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(@trustdeed1)
Reputable Member
Joined: 15 years ago
Posts: 280
Topic starter  

Sorry it's me again butwanted tocheck about my husbands td being extended becasue of the car. It looks like they want to extend it by 2yrs for him to pay back £5100 equity although at the moment hepays £201 per month so he still wont have paid back thefull amount. His trustee said they will just be keeping a close eye on his income and expenditure to see if his payments can be increased to pay it off quicker. My question is that during these 2yrs of extension will he still be formally under the rules of a trust deeed such as if he won or came in to money they would still take it off him even if there was enough to pay back the £5100? I understand at the moment if he won say £20k they would just take it all and he would carry on paying his trust deed as normal as he owes more than that but would that still be the case in the extended time as it seems they have the figure of £5100 in mind and want that specific amount paid off asap. I hope that makes sense.


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

Hi again gillianr2.

I'm afraid that if he came into money the same rules would continue to apply right up until discharge from the trust deed. That would mean he would potentially be liable for the full original amount of the debt, interest on the debt and the fees/costs of the Trustee (minus any contributions already made of course).

This is one of the reasons why prompt discharge from a trust deed following the completion of all other responsibilities might be important.

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


   
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(@trustdeed1)
Reputable Member
Joined: 15 years ago
Posts: 280
Topic starter  

Thanks for that. I had feeling that might be the case 🙁


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Best buy any lottery tickets yourself I'd say, gillianr2

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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