Ending a trust deed...
 
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Ending a trust deed early?

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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 17 years ago
Posts: 13594
 

Welcome to the forum Discreet27.

When you appointed your trustee you made them responsible for recovering what you can reasonably afford to repay towards your debts.

Therefore it's very likely that a significant pay increase will be accompanied by a significant increase in your contribution.

However, that increase should be based upon affordability. A new "income and expenditure" needs to be produced for this calculation to be done fairly for both you and your creditors.

When that happens make sure your trustee is aware of any costs you have that have increased. An allowance for car repairs, for example, should be included in your monthly expenditure. The aim overall should be that you are left with sufficient money to live reasonably, albeit with a budget that is inevitably restricted to some extent until such time that you complete the trust deed.


Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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