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Scottish Trust Deed Forum
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Topic starter
09/04/2019 5:20 pm
My husband and I are both in a trust deed. My husband may be coming into a lump sum, enough to settle his full trust deed early. (we are one year in). On our list of debts we have a joint debt listed for the full amount on both our trust deeds. If he settles the full amount of his debt listed on his trust deed will that deduct that joint debt from the amount owed by myself and the creditor will have been reimbursed in full?
10/04/2019 9:13 am
Welcome to the forum Taratoby.
If the joint debt is fully repaid by your husband then it will no longer feature as a debt that you owe.
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10/04/2019 10:31 am
Hi Taratoby,
If your husband comes into a lump sum that is enough to pay off his Trust Deed then he will need to repay his total debts, plus interest and then the costs of the Trustee. Any monies your husband has paid in would also be taken into consideration and deducted off of the total required. This could add up to quite a sum of money. If the lump sum isn’t enough to clear all of that then the Trust Deed could still continue.
As TDA has advised any joint debt that is repay under your husband’s Trust Deed will be removed from your Trust Deed. If that happened how much debt would that leave in yours?
I’d get your husband to reach out to his Trustee to ask them to confirm in writing how much is required to settle the Trust Deed and be discharged early.
Please let us know how you get on.
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