Hi nells99

I don't see why not. If the Trustee acts for the creditors, then they would receive their money earlier.

Mark

Hi Mark

As i have 9 month left, would it be i.e. 9 monthly payments and would i have to pay the trustee any fees ?.

Need some advice before i make the call to the trustee.

thanks

That might be a reasonable offer to make nells99.

We've generally heard that trust deed firms have been willing to end trust deeds early on this kind of basis. However, we have also heard a couple of times that certain firms will not allow this to happen.

Hopefully your trustee will be supportive.

TDA

this is my biggest fear that my trustee will not allow this to happen. My husband previously helped me out and acted as a 3rd party to cover a bonus payment i recieved, however to get out of the TD its another member of my family who will be acting as 3rd party, is this possible?

Hope this makes sense 🙂

thanks

Hi nells

I don't think this should be a problem. You should only pay what was agreed at the start ie 36 x contribution.

Mark

Thank you mark

My Trustee would not let me out of mine early. No discussion about amount or expenses or anything. I was told I had to continue, and that he would need to treat the money as additional income and put it to the money owed. It did not make sense to me at the time, but I genuinely thought it was a 'form of punishment' that we had to stay in it for 3 years irrespective of anything, to teach me/us a lesson.

firewalker

this is my fear, just had a nice letter to say i will need to surrender my car or extend my td a further 13 month [:(!],

this TD seems never ending, every time i see a letter from them it sends me into a depression, dont know how much more i can take

Nells

I do feel for you nells99 - it really shouldn't be like this. If the basis of the trust deed was fully explained right at the start - before signing - then you would know exactly what to expect in terms of assets such as a car. Unfortunately it seems that not all firms are willing/able to pay people this courtesy.

hi kevin

thank you for your reply

i was so desperate at the time of signing, however i always remember my gut instinct telling me not to sign, if only i knew then what i know now,

My TD comes to end i hope next june, so i dont understand why they have valued my car just now and want me to make a decision now and no way will i under any circumstances extend this TD, however if the trustee done a valuation in 5-6 month the car would be of less value therefore i could be in a better position to make a decision.

i dont understand why they need an answer now, i feel so pressurised 🙁

my other fear is if i were to extend the TD to keep my car, will the trustee still want proof of my yearly outgoings for a futher 13 month or will it be extended to just pay the value of the car and nothing else ?,This is were i could scream having to justify my way of life,outgoings and eveything else!!!!!

Nells

Hi nells99.

There is some sense in handling things like this a few months before a trust deed ends. Leaving it until right at the end makes it likely that there will be discharge delays and/or nasty surprises when you'd thought you were done.

The extension would be to pay for the equity in the car, but you would be expected to pay it as quickly as you could reasonably afford to. That might mean going through your income and expenditure again. Of course, in this scenario paying more would get you finished sooner.

Hi TDA

the letter states what ive to pay over the 13 month so they have already assumed what i can afford. i understand them wanting to do things a few month before but not 8 month surely? can i do my own valuation on the car ? as i think what they have valued it at is a bit high.

I apologise to anyone who reads my posts as i have nothing positive to say about being in a TD, i have never been so tired, depressed, stressed etc :((((

Nells

Hi nells99.

If you dispute the valuation getting your own done could certainly give you something to negotiate with.