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Scottish Trust Deed Forum
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Topic starter
22/02/2017 6:04 pm
Hello, just wondering what would happen in the scenario where the funds paid into my trust deed exceeds the amount of claims made by creditors. I'd imagine the creditors who have submitted claim will get full payment, but what happens to any surplus funds in the trust deed ??
Is this a situation that often happens ??
Thanks
22/02/2017 6:09 pm
Welcome to the forum ABT.
This scenario does occur, often because people come into money during their trust deed for example.
The most you'd have to pay would be the total of:
1 - The debts (certainly the claimed debts)
2 - Interest on those debts
3 - The fees/costs of your trustee
If the money in the 'pot' were greater than the total of the above, the surplus would be coming back to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/02/2017 6:19 pm
Thanks for quick reply TDA.
Its very strange that only about 20% of the debt in the deed has had a claim made. The trustee has extended the deadline for claims twice now - but still not no other claims. Deed only has 10 months to run so not sure how long Trustee will keep chasing or if there is a deadline ?
22/02/2017 6:30 pm
Hi ABT,
I think you'll find that your trustee carries on working pretty hard to collect this information from your creditors.
You may also find that some creditors leave it late to complete this task.
No harm in understanding what will happen if they don't do this though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
