How much do you pay a month currently? How long do you expect yo take to repay the 18k?

Paul

Hi Cody.

Plasticdaft asks some important questions.

Whether or not you meet your trustee in person, the trustee will be wanting to hear your proposals about how this money will be paid over.

quote:

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Originally posted by Cody

Can anyone help me with what happens at the end of a trust deed. I have 7 more payments left to make and then I have an equity payment of £18,000 to pay which I believe is to be made payable in monthly instalments, but I don't actually know if I will be called in to trust deed firm to discuss things in more detail as I'm not very clear what happens next?

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Hi currently paying £500 per month for 3 years so I assume this will just continue?

Hi Cody.

Hopefully that will be fine, but check because three extra years is a relatively long extension.

Hi Cody

I think this is a question only your trustee can answer. Normally the payments would continue at the end of the 3 years with each additional payment being used in reduction of the £18k.

Probably a good idea to contact your IP beforehand just to clarify.

Mark

Hi Cody,

I had to do a double read at your post as my brothers first name is Cody. I thought has he signed a Trust Deed and not told me. When you started speaking about equity I realised it wasn't him.

As Mark has said, best to check with your Trustee regarding the extension. This should have been discussed with you at the outset and also set out to your creditors so you may be able to check your paperwork to see what the agreement was. Normally your monthly payment just continues to pay down the asset equity.

Let us know how you get on.