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20/08/2024 1:01 pm
Hi
I have a query about a protected trust deed that would be great if someone could answer.
If I come into additional money and this is taken for my trust deed would it reduce the amount due and therefore reduce the monthly payments or term?
Or would it be put towards the portion of original debt that was ‘written off’
Thank You
21/08/2024 11:12 am
Hi Adam 202,Â
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You'll find plenty of discussion on this topic in the forum, but to summarise, the general consensus is, if you come into additional money, it would be used towards your original debts.Â
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If a third party provides you with the means of settling some or all of your trust deed contributions, then this would satisfy a reduction of monthly amount and or term.Â
22/08/2024 9:38 am
Hi Adam,
In order to complete a Trust Deed early, you need to be able to repay the balance of your debts as at the date of signing, plus statutory interest and your Trustee's fees.
Your commitment to the Trust Deed is to pay the full balance of your monthly disposable, it is not to pay a fixed amount. Any additional disposable income that you come into should be paid to the Trust Deed, as well as bonuses etc...
