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Scottish Trust Deed Forum
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08/12/2020 8:19 pm
Hello all, I have been in a trust deed since sep 18 due to finish sep 22. Been a complex and difficult case with tax returns etc, so instead of being in a trust deed it’s now changed to an Iva, and paying back 100% plus fees for debt, (accepted this now was hard to take at first) got a new job and am looking to increase payments in order to finish early? Is this possible? I just want this thing done and dusted because it’s cost me 13k more than the 8k originally agreed!!
08/12/2020 9:07 pm
Welcome to the trust deed forum Jack.
I’m a bit confused because a trust deed cannot turn into an IVA. That doesn’t ever happen, but if you can explain further we might understand better what has changed here.
The principle is that a trust deed only writes off what you cannot afford to repay, so if your financial situation improves you’ll repay more than initially expected.
If you reach the point of having repaid all of the following you can get discharged early:
1 - The total owed at the start.
2 - interest on those debts.
3 - Your trustee’s fees and costs.
Unfortunately this is likely to add up to quite a bit more than you owed when you went into the trust deed. Equally, I guess you’d have paid quite a bit extra in contractual interest if you hadn’t gone into a trust deed.
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