Hi pd2002

There is absolutely no reason why they should refuse this. As long as the payment can be confirmed as coming from a third party.

It may be an idea to get your IP to confirm the reasons for the refusal.

Mark

Hi pd2002

If your trustee is still reluctant you could ask him to put it to your creditors?

Julie

If necessary I would push to speak to someone more senior rather than just the person who takes your call, pd2002. You might find you get a different answer...

Hi guys,
i am currently 17 months into my 36 month trust deed. I have kept my monthly payments up & there are no changes in my circumstances.

My trustee sends me a form to fill out every 6 months to assess my earnings & outgoings - and says they want to assess if i can pay a higher amount every month.

My partner & I are looking to start a family & would prefer to do this soon than later. So my partner has said he would be willing to pay the trust deed off if this is possible.

My question is, if i offer to make a bulk payment to clear the outstanding balance, will they still 'overlook' my earning over the remainder of the 36 month perios & ask for more money?

Also, i contacted them to ask about claiming PPI & was told that i am not entitled to claim & they would be making claims and if any money was due it would go against the trust deed. I have not been advise of any claims since, should i ask?

Thanks

Welcome to the forum MR1.

Two different issues here really:

Your trustee is likely to want to see if PPI claims could boost the returns to your creditors. It's possible for them to discharge you while they do that.

They may be minded to accept a lump sum to bring the trust deed to an early end if they believe that to be in the best interests of your creditors. Presumably you'd make such an offer conditional upon being discharged, and get that in writing before the third party pays over the sum?

The lump sum would need to come from your partner. If you have funds like that, your trustee is likely to want them anyway for your creditors. Where do you hope to get these funds from?

Hi
The funds would come from my partner - when i say partner he is my boyfriend. We arent married - mainly due to my debts.

If he did make the payment, would that then mean that when we move in together that no black marks would be applied to the home - or affect him at all.

Many THanks

There shouldn't be any black mark against him because of your credit history - however, I would be wary of applying for any credit together for a while as you would then become an "associated person" and it is possible that your credit rating could then affect him too.

Hi Mark,

For clarity, from what i have read on this thread, am I correct in thinking that a settlement figure can be negotiated to bring the trust deed to an end early should a 3rd party offer to provide funds to buy them out' for want of a better phrase?

TL

Hi TimeLord,

It's possible, but the trustee doesnt have to agree to it.

To maximise the chances of success it's best to put together an offer that clearly represents the best likely outcome for creditors.

Hi Mark,

For clarity, from what i have read on this thread, am I correct in thinking that a settlement figure can be negotiated to bring the trust deed to an end early should a 3rd party offer to provide funds to buy them out' for want of a better phrase?

TL

My apologies for making you write the question again!!

Hi Timelord

There are no hard and fast rules unfortunately and it would be at the discretion of the Trustee.

If an offer was made, the Trustee would only really have one possibly reason for objecting and that would be that there is likely to be a change in circumstances which would lead to an increase in contribution in the future or possible other asset discovery. Other than that, I see no reason why an offer wouldn't be accepted.

We have a number of cases which were brought to an earlier close. We checked and there had not been any change previously or in my opinion was there likely to be and we had proof of funding.

The net result is a final dividend to creditors which is normally higher as the fee is reduced.

Mark

We have heard of cases on the forum where the trustee has taken a different view.

One reason seems to be the lost opportunity for a windfall to be introduced to the trust deed when the term is reduced.

More often though we have heard of trustees being open minded when a credible settlement is offered.

Good evening everyone,

I entered in to a trust deed 24 months ago, I agreed to pay £250.00 a month and have kept my payments up to date. Recently I started a new job which means I now earn considerably more than I did before. My trustee took all off my spare income last time (which left me in a predicament with car maintenance, etc a few times), I am worried that when I declare my new monthly income my trustee will just increase my monthly payments and take all my spare income again.

Is there any way I can keep paying the same amount or come out of this early? I would even be happy if it was increased to £500 a month. I just don't want to have to lose all my spare income again.

I really wish I didn't enter in to agreement.

Any help with this situation would be greatly appreciated.

Thanks!