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Scottish Trust Deed Forum
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Topic starter
25/02/2016 2:33 pm
Hi,
I was discharged from my TD early by the trustee due me not keeping up repayments due to losing my job. I've paid £2316 into the TD when I was discharged.
What happens with that money, does it go to my creditors?
Thanks
Raymond
25/02/2016 2:38 pm
Welcome to the forum raykno.
I'm sorry to hear that you lost your job and your trust deed wasn't completed.
The money paid in will be used first to cover the fees of your trustee for the work they've done on the case.
Any surplus would go to your creditors, but it doesn't look likely that there would be much left over I'm afraid.
Your ex-trustee should be able to give you the precise figures.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
26/02/2016 8:55 am
Hi raykno,
As TDA has advised the likelihood is that you will have lost this money in administration costs.
A Trustee charges a fee to complete the work required to deal with the administration of your Trust Deed.
I would think it unlikely that any of those funds would have went to your creditors.
What are you now doing to try and deal with your debts? Are you back working again? You still have a number of options to help you deal with your debts. This could be a 2nd Trust Deed, Sequestration or a Debt Arrangement Scheme.
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