Hi Chillypink

Unfortunately there is no set answer as the forum has some people who have been in 8 years+.

It is key to have everything agreed a the start in connection with contributions, equity etc and that way you know that your obligation is to reach the agreement set at the start.

Mark

Well this is a 3 year trust deed and we are hoping as we have made all payments all the way through & no change to our income etc that we will be signed out at the 3 year anniversary. I just wondered as we have will at that point still be in the same jobs earning good money if the trustee will extend to get the creditors even more money or if its only extended if there are issues.

As long as you've kept to your part in the agreement, you shouldn't have to worry about that.

Hi Chillypink

No, the trustee cannot extend it on the basis of what might happen in the future concerning income. Once you have made payment of all contributions etc, then the Trust Deed should be put forward for closure.

The extensions usually happen if there are arrears, equity etc to be dealt with.

Mark

Ok this makes it easier, doubt there will be equity in the house and we think the car may get taken from us or my husbands TD extended as it will be worth about 4/5k by next year but hopefully as his monthly payment is over £300 this wont take long to pay off if we need to.
This is our final year & hopefully in July 2015 we are all finished.

Hi Chillypink

Hopefully it all works out and concludes after the final payment. Has the property been valued?

Mark

Hi Chillypink,

As others have said a Trust Deed should run to a set timescale which should have been agreed at the start. Trust Deeds are normally extended for any arrears to be made up or for the payment of any asset value.

I would check your paperwork from the start of your Trust Deed to see what it said about the vehicle and also your property and if you would have to extend the Trust Deed to pay any of this over.

The property has not yet been valued, it was agreed to do this at the end, should contact them a month before the end to get this in motion?
I doubt very much it will have equity we are sitting in negative equity at the minute & unless something drastic changes this will be the same come July 2015. As for the car, it may be worth 1000 more than the 3000 limit so I assume they will take it to sell or ask us to pay back the rest over a few months.

Hi Chillypink

Hopefully the position with the equity stays the same. Personally I hate the idea of leaving things to chance and would have expected the position to have been agreed at the start.

The normal process for value in the car would be to extend the period of the trust deed and the payments made would be allocated to the car until this has been paid in full.

Mark