Possibly, but only if your Trust Deed was signed prior to 28 November 2013, and only if your Trustee is willing to do so.

Hi poprey

If you signed after 28 November 2013, then you will be required to complete the full 48 months before being discharged. This is in terms of the Trust Deed regulations.

Mark

Thanks guys my PTD started in October 2012, I have 13 months left from a 42 month period, bit I would like to find out if it will discharge me early before approaching the family member,don't want to ask for money from my family if it won't make any difference, just like a PPI award makes no difference.

Hi poprey

Unfortunately I think only your Trustee will be able to answer this. I don't think there's any harm in asking though.

Mark

Thanks Mark, just hate the fact that am in this, but my own fault I suppose, made 28 payments so far, need to look at ways of finishing it so that I can get back to normal, thanks again

Hi Poprey,

The experts above have already answered your quesstion

Someone on this forum was able to settle 18 months or so early so i decided to try same with my trustee. I offered to settle 3 months early by borrowing £900 from family. I was told if i wanted to settle early i had to pay the whole original debt in full. What a joke considering my trust deed started in May 2012.

It all depends on the trustee really.

Hi Sigario

I do sometimes wonder if they are getting mixed up with the different regulations when I hear responses like this. You should ask in terms of what regulations or guidance the advice to pay everything plus interest etc comes from.

Mark

Thanks for your advise Mark, I have one more payment to make next month and will gladly make it now. I will ask them to clarify the regulations they are using for guidance

No probs sigario

Looking at some of the advice and information people have received over the years, it's sometimes simpler to ask the question and get them to point to the appropriate legislation or guidance. It will either clarify matters or put them in a position where they are unable to back it up.

Mark

Hi Mark,

Success at last, My Trustee just backed it up and has agreed to accept an early settlement when i asked them to clarify the regulation they used for guidance. Will settle a month early today. Pheeeew........if only they agreed 2 months ago.

You Guys are doing a superb job here Mark. Thanks a lot Trust Deed Experts and my comrades in various stages of the process, i learnt a lot from you all

Can I ask who your trust deed was with

Hi sigario

No problem, always glad to help with these things.

Now the hard part is keeping on their back to make sure they follow through. If you know what I mean!

Keep us posted and let us know how you get on.

Mark

I replied this on the other crossover posting also.

Hi Poprey

Just to support the previous comments with my own experience. I had Trust deed in 2009. It caused significant problem at my work (I am trustee of a pension and insurance schemes). I had not even considered that since business and personal are very separate for me.

My company offered to loan me the money to settle early. This was prior to the change in 2013 so it could have been possible. However, my Trustee took the position that he would not agree to that. He believed that it could limit the opportunity to recoup further money if I came into money during the rest of the trust deed - and also he may have to consider if I got the money from the company that it was an additional windfall which he would claim for the Trust Deed.

May not sound fair, and I thought he may have considered the individual circumstances relating to impact on my job, however, there was a logic in what he was saying.

In the end, not only did my trust deed run to conclusion but it was a further year until I was discharged since he would not discharge before PPI claims had been completely cleared up, despite the regulations saying he could discharge me.

So, from my experience, it is very much up to your Trustee. And, if he/she refuses, there is no point wasting emotional energy thinking how unfair it is. It is how it is and you have to accept it. It will end in time. I thought back to the situation when I took out the Trust Deed. While it was a very difficult decision, and a challenge to live with, financially and professionally (I don't think it is intended to be an easy ride), it was infinitely better than the NO alternative (other than Bankruptcy) I had at the time. I kept that in my focus.

Your TD will be finished before you know it. Mine is due to drop off my credit file in August this year. Looking forward it would seem ages away - looking back the time has passed quickly.