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Topic starter
19/02/2017 8:18 pm
Hi
Me and the wife are coming up to 3 years in our trust deed with 1 year left plus the £500 each for our bought flat. We pay £136 and £140 a month towards trust deed. My father in law was wanting to help us by paying half our monthly payments off. I know we have to make 4 years of payments. Is this a viable option or will the money get swallowed up into out debts.
Thank you for your help.
20/02/2017 8:50 am
Welcome to the forum Ross241.
There's no straightforward answer for you on this one. It's a question to put to your trustee who has some discretion about what the consequences of such a lump sum payment might be.
Best to ask them directly so that you know what your options are.
In general terms though, collecting in a lump sum would be a positive for your creditors so I cannot see why your trustee would want to penalize you for that in any way.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
20/02/2017 12:29 pm
I think it is a complication that you should be wary of. It won't reduce the term of your trust Deed and might just lead to the trustee expecting more from you if you aren't careful.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
20/02/2017 8:30 pm
Thank you for your responses. Yes it wouldn't help as phoned Knightsbridge and they said it would just go to creditors and not reduce the monthly amount.
On the plus side only 17 payments left to go and the £500, getting there slowly!
