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Scottish Trust Deed Forum
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07/09/2020 8:43 pm
Hi, I am nearing the end of my 3rd year of my TD. The total duration is 5.5 years due to equity I had on my home and car.
I saw on another post that the extra 1.5 years can change as this is on a determined amount. My original TD payment was £350 and increased at the last review to £390 and I think will increase around another £70 this year - does this mean that my TD term of 5:5 years will reduce??
07/09/2020 9:35 pm
Welcome to the forum Kazza.
It may well be a fixed amount of equity to pay, so an increased payment after the four year minimum payment term has finished might reduce the extra 18 months for equity.
During the four year minimum term period I don’t expect that the extra payment will be counted towards your equity obligation.
As always with this type of quite personalised and detailed question it would be sensible to ask your trustee directly so you’re sure where you stand.
For anyone else reading who is considering starting a protected trust deed, you might find the following article useful in terms of understanding how long a trust deed can last and why the repayment terms can vary:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/09/2020 1:35 pm
Hi Kazza
You should have signed a Form 1B when you started your Trust Deed - if you don't have a copy then you should be able to get one from your trustee. This details what you have agreed to in terms of equity in your property. I think you will likely find that a set amount is quoted on that agreement as the amount required from you for the equity.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
