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Scottish Trust Deed Forum
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Topic starter
04/04/2010 4:47 am
Hi there,
I am waiting for my TD to become protected in the next two weeks (keeping my fingers crossed) and some doubts and fears are assaulting me about what's going to happen with my normal life during the TD.
For instance, am I going to have any problem renewing my car insurance that is paid by installments? Which common life problems am I going to face? Any feedback welcome.
And, finally, a question for the experts: I've read about the possibility of buying out the whole TD and finishing it early, but, what would it happen if, in 3 or 6 months, I manage to get enough money to pay my whole initial debt, or most of it? Would it make any difference to my life after TD, or paying just the whole TD ammount would be the same?
Thanks in advance for any replies.
04/04/2010 11:42 pm
Hi derelict and welcome to the Scottish Trust Deeds forum.
Car insurance should not be an issue. If you were not to pay the insurer can withdraw cover, so in their mind there is no substantially increased risk.
A practical issue may be payment (especially online... safely) itself. A prepaid credit card may be a help.
In what circumstances do you envisage being able to repay the full amount of the debt during the Trust Deed period?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
06/04/2010 2:26 am
Thanks TDA for your welcome and prompt answer.
I appreciate your advice about getting a prepaid card (ie virgin prepaid mastercard) for payments online. They are quite cheap and easy to manage.
Regarding my question, I'm still thinking of eating some humble pie and ask my parents for help. ?ú18K is not a huge ammount of money and, actually, paying what I'm going to pay for my TD, ?ú250/month, it would take me only 3 extra years (6 in total).
But I will go down that road only in the worst case scenario, if my life during TD gets unbearable... I'm fearing things like problems for renting a new flat, and things like that.
That's why I'm asking. Thanks anyway for any reply.
06/04/2010 11:40 am
Hi derelict
There should be no issue with paying off a Trust Deed early as long as you can fully demonstrate where the funds came from.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
