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Scottish Trust Deed Forum
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Topic starter
14/05/2014 9:43 am
Hello all!
I started my four year trust deed in May 2010
I made the the payments on time until the last year.
I was unemployed for six months so didn't make any payments and In the last 6 months I made a reduced payment due to me only working part time.
Now that I just made my last payment I'm wondering if my trust deed has now completed. Or can the trustee extend the payments further due to me having missed six months of payments and only paying a reduced amount for the remaining six months.
My circumstances have not changed and even continuing paying the reduced amount the original end total will not be realised.
Am I out of my trust deed? Any help please?
P.s. I'm waiting on the contributions team to review my case and contact me with the result! Fingers crossed!!!
14/05/2014 10:05 am
Hello saccoman1974.
The technical answer is that you're not out of your trust deed until you have been formally discharged. You'll be sent a "Form 5" and this will be recorded on the online Register of Insolvencies.
What will your trustee do now?
We know that some trustees, where they conclude that their client's circumstances changed for the worse through no fault of their own, will discharge their client when the agreed term has ended.
We know that some trustees believe that their responsibility is to collect the amount of money that was originally pledged to the creditors, even if that means an extension to the agreed term to allow for missed or reduced payments to be caught up.
If I were you I'd be contacting my trustee to find out where they stand on this issue.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
