ending trust deeds
 
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ending trust deeds

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(@piper)
Eminent Member
Joined: 13 years ago
Posts: 32
Topic starter  

not posted much on here but since hearing about forum it has been good to read and listen to others in the same position . my trust deed itself ends in april 3 years after that i need to continue paying arrears which will extend it for another year , what percentage of the arrears would be acceptable for a 3rd party to pay to end it early


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi piper

Generally the trustee will look to engather the total funds agreed at the start of the trust deed to bring it to an end ie of you agreed 36 x ยฃ200 =ยฃ7,200. Then this is the figure creditors agreed to accept at the start and will need to be paid.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hello piper.

As Mark says I'm not sure that your trustee will look to do a short-settlement on the arrears.

There is however no harm in asking.

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


   
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(@piper)
Eminent Member
Joined: 13 years ago
Posts: 32
Topic starter  

although i said arrears it is to cover overtime,pay increases which have been looked at through wage slips during reviews and a windfall that was agreed before td was signed although monies came through after td signed. without going into to much detail money spent by spouse.figure is just under ยฃ6000


   
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(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

You could try offering 4-5k from a third party but the offer has to appeal to your trustee/creditors otherwise they will be happy to carry on monthly payments until the 6k is gathered.

You can only ask.

Paul

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi piper.

As Paul says, there's no harm in trying.

I'd be unsurprised if your trustee wanted the full sum of money though.

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


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi piper,

Well done on reaching this point in your Trust Deed.

As others have said, there is no harm in asking.

If you do ask, please let us know how you get on.

David is not currently posting in the Trust-Deed.co.uk forum


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

The Trustee will hopefully weigh up the benefit of an early settlement against potential costs, should it be extended and decide on that, although the general rule is that the figure agreed at the start requires to be paid to settle you part of the trust deed.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@pinalta)
Reputable Member
Joined: 13 years ago
Posts: 315
 

Interesting , topic , which leads me to ask what did my creditors agree to regarding payment .


   
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 CIF
(@cif)
Reputable Member
Joined: 13 years ago
Posts: 228
 

Can't remember the exact figures from mine but my Trustee sent me a copy of the proposition to the creditors. It broke down how much would be raised through the TD, the Trustee's costs and then what would be going to the creditors.

I would hope that everyone in a TD gets this at the outset?


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi pinalta.

That should be on your initial paperwork, though of course that's subject to change if other matters "come to light". Obviously I appreciate that in your situation these "other matters" are strongly contested.

Hello CIF.

I believe that it's expected that a copy of this documentation is provided to a client.

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


   
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