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Scottish Trust Deed Forum
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Topic starter
22/01/2016 7:22 am
Hi, both myself and my husband have trust deeds and are a year in. My husband has just started a new job which has seen his salary doubled but it is a temporary contract. Would our trustee cancel our trust deed now that we can pay more as realistically we can now afford the debt we had? If this was the case would we then need to pay back interest for the period that we have been in the trust deed?
22/01/2016 10:00 am
Welcome to the forum Haylst.
The trust deed will not be cancelled for this reason.
Your husband should notify his trustee about his salary increase.
The upshot is that it's highly likely that his trust deed payment will be increased for as long as he's earning at this level.
The outcome of that is likely to be that the creditors end up being paid back more of what's owed to them when the trust deed comes to an end.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
25/01/2016 11:10 am
Hi Haylst,
As TDA has advised your Trust Deed will not be cancelled.
When you enter a Trust Deed you effectively agreed to repay a minimum amount of debt back but should circumstances change then your payment will increase and the creditors will receive more of their money back.
The total you will ever need to pay back is your total debt, plus statutory interest plus the Trustees costs.
You will need to speak with your Trustee to inform them of the change in circumstances and they will consider an increase in contribution.
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