Hi upnorth6

The closing process will begin when the amount agreed at the start has been paid in full ie 36 payments x ?ú276. If this payment was reduced, the period will be extended to recover any shortfall.

Mark

Thanks Mark..

A bit concerned by this, my trustee has never mentioned this at all since the lower payments started, and they never mentioned it since.
I think i will have to contact them and have a few words.

Thanks again

I was in the same boat and had to reduce payments but i was advised as i proved through loss of income (four day week) and my creditors were receiving a dividend that my TD will finsih with my last payment in April....and there will be no extension? I had this confirmed to me last week

Hi tinsoldier

Thats an interesting post as I spoke with one of the Insolvency monitors from ICAS who guide Trustees in Scotland who advised that the only route for a Trust Deed where the proposal had not been met was sequestration, alternatively an extension to fulfill the proposal.

Mark

Only passing on what i was told by my TD company - would they lie to me?

Hopefully not!

Hi tinsoldier

Hopefully not and hope they confirmed it in writing.

I did argue that the Trust Deed was a creditor driven process and they would/should have the final say, but was told the process was as stated.

Mark

Mark

The TD rep told me as it was a divident the creditors were receiving it would be ok - i know nothing about the mechanics of a TD though but i haven't had anything in writing but she advised me to cancel my standing order after April payment then they would get verything wrapped up and write to me then?

Hi tinsoldier

If it was me, I'd get them to confirm it in writing to avoid any confusion in April.

Mark

Mark

I have an email from the to that effect (last payment is April)

Hi tinsoldier.

I'd suggest you look after that email very carefully.

Hopefully everything will work out exactly as you have been informed and you can move on from the trust deed as hoped in a couple of months time.

I don't understand this at all.....are you guys saying this can't be the case?? As i say this was a practice manager who advised me this, and i have it in writing.

It seems to contradict what usually happens tinsoldier and also the guidance that Mark mentioned. We may be missing something in the detail of your case however of which your trust deed contact is aware.

Of course none of this is of concern to you at all provided that what you have been promised is followed through and I really hope that it is.

As i say i lost 20% of my salary and bills increased quite a bit at same time....i'm sure this company (pretty big Glasgow one) have experienced this before?

I have emailed my trustee today and she confirmed when my 36 contributions have been paid close proceedings shall begin. She also confirms in email that closing proceedings will take approx. 2-4 months. So i am assuming all is okay as the lower payment was acceptable and i will be clear at end of October.