Hello shd74 and welcome to the forum.

I think it is likely that your Protected Trust Deed will be extended.

Confirmation of this, and any associated detail, will need to come from your Trustee.

If you have only received sketchy information so far you may choose to ask the question in writing.

Agree, check with the IP. Some firms may adopt the view at the start of the Trust Deed that the contribution can go up or down dependant upon level of income and expenditure. I am also aware that some firms build this into a "Minute of Agreement" when you sign the Trust Deed.

If such a Minute of Agreement existed when you signed the Trust Deed there is a possibility that the IP could discharge the Trust Deed at the given date, dependant upon the agreement and the circumstances leading to the reduction.

From your description of the figures it would appear as though your budget was set at an unrealistic level or circumstances prevailed to such an extent a large reduction in income was experienced.

In which case it may be worth making an argument towards closing the Trust Deed at the set time.

Copies of the circulars sent to all the creditors, which should also have been sent to you, will assist you in seeing what has been presented to the Creditors as changes to the Trust Deed. A report on the position should also accompany these circulars and given your change in circumstances it would be fair to say that the IP should have been informing the creditors of a material change in their dividend prospects. Unless of course it is not going to change because they are extending the Trust Deed, in which case they may have put on the report that they are extending the Trust Deed.

If you do not have these reports perhaps request them when ascertaining what is going to happen.

Hi shd74

It is really up to your trustee whether to discharge you at the end of 3 years or not.
Often if the creditors are likely to get significantly less than was originally proposed then a trustee may decide to extend the trust deed a little in order to be fairer to creditors and make up some of the shortfall.
Having said that, there is no requirement for a trustee to extend the trust deed and there is every chance that you will be discharged at the 3-year mark. If it is a change of circumstances outside of your control then I would say there is a much better chance of getting discharged sooner than if it was an avoidable situation.