Welcome to the forum Fireman_phil.

In terms of your home, being on the mortgage or being resident in the home are neither really relevant. It's ownership that's the important factor. You will not be able to transfer ownership without the consent of your trustee and they're not going to allow that if it would be damaging for the interests of your creditors.

So... leaving the home isn't really going to make a major difference to your trust deed. Your responsibilities in terms of the assets you own will remain the same.

It's also important to remember that settling your trust deed early is at the discretion of your trustee (unless your case is relatively new in which case it might not be possible at all). Even if you can raise a lump sum it's best not to assume that your trustee will be willing to bring the trust deed to an early end.

All of this really points towards getting in touch with your trustee, letting them know what's changing, and discussing a way forwards with them. You'll then know what routes are available to you and will be able to plan accordingly.

Thanks for a speedy response, I do start my TD sep 2012, so I'll get a letter off with a settlement , it'll be twice whats left to pay (14 mothns to go) so I hope they consider it.

Thanks again.

Fireman phil

Good luck with that Fireman_phil.

Out of curiosity, what will the source of the funds for the settlement be?

Your trustee is likely to need to know this also.

A family member will supply funds!

Hi Fireman_phil,

Like TDA has advised each Trustee will consider a proposal like this and some from what I've learned through the forum just won't accept this kind of offer.

Speak with your Trustee about it and if you need any further advice let us know.

I did contact my Trustee and they advised me to send a letter with an offer re:early settlement, but I'm not very hopeful after reading the forum topics & my conversation with them, as they like you in a TD for the longest term in order to collect on inheritance or bonus win falls that might mapped. But under the title of 'Discharge of debts' in my contract, section (iii) "the acceptance by my creditors of any composition offered by me" ... Makes it sound hopeful. But it doesn't mention extended periods of payments should the value of my estate increase.

I belive I was misinformed, at the interview stage, and I should have re read the contract, all said, it is too late, now to proceeded.

In my contract it does say its a four year plan, it doesn't say it will be extended due to my estate value increasing, but it does say in my DECLARATION "I have agreed to delay the realisation of equity in my family home until the end of the protected TD in order to increase the value of the estate to meet an acceptable dividend for creditors or in order to facilitate a remortgage"

If my wife and I separate and I leave the marital home, would we be allowed to re mortgage in order to release funds for 1. Pay off my debts and end my TD and 2. To help me on the road to getting debt free. Or would they take all of my share of the equity received?

Leaving me homeless, as I cant get a mortgage or deposit on a rental property?

Hi Fireman_phil.

You are correct that any trustee needs to be mindful of the interests of creditors. That's a question of judgment though, for example creditors might feel best served getting their dividend early. A trustee has to use their own judgment in any individual set of circumstances in this respect.

I'm sure your trustee wouldn't object to a release of funds by way of a mortgage. The challenge may be to be able to source a suitable mortgage (or secured loan).

It's going to be really hard for you to get a mortgage for a while. Whether your trustee would allow you to keep enough for a rental deposit is something you'll need to raise directly with your trustee,