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Scottish Trust Deed Forum
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Topic starter
09/01/2022 9:17 pm
I am looking for some advice on this please.
My grandad past away 6 months in to my trust deed and have only found out some 18 months later that I will be possible getting a large amount of money.
I now have 22 months left to pay and on the portal it says I have paid £3600 of £5800 left to pay but a total debt was £18700.
So what I am wondering is if I receive £10000 inheritance, can I use £2200 of that to pay of the remaining or not. I have heard that it is possible but then also been told that the full amount has to go to the debtors.
I know thatbthere are fees to go on top of things which would make me end up paying even more that what I got my self into.
Sometimes I wish I never even took the advice and kept on paying the minimum payments to my creditors as I feel I have got myself into even more bother after entering a trust deed.
All advice will be a help. Thanks
10/01/2022 9:28 am
Welcome to the trust deed forum 150389.
I'm afraid that I cannot give you the answer that you'll be hoping to hear.
You should make your trustee aware of this inheritance. They'll be obligated to collect it from you to help repay more of what you owe to your creditors.
The principle is that a trust deed will only result in the debt that you cannot afford to repay being written off.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
18/01/2022 7:45 pm
Will they take all of it or am I able to see if I can use some towards my wedding?
I have tried to contact my trustee to make them aware but always get put on hold and they don't get back to me.
18/01/2022 9:12 pm
Hi 150389,
I'm afraid they'll almost certainly look to collect it all in. It's their role to ensure you repay what's due under the terms of your trust deed.
The exception is that if the total you have paid (regular contributions plus a lump sum) adds up to more than the total of:
1 - The full amount you owed when the trust deed began.
2 - Interest on those debts.
3 - Your trustee's fees.
If the above is all covered then any extra would be yours to keep.
If you cannot get help by telephone I'd suggest putting it in writing to them (by email or letter).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
