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Topic starter
24/10/2011 12:37 pm
I wish I had found a forum such as this when I took out a PTD nearly 3 years ago, which comes to an end next month. I can only encourage others to stick with the PTD option - the initial pain, even embarrasment in telling family etc - is a price worth paying. No more hiding credit card bills when they come in.Bliss!
I'm sorry if this has been covered in other posts but welcome advice as to whether there is an absolute point when my obligations under the PTD are fully met and I am "released"? Although my final payment is due next month, I am worried that the company I work for will be making redundancies next year and that any compensation I get then might be seen as a "windfall" by a creditor?
Advice greatly welcomed.
24/10/2011 1:57 pm
Hi Charlie1958 and welcome to the trust deed forum.
Well done on approaching the end of your trust deed.
Once you have completed your commitments to the trust deed it should only take a few weeks to receive notification of your discharge.
You may wish to confirm with your firm how long it is taking them to work through this process currently.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
24/10/2011 2:51 pm
Many thanks for the quick and helpful response: although I have had nothing but support and sound advice from my Trustee, the use and anonimity of this Forum is of immense value and once I am "free" I intend to offer my positive support/experience through this Forum to show the PTD helped me through the past few years - not quite a "life story" but Ii have read enough threads on this Forum (which I joined today) to hopefully ensure that all who are considering the PTD route will realise that once they get over the pain/shame process, a PTD can change their lives and allow a normal sleep pattern to return!
The chances are that I will be made redundant in February, at least a full three months after my final payment is made. A payment on the equity was made some months ago so is there still a risk that a creditor can draw on any redundancy payment that I might get in February if all payments are made nearly 3 months previoulsy?
My Trustee is aware that this is a possibility and does seem to be exercisng a cautious approach - why?.
24/10/2011 3:36 pm
Hi Cahrlie1958
Your reedundancy is a real shame when you have obviously cooperated so well with your Trustee, and have stuck to your side of the deal. As Mark often says, you have done your part, now hopefully the Trustee will do theirs also, and discharge you asap. Keep nagging!!
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
24/10/2011 4:15 pm
Thanks for the encouragement. I've just remembered that my trustee said that time needed to be built into the closing process to allow for any adjudication process, and the lengthy time it can take for my creditors to en-cash their cheques from the trustee. I shall gee her on!
24/10/2011 4:23 pm
There is a process that needs to be followed, Charlie1958, but the length of time that takes depends a lot on how quickly your trustee gets on with doing it!
When did you sign your trust deed?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
24/10/2011 4:37 pm
Last week in November 2008 rings a bell but will check - already made the equity payment and my monthly obligation will be paid next week. I'd like to think that will provide sufficient time for my Trustee to act and discharge her obligations to my creditors. Can but hope!
