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Scottish Trust Deed Forum
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Topic starter
15/05/2013 7:24 pm
I'm looking for some help I have been paying into my trust deed for 2 years now with 2 years remaining. I have paid in a total of £4,485 and my debt at time of signing was £10,500. I am about to receive a windfall of £8,800 of which I know goes to my trust deed . I would like to know how this will effect me, will it close it or will I have to continue paying my monthly £195 into it for the next 2 years. I am unsure and don't like the thought that once they get my windfall I will have paid in £13,335 and could still be paying in the same for the next 2 years. Thanks for any advice.
15/05/2013 7:35 pm
Hi jagos
In the circumstances you describe, the windfall sits separate from the contributions and you will probably require to maintain the contributions. The only way it would cease would be to pay creditors in full plus interest & trustees costs and outlays.
I wish it was a more positive response.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/05/2013 7:46 pm
Thanks for your response and sounds like I would have been better staying out the trust deed then as I'm going to be paying more in the 4 years term.
15/05/2013 9:16 pm
Unfortunately you are right jagos - presumably you did not know that you would receive this windfall when you entered the trust deed? Can I ask what the nature of the windfall is?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
15/05/2013 9:30 pm
I did not Kevin it's ppi claim n I am very tempted to not disclose it as I was given the wrong advice by my trust deed company and I am beginning to think they just wanted money
16/05/2013 7:35 am
Hi jagos
If its a PPI payment, then its not regarded as a windfall ( acquirenda) and will go to the trustee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
16/05/2013 8:25 am
As unfortunate as it is you must tell your Trustee of the payment. It's quite common in very many TD's that PPI is paid over to the Trustee. I would urge you to read the terms of your TD before making any rash decisions. You never know it might reduce the time or the contribution. There's no harm in asking.
Rob is not currently posting in the Trust-Deed.co.uk forum.
16/05/2013 9:25 am
If you did not know or expect the windfall, in what way do you feel that you were given wrong advice?
16/05/2013 11:10 am
I would urge you to be up-front, jagos. Your trustee is very likely to check into PPI at some point and will find out that you have been paid out a lump sum. You will only be storing up problems for yourself if you try and hide such things.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
16/05/2013 4:47 pm
Voice of reason I have spoken since then to other company's as from the number of calls I had and they were of the opinion I would have been more suited to a debt management plan. They also were surprised I had to pay to get into the trust deed.
Kevin I know it's in my best interest to be upfront and I will its just I guess this gave me hope of getting it finished early and released but looks not to be unfortunately. Just feel after adding it all up I will be paying double my debt into something
16/05/2013 4:58 pm
I know it is too late for you to do anything about your own situation, jagos, but thanks for coming on to the forum to share anyway. If nothing else it might encourage others to seek proper advice, rather than just signing up with some cold-caller who only tells them part of the story.
Trust deeds can be an excellent solution for many people, but aren't right for everyone.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
