debt is included into each Trust Deed as legally each individual is responsible for the full debt balance but that doesn't mean that you end up paying double. You only make your agreed monthly payments for the period and the remaining balance is then written off.
How long did you enter into your Trust Deeds for and has anything happened that is making you feel like it will never end?
Often people can feel like there is no light at the end of the tunnel but there are a lot of positive stories on the forum which you can reach an this may give you the reassurance and confidence to reach the end and become debt free. If it was a 3 year Trust Deed you signed up to then focus on getting the first 12 payments/fist year finished then think to yourself that you only have 24 payments left or 2 years. Once you complete the second year then all you will have is 12 payments/1 year left to achieving your goal of becoming debt free. Sometimes thinking about things in terms of years can seem quite daunting but if you break it down into individual payments and tick them off it can help. Everyone has a different way of looking at things.
David is not currently posting in the Trust-Deed.co.uk forum
01/12/2014 4:11 pm
Hi LBarrie82
I know it seems neverending, but honestly - the end will be here before you know it! I have 2 payments left of my TD and have used a 36 month chart to cross off each payment. It is so satisfying to see a big PAID in each box with only two empty ones remaining.
Keep checking in with this site even if you don't post anything. It is so reassuring to know you're not alone and if you have any questions ask away - there is always someone who will know the answer.
Good luck and chin up.
worriedme
