I meant £20,000

Sorry I meant £20,000

Sorry I'm hopeless. I meant the £20,000 is more than I would have paid over the ectended period of the TD

I'm afraid that any PPI refund is separate from funds being paid in for equity, buffytennant. Your trustee is likely to require you to pay the extra 2 years as previously agreed, unless the debts plus interest plus costs of the trust deed are all met, at which point you can be discharged.

Hi buffytennant,

Is your Trustee aware of the £20,000 PPI compensation payment?

As Kevin said, the only way your Trust Deed would be cut short is if the money you received was enough to cover the debts, interest and costs. Do you think this will be the case with the £20,000 payment plus the money you have paid to your Trust Deed to date?

Hi buffytennant

If you can calculate the total debt, plus 8% per annum, plus the fees and outlays of the Trustees, then this will be the entire amount required to settle the Trust Deed.

As stated, the PPI refund is separate from the contributions and equity, however once the PPI is paid over, it may well be that there is sufficient to pay everything in full and the trust deed will not require to be extended or at least the extension period shortened.

If I were you, I would ask the Trustee to provide the figures stated above to allow you to see exactly what is required. Hopefully there will be enough to conclude without the extension.

Mark