Yes it is possible. contact your IP directly to put the offer forward.

Paul

Hi mazda 5.

This can and does happen, though the circumstances involved in each case would need to be looked at.

It might be best to raise the matter with Mark and his team directly if this has become a possibility for you.

Many thanks plasticdaft for your reply. Thanks TDA i will try and phone Mark on Monday.[:)]

hi

yes it can be possible, but as already said, every case is taken on it's own merits. Only Mark can answer this for you.

Hi,
I havw a trust deed with KPMG. I was in a similar situation and had a relative who offered to pay off my trust deed early. I contacted KPMG and they told me this was possible however it would revert back to full amount, plus interest plus fees.
They were adamant it was not possible to just pay back the number of remaining installments as a lump dum final payment.
Are they wrong and should I seek legal advice.
Many thanks

Welcome to the trust deed forum Harry.

There is scope for a Trustee to exercise discretion in this area. I'm not sure it's a case of right and wrong, or whether money spent on legal advice would turn out to be well spent either.

There is the obvious benefit to creditors of getting their money sooner. However, they may lose out on some potential for someone to come into a windfall if the trust deed did not run for the full expected term.

Hi mazda 5,
I seem to remember reading on another forum, that some IPs will take the money from you and tell you that is over, but as the trust deed will be completed only once all "the final admin" is done, there could still be intentional delay by admin to coincide with the end of three years. But I would imagine recommended companies in this site, if your early discharge is agreed, will work towards a speedy completion. Good luck and let us know how you get on.

Hello mikeecho.

That may have happened to someone, but I fail to see what possible benefit it would bring to the Trustee though.

Not a widespread issue that we have heard about here before.

Hi mikeecho

I have spoken with mazda5 and see no reason why both cases cant be closed within 4 weeks of payment.

The usual IP firm's excuse is that they do not have all of the creditors claims in yet, which is amazing when they have up to 3 years to do this. Fortunately we have a department who chase the claims from day one. All of mazda5's claims are in.

Mark