Hi Neartheend,

Your Trust Deed should normally run for a minimum of 36 months paying a minimum payment. At the end of this the creditors expect the Trustee to have a certain amount in the pot. Sometimes when there is a reduction in the payments a person pays the Trust Deed can be extended to ingather this amount. It sounds like you have paid over the minimum amount that you agreed to pay even with the changes in payment amounts.

On this basis I would be surprised if you were asked to pay longer than the 36 months.

Do you gave any assets involved in the Trust Deed?

Give your relationship manager a call and ask for an update. If you haven't had a call back within 1 day chase them up again or if they are unavailable ask to speak with someone else about your case.

Dear David,
Thank you for your reply. No, there are no assets involved. I will continue to chase the Administrator I liaise with and hope she comes back to me soon. I have been reading a bit more about the Form 5 and following up with creditors. Thanks again, much appreciated.

Hi Neartheend,

Once your have completed all of your payments you should receive your Form 5 which is your official discharge from your debts and Trust Deed.

It will take a little time for your credit file to update. You will probably need to put a little time and effort into repairing this but there is lots of useful advice and information on the forum about how to do this.

How have you found the whole Trust Deed process?

Dear David,
Thank you for your advice so far. I have just heard back from the Administrator looking after my PTD. I am now confused and quite upset. I have gone back to her with questions because I am now not sure what is going on, or the logic to this process!

Help! I have assumed that my original monthly payment x 36 months is the amount needed to satisfy creditors and pay all charges and costs. The Administrator has confirmed that after 29 payments (I missed some due to personal circumstances - we moved houses and countries - all done with full knowledge and agreement of my Trustee) I have already exceeded the amount that would be 36 x the original payment amount. As well as moving house I improved my salary and this led to higher payments. My Administrator has advised that I have to make 36 payments so the Trust will not end before April 2015. By this time I have just worked out that the payments into the Trust will be £2398 "over" the original amount agreed via the original monthly payment amount.

I am upset because when I moved back to Scotland I deliberately moved to a lower rental area to ensure my contributions to the Trust would be increased so I could make the 36 month deadline period. Maybe it does not work that way? Is it based on the number of monthly contributions and not the level of contribution? I am confused. I travel 2 hours each way to work just so I can make these higher payments, and now I am wondering if this extra hardship has been necessary. I have gone back to the Administrator but it has taken almost a week for the first query to be answered, so now I am worrying that this is now going to go on so much longer. Can you advise?

Hi Neartheend.

During the 36 months your payment is based upon affordability rather than fixed at the level pledged at the start.

If your income increased, or your expenses decreased, I can understand why your trustee would seek a larger monthly payment for the months concerned.

I can also see the argument for requiring that missed payments are paid as well via an extension, though I'm not sure whether every trustee would require the same in the same circumstances.

Let us know the answers that your administrator provides.

Thank you for your comments and a quick response yet again. This forum is so good, this is such a lonely process. I will wait to hear and may need to come back for some more advice.

Thanks for your kind words about the forum Neartheend.

I hope that you have some certainty about where you stand soon. Please let us know if and when we can help.

I sympathise with you, neartheend, it must be difficult for you to have tried so hard only to be told that you are further from the end tan expected.

This is a bit of a grey area I'm afraid and one of those difficult questions where there isn't a definitive answer. You did sign up to 36 months of paying whatever you can afford - the original amount proposed is a bit of a red herring. Having said that, if the Trustee did sanction certain decisions which affected your ability to make payments then it should have been made clear to you at the time that the term would be extended accordingly.

Hopefully the remaining term, however long it turns out to be, will fly by the same way that it has so far.