Hi andyr845,

All you should be required to pay is whatever was agreed at the outset of your Trust Deed. Sometimes the payment for the Trust Deed will start 1 or 2 months after the actual Trust Deed commences and as a result, the Trust Deed runs that little bit longer at the end.

The best thing to do is ask your Trustee for a breakdown of all of your payments to date. This will show you when your first payment was paid and you can then calculate when your final payment is. If you do this and your final payment date is November then I can't see why you would need to pay it until January.

I suppose thinking about it, they could have suggested January 2016 as this is when they may expect your Trust Deed to be completely finished and discharged rather than continuing with payments until then.

Best thing to do is get in touch with your Trustee to discuss things. Let us know what they say and how you get on.

Hi andyr845 and welcome,

So it's a 3.5 year trust deed that you entered into, with your payments made weekly?

If you've made all of the payments, and nothing extra has become due, it appears as though it will come to an end in October/November of this year.

However - as David says - it's only your trustee who can give you clarity on where you stand right now.

Thank you both for the advice, i will contact them and see what they say.
Yes its a 3.5yr td with weekly payments.

Hi andyr845

Sometimes it can be a mis calculation if the payment is being made weekly and can normally be resolved by the Trustee.

If you were to pay £100 per month, people assume it's £25 per week, however it actually calculates £23.08 (£1,200/12 = £100 however £1,200/52=£23.08)

I wonder if someone has miscalculated, so best to speak to the Trustee and get them to resolve the payments.

Mark

Spoke to my trustee and i had the wrong date for first payment. They gave me the remaining balance which works out as 13 weeks. My trustee was saying the sooner the balance is cleared the quicker he can close my file, is this correct?? I said i would look at my expenditure and see if i could increase payments to zero balance sooner.

Was the extra 6 months to "buy out" the value of an asset such as a car or equity in your home? If so, then it really up to you how quickly you pay it off.

However, if not then I'd be wary about offering to increase your contributions if it is going to cause you to struggle. You are normally required to pay whatever you can afford for the duration of the Trust Deed - if you can pay more then you should be doing so for the full 3.5 years.