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(@perston)
Trusted Member
Joined: 15 years ago
Posts: 56
Topic starter  

Hi All,

I am getting some money from PPi claims and I will be giving them all to my trustee but as the trustee pays it into their banking system I am wondering if I could temporarily use a wee bit of it and then pay them it in full in a few months after I get it? Would this be the wrong thing to do? Any advice would be good.

Thanks.


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

You should only do this with the permission of your trustee, perston, though I imagine this would be unlikely unless there is a very good reason why you would need to retain some of the funds temporarily.

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


   
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(@perston)
Trusted Member
Joined: 15 years ago
Posts: 56
Topic starter  

Thanks Kevin,
It was a small amount (?รบ1,000) just so me and my family could have a holiday which we have not had for 4 years and it would be paid back after a bonus which I am receiving for 10 years service.
I am wondering what would happen if for instance I receive a bonus next year for around 25k and paid this to my Trustee it would mean all my debts would nearly be paid off IN FULL. Would I be released then from my Trust Deed after only 1.5 years, does this happen? Would my credit file be updated to show this?


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

You may well be expected to pay in the bonus AND your PPi claim money, I'm afraid Perston.

In terms of early discharge from your trust deed, this would normally only be possible once the debts had been cleared plus interest plus the trustee's costs and outlays.

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


   
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(@perston)
Trusted Member
Joined: 15 years ago
Posts: 56
Topic starter  

Thanks Kevin,
How can anyone be expected to have a holiday of some kind? Even before I took out the trust deed I could use bonus money for things, its a shame about that. I don't know what to do now.


   
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