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Scottish Trust Deed Forum
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Topic starter
12/07/2013 6:54 pm
Hi, I talked to my trust deed company in February this year to enquire about my mum paying my trust deed early. I was told at the time that this would be possible, however, the amount my mum was able to pay was slightly less than the remaining balance. The balance is now reduced to the amount my mum can afford and she contacted my trustee to arrange payment today. However, she was told that this wouldn't now be possible as "things have changed". Can you tell me if this is indeed the case ? I really want to put the whole business behind me and move on but I feel I can't until this is paid.
12/07/2013 11:41 pm
Welcome to the forum norfolk.
I assume by the balance you mean the monthly payment times the number of months remaining?
It seems odd that the position has changed, but there's no right to an early discharge in such circumstances, its at the discretion of the trustee.
There are arguments for and against allowing it, so its really for you to make a convincing case to your trustee that this is the best option for your creditors.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
13/07/2013 4:44 pm
Hi
Yes by balance I ment the monthly payments times by the remaining term. When my mum phoned at first she was told this wouldn't be a problem and they would send the paper work out in the post. However, they called back the next day and said it wouldn't now be possible. I am a bit confused as I also have an email from February that also said it would be ok.
How should I put the case to them again?
14/07/2013 8:12 am
Hi norfolk.
For example, either now or in the future, you could offer a little more than your expected remaining contributions.
When a trust deed is settled early the creditors lose the chance to benefit from any windfalls that might come your way during the remaining term. Offering a bit extra might help to compensate them for that.
Or you could simply ask your trustee to explain their current position and then respond accordingly.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
