That's great kdog7 - congratulations to you. I'm sure you're very appreciative of the support that you've had to make this possible.

Do you know when your Form 5 is expected to be issued?

I have no idea TDA. Said it might take 2 - 3 months so just need so sit back and wait.

Hi kdog7,

Good news on the early settlement of the Trust Deed and nice to find support from family to help with this.

Chase up the Form 5 and ask when exactly you will receive this. Ask them if they will wait until the Trust Deed has reached the end of if they are going to provide you with the Form 5 earlier.

Thanks David . Last correspondence I had was I would be discharged in a few months once everything is settled with creditors etc. Hopefully won`t be too long. Only paid it all yesterday so fingers crossed.

Hi kdog7

There should not really be anything holding up Form 5 as the Trustee can remain as Trustee to deal with creditors, dividends etc.

Keep on their back!

Mark

Didn`t know that Mark. Think I will give them a wee call next week or so. Maybe the day after payment might be soon to get on their back 🙂

Hi Kdog7 can I ask how early you have settled? My partner keen to pay this off for me early if David agrees but I feel I should finish my punishment so to speak

I was about half way. Think I had 19 payments made out of 36

I'm making my 21st out of 36 payment this month. I'm no sure if I should ask to complete and be discharged or just keep going with it to the end. How much were your payments monthly and are you being discharged now or at the end of the 3 years?

I was paying £300 a month and should be getting discharged at this point.

Am I correct is saying that even if it is paid off early, the TD and defaults stay on your file for 6 years from the date of the TD.

My Trustee would not agree to early settlement during my TD (2009-2012). Despite it being lent to me, he said he would take the money in addition to the monthly payment. Things may have changed now although I think it is up to each Trustee to make that decision.

I would have felt a sense of personal relief knowing that it was cleared although I understood that the credit records would still show the live TD.

Yes Firewalker.

Unless there's an error that gets corrected, anything that goes on your credit file stays there for six years.

Your right Firewalker, it's at the discretion of the individual Trustee whether or not they will allow a lump sum payment to be proposed by a third party to clear the balance on the Trust Deed.

A Trustee needs to balance up the pros and cons of settling a Trust Deed early.

If they agreed to settle early, discharged the debtor and closed the case and then 1 month later the clients wins the lottery or inherits an asset which could have been enough to clear off the total debt then the Trustee could be criticised.

On the other hand, if a Trustee rejects a third party offer and then 1 month later the client loses their job or there is a change in circumstances which result in the payments stopping then again would it have been better to accept the third party funds and close the Trust Deed.

From what I've picked up on the forum, some Trustees won't entertain it, some will on the basis that the client remains in the Trust Deed for the agreed duration but doesn't make any payments and some will agreed to discharge the client at the point in time the payment is paid by the third party.

It's certainly something which we will always consider so if you are thinking about it notntodeedyet just get in touch with me.

I am 3 payments away and tried to settle early. I was advised to continue by £297 a month till May because if i wanted to settle early the whole 100% of original debt (about £14,000) plus interest would be demanded of me. What a joke

Out of curiosity kdog7 did you also have to pay 100% of original plus interest?