Hi Ploddy and welcome to the forum.

Congratulations to you on having completed your trust deed payments.

One of our trust deed company representatives will explain the closure processes in detail for you soon.

It should only take a few weeks to close the trust deed provided that there aren't complications such as a commitment to release equity from an asset like a home.

Hi

Thanks for the response.

I dont have any equity I am not a home owner my car is worth roughly about ?ú2.50 all joking aside it was declared at time of trust deed and there were no issues but what I want to know is what ACTUALLY happens what do they look at who do they speak to.

No one seems to be able to tell me.

Hi Ploddy,

Your Trustee will most likely be going through the process of adjudicating on creditors claims prior to distributing the funds held to creditors. Whilst in an ideal world this is done in advance of the final contribution payment being received, this is not always the case. As part of this process you must allow creditors the opportunity to object to your formal adjudication (usually 14 days) and as such this adds to the timescales involved.

I am also aware of some firms where due to the volume of cases they are dealing with they have a backlog of cases to be closed.

When did you make your final payment?

Julie

Hi,

Thanks for the comprehensive response finally somebody willing to answer from my persepctive a fairly straight forward questions.

I made my final payment on the 11th of September and have been advised it will take 6 weeks to process the firm i am with have been nothing but proffesional but I did not feel I fully understood the administration element of it.

Is it the case that I ahve nothing more to declare etc or will I be expected to give them further imformation?

Many Thanks,

Hi Ploddy,

From the information that you have provided I don't think that there will be anything more for you to do and your trust deed should be closed very soon.