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Scottish Trust Deed Forum
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Topic starter
31/03/2009 1:55 pm
HI
Have protected trust deed running started five months ago, ip provider says will take five years to clear.
If i have an increase in income would it be possible to increase monthly payments and clear trust deed sooner. [?]
31/03/2009 9:53 pm
Hi pedro57,
Should be possible. A trust deed would normally last for only 3 years so presumably yours is over 5 years because the contributions you were able to pay were too low for your creditors to agree to the TD over the normal period. If you are able to afford more then I think it would be reasonable to ask that the term of your trust deed be reduced accordingly. However, it would be up to your trustee, who may wish to run it past your creditors.
Hope this helps. Good luck.
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