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Scottish Trust Deed Forum
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Topic starter
24/01/2014 7:08 pm
I have a query. I am paying £100 less a month than at the start of my Trust Deed ( agreed to by my trustee) due to cut in pay.. Due to that and having to add payments to the end due to large bills all these were agreed at the time by my trustee..
My question is if by some miracle i won the lottery or was able to have family give me some money would it generally be the amount that I am in arrears by? As if I had been able to pay each and every payment and stayed at the higher monthly amount my trust deed would have been over this past Oct (2013)
Not that I am expecting to be able to I was just wondering the what ifs. 🙂
Thanks
24/01/2014 7:10 pm
Hi Amerififer
In a word yes. Sometimes the easiest way to look at it ( very generally) is that the Trustee will require the total figure which was agreed at the start ie 36 x contribution amount.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/01/2014 7:21 pm
Thanks for the quick and "very general" 🙂 answer Mark.. I shall keep it in mind .
24/01/2014 7:29 pm
Hi Amerfifer
No problem. I've read enough stories on the forum to show that things don't always follow a logical process.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/01/2014 11:27 pm
Aye unfortunately so have I.. so why i was curious 🙂 Things sometimes don't follow any logical path.
25/01/2014 8:56 am
Hi Amerififer.
I wonder if there's a difference here between your family providing some money (payment from a third party) and winning the lottery (a windfall).
When the subject of a windfall after the expected term, but before discharge, has come up here before I've read advice from our experts that the wording in your trust deed might be important.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
25/01/2014 9:16 am
Hi TDA
I'd be surprised if acquirenda was altered by the wordng of the trust deed as it's determined by S.32 of the Bankruptcy act. This states assets acquired before the date of discharge 'becomes effective' will go to the trustee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
25/01/2014 9:18 am
So in the event Amerififer won the lottery it might all be due to the trust deed Mark, rather than the current level of arrears only?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
25/01/2014 9:36 am
Yes, if any windfall occurred before the discharge (Form 5) was registered in the Register of Insolvencies.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
25/01/2014 9:42 am
I meant to say that under the new guidance, discharge is now effective on registration as opposed to receipt of Form 5.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
25/01/2014 2:42 pm
So if I am following you correctly .. say for example.. I won ohhh I don't know.. £10,000 in a lottery. (in my dreams but hey lol ) and I was in arrears by say £3500 you are saying the whole £10000 would go to the trust deed and not just £3500 that is arrears?
Sorry really trying to get my head around it.. I'm one of those that likes to know the what ifs 🙂
25/01/2014 2:53 pm
Whos going to know its under your mattress 😉 ...we can but dream !
25/01/2014 2:59 pm
Hi Amerififer
Yes. Any winnings, inheritance etc is looked at completely separately from the contributions. Acquirenda is assets acquired after the date of signing, but before the date of discharge.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
25/01/2014 8:10 pm
fedup.. Aye its great to dream lol
Mark: Thanks I get it now 🙂
