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Scottish Trust Deed Forum
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Topic starter
20/04/2020 4:36 pm
Good Afternoon,
I am looking for some clarification as to the maximum amount of money I can pay towards my trust deed. Since beginning my trust deed, my salary has increased quite a a lot as I have retrained in a new field. I am now 2 years into my trust deed and there is a around of £7000 left to pay. Does this mean that no matter what my income now is that I could not be asked to contribute more than £300ish pounds a month as this would then take me over the limit of what I am actually due to pay back to the company?
Thank you
20/04/2020 5:15 pm
Hi hthomson16.
A trust deed will only result in debt you cannot afford to repay being written off. That means if things improve (increased income, reduced bills, or receiving a lump sum) you could end up paying more than you initially expected into your trust deed.
The maximum you can pay is the total of:
1 - Your full debt level when your trust deed began.
2 - Your trustee's fees and costs.
3 - Interest on the debts.
This total could add up to a significant amount more than the total debt that existed when a trust deed began.
If this total is repaid, an early discharge becomes possible.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
