Your trust deed had to raise enough funds for it to become viable to the creditors, and this may well be the reason for the additional time. my td is fir 42 months for the same reason. Its sometimes the case that a major c reditor might require a bit more convincing than other lenders.

Hi mamo25.

We hear a lot of bad reasons for trust deeds being run for periods longer than the usual 36 months. One firm seems to specialise in 60 month trust deeds to fund fee levels that are well above average.

It's also important to note that sometimes a trust deed running longer than 36 months might be appropriate from a firm charging a more standard amount of fees. This is especially the case where debts are relatively high and the monthly trust deed payment is comparatively low.

How much did each of you owe at the start of your trust deeds?

We owe 50k between us 25k each. It started in nov 2010

Are you aware of how much the creditors can expect to receive mamo25?

It may have been in the documentation you received around the time that you signed up.

Looking at the deed just now.Would this be the right part i am reading.Proposed contributions =£8940....Sorry dont really understand it.The top of the page says proposed schem of divisio.Would that be the right page?

On having a read down the page think i have given you wrong info.after all charges are deducted ie...trustees remuneration.agents fee,s advertising fee,s etc etc the amount available to creditors will be £4130 from each of or trust deeds.

Sorry its getting late my eyes are not seeing straight the colums are all over the place.Should be £5060 each...

The key to remember is that trust deeds are in most cases bespoke arrangements that are legally binding on creditors. In most cases is does indeed last for 36 months however they can be extended if you have assets or extended to meet the criteria that creditors want.

Bear in mind that creditors have to option to object to the trust deed and can do for the following reasons

1. Level of dividend too low
2. Income and Expenditure being too excessive
3. When you took out the debt
4. Trustee Fees

Given the level of debt you had and taking into account the level of contribution - i can why the duration is 60 months.

Although i am not keen on 5 year trust deeds, your contributions are quite low, and so it is not unreasonable for it to last for 60 months. I don't think you have necessarily made a bad choice. The end result is the same; you either pay more but for a shorter term, or pay less but for a longer term. AT least this way it is manageable for you.

I don't have much experience yet as I am only just starting the trust deed process but I have been trying to find out as much information as I can from posts on here and other websites.

But comparing your figures to mine I would understand why your trust deed is for 5 years.

I am a single parent of 2 and I am going to be paying almost as much as you and your partner (£290) my debts are £15000 - although I have no assets so no equity.

I have read quite a few stories where it appears people may have been given bad advice but I feel this is my best option, it's manageable so I'm hoping it all goes well [:)]

I am sure it will.

Things have been made clearer for me now.So dont feel so bad....

THANKS FOR ALL THE INFO AND REPLIES....