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Scottish Trust Deed Forum
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Topic starter
19/06/2014 8:10 pm
I lost my job 4 years ago and that's what put me down this path. I found a part time job that pays £800 a month £200 of which is owed monthly as part of my agreement.
I am 1 year 3 months through my trust deed.
My parents are selling their home to move into something smaller to release money for their retirement. They know my circumstances and they want to help me get a place.
They've offered to give me £10,000 to get me on my feet. Can I pay off my trust deed early with the cash? Is the cash owed to my debtors if they give it to me?
I estimate I owe £4200 21 months at £200.
Need advise.
19/06/2014 8:27 pm
I think this is something only your trustee can answer.
In theory this should be possible though depends on the process adopted by the trustee for early settlement. If you need to find alternative accommodation and all the associated costs, then this may be a major factor in them accepting the proposal as there is unlikely to be any surplus after everything else is paid.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
19/06/2014 8:32 pm
Thanks Mark.
19/06/2014 8:47 pm
No probs. let us know how you get on.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
