Welcome to the trust deed forum spm1972.

Congratulations on what sounds like a great job offer.

As your disposable income is likely to increase your trust deed payment will also increase in line with that. This may of course be partially offset by increased costs if you are moving overseas.

The most that you'll pay into your trust deed (including what you have already paid) will be:
1 - The original debt total.
2 - Interest on the debt.
3 - The fees and costs associated with the trust deed.

Therefore there may be some possibility that a substantially increased monthly trust deed payment may bring the arrangement to an earlier than expected end.

Hi spm1972

Congratulations on the new job.

TDA is correct. To finalise things you would need to pay the debts in full plus interest at 8% and the costs and outlays of the firm to the point of settlement.

It would be a bummer though if you paid off your trust deed early and cancelled your 'insurance' policy as the trustee or whoever he employs to 'sell' you that much needed insurance ( tongue in cheek) would have to return most of the £1400 commission they received. That would certainly make a dent in their advertising budget.

Mark

The "IFA's dilemma" Mark. At what point does it become in their financial interests to pay someones life insurance for them (when they may otherwise cancel) so that the commission they received doesn't have to be paid back?!

By way of explanation for readers...
A financial advisor selling life insurance may receive a payment of around twenty times the monthly premium cost (£50 per month policy might therefore generate a £1000 commission). This commission will however be "clawed-back" (they have to repay it, or some of it, to the insurer) if the policy is cancelled within a fixed period (sometimes two years, often four years).