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Scottish Trust Deed Forum
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Topic starter
21/06/2011 12:11 pm
Hi all,
I realise that this question has probably been asked to death on this forum but i would appreciate your expert advice.
My Parents have offered to pay my trust deed off early. I am a year and 3 months into my agreement and have been keeping up my payments. I have about 4k left on my agreement that my Parents have offered to clear for me.
I want to know if it is possible for them to pay this off early for me. Also am i correct that the amount would be what i have remaining to pay (my monthly payments calculated out till my end date).
Is this possible? Will it release me from the conditions of the Trust Deed or will i still have to wait the 3 years.
can anyone help me to understand how to move forwards with this and approach my TD administrator.
Thanks
Kev
21/06/2011 12:37 pm
Hi KEVDAMAN and welcome.
I think there's a fair chance that your trust deed company would accept a payment from a third party to complete your responsibilities (and therefore bring the trust deed to an early end).
An early end to the arrangement should help to keep the trust deed fees down which may result in a larger dividend for your creditors.
I'd suggest simply putting the offer in writing to them along with full details regarding the source of the funds.
Are there any assets (such as a car or house) involved in your trust deed in any way?
Might be worth waiting to hear what the other experts feel about the prospects for this when they next get the chance to visit the forum.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
21/06/2011 12:47 pm
Hi,
There are no assets. I have already sold my home and moved in with my parents until i can afford to rent.
A lawyer was involved in the sale so all profits from the sale went to the trust deed.
I do not own a car or any assets.
Would you advise putting the offer in writing through my lawyer?
That way the lawyer could vouch for the source of the funds.
21/06/2011 1:51 pm
Hi Kevdaman
I see no reason why this would not be possible.
Doing it via the solicitor may add some weight to it, but also his costs in doing it.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
