Yes, you would clear the debts, interest and trustee's fees/outlays and then be discharged... and then take a long holiday in the bahamas and plan how to spend the rest of your winnings.

Hi DFW
I think you have to pay your original debt at the time of signing plus interest at 8% p.a. pro-rata plus your IP's fees. Hopefully the fees would be slightly less than indicated if the TD is finishing early.
Regards
Snowball

Hi DebtFreeWannabee

If you won the lottery you would have to pay creditors in full, plus statutory interest at 8% per annum together with your trustee's costs. You would have to pay the funds to your trustee who would then distribute the funds, you wouldn't be able to do this yourself. Your Trust Deed would then be brought to a close early. Once all the costs had been paid in full, any funds left over would be paid back to you.

We can all but dream!

Julie

The information from the experts is quite interesting, unfortunately ?ú10 on the lottery is about my limit as far as winnings is concerned. If I did win millions though, It wouldn't bother me having to pay the full balance of my debts, statutory interest and trustee costs. I'd just have to struggle by with what I had left, but I think I'd manage.

Thanks for the information guys.

I guess there are lots of situations where this could apply from winning the lottery, inheriting money or property, becoming very successful in business etc, etc, etc.

It's good to know there's a way out if you need it.

Thanks again.

Cheers,

DebtFreeWannabee