Hi poprey.

Speak with your trust deed provider. I think you'll find that some (possibly even all - though hopefully not) of any overtime you earn will already be due to your trust deed.

That means you could not necessarily expect any reduction in your term.

Having said that, there's no harm in asking.

Ok thanks, so there is probably no point in working my socks of to try and make a difference, overtime is not guaranteed

Hi poprey

Unforetunately I don't think it will work like this. if you work overtime, your trustee will seek a portion of this. I know a number of firms allow you to keep 10% of your net monthly income and will seek 50% of any balance. ie If you earn £1000 per month and your net overtime is £150, then they will allow you to keep the 1st £100 and seek 50% of the balance (£50/2 = £25)

But it's always best to check this first with your trustee to be on the safe side.

Mark

Thanks for your reply, as I said there is no point working my socks off to try and get out of this early, let's try a different angle, if a family member agreed to pay the same as I am paying each month, would this make a difference

I don't think there would ever be an ocassion where they would seek the full amount, however as you say it's maybe pointless if you're looking to settle early. However this is something only your trustee can confirm unfortunately and even if they accept the payment, there's no guarantee that they will discharge you early as this appears to have happened with others on the forum.

Let us know how you get on once you have discussed matters.

Mark

Will do Mark thank you, I read on this forum about people settling early how do they go about it

Hi poprey.

Firstly, it's only going to be possible for those that signed trust deeds prior to November 28th 2013. From this date onwards a minimum term of four years applies (unless someone fully repays their debts, interest on the debts and the trust deed fees).

Secondly, you'll need to offer funds that aren't already due to the trust deed. For example, overtime or a bonus is probably already due to a trust deed (at least in part). Another example, part of a redundancy payment is often also already due to a trust deed. Funds from a third party that aren't already due are the most common source of achieving an early settlement - a relative offering to pay up the remaining contributions for example.

Thirdly, you'll need a trustee who is willing to allow you an early end to your trust deed. We know from experience here that some will, some will accept a settlement but will not discharge you until the date envisaged at the start, and that some are simply minded not to accept such settlements unless they involve the full repayment of creditors. It's pot luck in this respect - you have no general right to settle a trust deed early - it's just whether you can negotiate something with your trustee.

Thanks TDA just getting fed up being in this and need a way my out, surely we shouldn't feel this way it's supposed to be a relief And easy payments but the more I read these forums the more anxious I get, plus the fact I thought PTD is exclusive to Scotland yet the firm I deal with is in Manchester

Hi poprey.

I suspect the way that each person feels about being in a trust deed is very personal and unique to them.

I'm not sure that the payments are meant to be easy. They're meant to be fair to all parties by being manageable for the debtor while involving controls on spending to ensure that the creditors receive a reasonable amount. I think sometimes a good balance is found and sometimes it isn't. I also think some people adapt better than others to living on a restricted budget. As before - a personal and unique situation for each individual.

Protected trust deeds are only available to residents of Scotland. However they're set up by insolvency practitioners who often practice on both sides of the border. If correctly skilled and authorised a Scottish IP could set up an IVA in England - likewise IPs largely based in England can position themselves to set up trust deeds.

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.

Thanks firewalled, what is the normal process at the end, meaning to be discharged

The experts can advise you better I think Poprey.

I called the TD office to check that the last payment had been made and I stopped the Direct Debit / Standing Order. I then waited for the Form 5 to arrive and followed up when it did not arrive.

From what I have read on here, the Form 5 should be issued to you within a few weeks.

That form 5 is notified to the AIB who register the discharge and it shows on the AIB website. In turn, I believe they update the Credit Reference files.

When the Trustee has concluded his business, he issues Form 6 (and you are also notified) to say he is discharged. The AIB also adds that to your file on the Insolvency Register.

Then there appears to be a gap and you may have to do some work yourself to get your credit files corrected to reflect the correct default date - but there is no rush for that. Files should eventually show Satisfied or Partially Satisfied with the date of the signing of the trust deed or within a few weeks of that.

Eventually, six years from the Trust Deed Date / default dates it will disappear from your credit file, so you have 2 or 3 years after Trust Deed ends to have those resolved.

Your record in the AIB Insolvency Register is removed one year after Trustee Discharge.

If your name was registered with the Gazette (depending on date of your TD), it is removed from google links after 4 years and 11 months.

Hope that is clear and it helps.

Experts and TDA will no doubt expand or correct me if I have got anything wrong.

Thank you, don't know what the form 5 or for 6 is,just wondering if anyone has had bad experiences with being discharged, for eg been refused discharge and for what reason, I am not convinced yet that some interest gets written of, next question can I actually view where I am in my PTD on a website, to see what I have paid in etc

Hi Poprey. Form 5 is official confirmation that you are released from the Trust Deed and it's obligations i.e. you aren't due to pay any more money in. Form 6 does the same for your Trustee.

Provided you have paid all your contributions and handed over any windfalls that can happen in that time, then that is pretty much it.

Only scenario where the interest isn't written off, is if you come into a windfall during your Trust Deed that will cover;

1. The orginal sum owed (before interest was added).
2. Interest on (1) IF there is enough to do so.
3. Your Trustee's costs.