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Scottish Trust Deed Forum
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Topic starter
02/12/2013 1:39 pm
My trust deed ends in six months and I have paid £500 per month since it began, which at times has been a complete struggle. I will have an equity payment to make of £18,000 payable at £500 per month over three years already agreed by the trustee.
Can anyone please tell me who this payment should be made to, do I continue paying my trustee or does the money go to a third party. Also what are the consequences if I get into difficulty over the equity repayment period. Also can this be paid of early?
Obviously I will be contacting trust deed manager nearer the time but can anyone answer these questions - just thinking ahead.
02/12/2013 1:59 pm
Welcome to the forum Cody, and well done on getting s far as you have in your trust deed already.
The equity payment is made to your trustee - I am sure your existing standing order will just carry on as normal.
The equity can certainly be paid off early if you are able to. Once that £18000 mark is hit then you will be able to be discharged.
If you have difficulties making the payments then you would need to discuss the reasons with your trustee/case manager. Hopefully they would be willing to give a certain amount of flexibility. Ultimately however I'm afraid your home could be at risk if you are unable to buy out the equity as agreed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
02/12/2013 3:12 pm
Welcome Cody
Fully re-iterate what has been said by Kevin.
Glad to see someone who is progressing well with their Trust Deed
Regards David T
David is not currently posting in the Trust-Deed.co.uk forum
