Hello FF36.

Could you confirm how much you owed in total when your trust deed began please?

22'000

Thanks FF36. Just to double-check please - is that full £14,000 going to be "yours" or is that to be split with a joint homeowner?

When precisely was your trust deed signed?

That's my half of it.

Thanks again FF36.

Assuming that your trust deed started after November 28th 2013 I'm really not sure that your trust deed is going to come to an early end.

The rules changed in November 2013 to state that a trust deed could only finish early if you paid the full total of:
1 - The debts owed at the start.
2 - Interest on the debts.
3 - Your trustee's fees.

You'll need to check everything with your trustee to be sure what the position is. However, I'm afraid that it looks likely to me that your trustee might collect the full sum released to you by the house sale and also expect you to carry on making monthly contributions from your income.

If you signed before that date (above) your trustee may technically have discretion to release you early if they consider that to be appropriate - but that's not to say that they would consider this set of circumstances to be sufficient given that your creditors still don't stand to be fully repaid after the equity from your home has been gathered in.

Sorry that I can't write more positively - but please confirm everything with your trustee who is the only person that can give you a definitive answer about where you stand currently.

It was definitely signed before the 28th because it was all done in such a rush with no time to think because of the changes!
I have written to trust deed company...but they are the worst for getting back to you and have had so many contact names it's unbelievable and now I haven't a clue who it is...so was just wanting some general info really...thanks for your reply.

No problem FF36 - I did wonder if your case might have been hurried in ahead of those rule changes.

I do hope that you hear back from your trust deed provider soon.

Could you explain how the £9000 figure was reached, FF36? Was some of this in lieu of equity in your home and some based on what you could afford as a contribution from your income? If so then any part that was based on your income would have to be reviewed based on your new circumstances and whatever you can now afford from your income is likely to have to continue to be paid.