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Scottish Trust Deed Forum
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Topic starter
10/02/2018 2:16 am
hello and thanks in advance for any advice.
my story! I entered in a protected TD last March which is to last 7 years all in, I am in a ridiculous amount of debt about £60k( now at just over £57k) and the TD changing it to £29400.
since being in the TD my partner and i have split up(taking children) and well things are rubbish(irrelevant).
Anyway I thought about my options and thought maybe i could sell the house, but then i contacted the trustee and they told me i would be paying back considerably more back £72407.33 - that was a huge shock to me and put the brakes on that idea - because id sell the house, pay the debt and have no money to get a deposit for a new house and back to square one. so that cant happen.
Now I'm wondering after reading bits on the forum, if i could find a family member to help pay a lump sum to finish it.
what I'm needing to know is - would a family member just have to pay what i agreed to pay over the 7 year £26950 (£29400 minus what I've paid £2450) or would they have to pay the £72407.33? because there is a chance i could find someone to help with £30k but def couldn't get £72k
i hope that makes some kind of sense for someone to try help, I'm not very good at explaining myself.
thanks 😉
10/02/2018 3:29 pm
Hi I entered a TD in May 2016 & competed it after 11 months. I had to pay back the full debt £23500 plus trustee fees & 8% interest per annum. I hope this helps you.
10/02/2018 5:29 pm
Welcome to the forum stuckinarut.
Krnl is correct.
I’m afraid you can only end the trust deed early by fully repaying your debts plus interest and fees.
Sorry this isn’t the answer you might have hoped for.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/02/2018 8:45 pm
hi both, sorry i thought i replied early. yeah TDA not exactly what i wanted to hear but it was what i was expecting and that why i asked.
thanks both for clearing that up for me though.
Topic starter
13/02/2018 10:02 pm
can i ask another question, my TD is 7 year as i mentioned - 4 years for the actual TD and 3 years paying my protected.
so does that mean i'm technically out of it in 4 years and creditors paid?
14/02/2018 9:08 am
Hi stuckinarut.
I'm assuming that the additional three years are to pay towards equity in your home? Please correct me if this is wrong.
If this is right, you'll be in the trust deed for the full 7 years I'm afraid. Discharge will only follow once you have completed all of your agreed obligations. This is the point when you'll be discharged from your debts.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
14/02/2018 10:33 am
Hi stuckinarut
The minimum period for a Trust Deed is 4 years, which is why you cannot be discharged earlier than that without paying the full total of your debts plus interest plus costs. However, you should be able to be discharged at any point after the 4-year mark, as long as sufficient funds are paid in to cover what was due to be paid for the last 3 years.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
20/02/2018 4:02 pm
quote:
Originally posted by Kevin Mapstone
[br]Hi stuckinarutThe minimum period for a Trust Deed is 4 years, which is why you cannot be discharged earlier than that without paying the full total of your debts plus interest plus costs. However, you should be able to be discharged at any point after the 4-year mark, as long as sufficient funds are paid in to cover what was due to be paid for the last 3 years.
thanks for that, it kind of what i was thinkning
