It certainly can be done if the Trustee agrees.

Some trustees will just agree to the payment, take the money and close the case - dependent on other factors such as outstanding PPI claims etc. Others may wish to circularise creditors to seek their consent to the early discharge.

The first thing to do would be to contact your case administrator, advise them this might be an option and ask them to detail how such a procedure would work for you.

Hi Gallows88.

Good points from Voice of Reason here.

We've seen three different responses from trustees where people have written about this subject here in the past:

1 - Some will accept a lump sum equivalent to your remaining payments and discharge you.

2 - Some will accept a lump sum equivalent to your remaining payments, stop taking monthly payments, but not discharge you until the date you originally expected to be discharged. This is so that creditors can continue to benefit if you come into money from a lump sum before you're discharged.

3 - Some will not be prepared to do this at all unless the lump sum your provide will clear the debts, possibly interest on the debts and their fees also.

Hi Gallows88,

As others have said it really comes down to the discretion of your Trustee if they would allow this or not. Best thing to do is contact you case administrator and ask them.

If they say no, ask why? It could be because you have 19 months remaining and if that is the reason ask them at what point in the Trust Deed they would accept the money and close the file off.

Thanks to all this surprises me but happy to check out the trustees views

I wish I was in the position to pay it off. Not because it's not manageable at the moment but because I could then put it behind me lol. I'm eight months in and whilst this has flown past it still feels like such a long journey to the end. David - what's your thoughts on letting me go early lol? How many months payment would be suitable and appropriate to your company?

I think the 2 main issues Trustee's need to look at in this matter are potential windfalls during the Trust Deed or changes in pay which would alter the contribution level.

In theory, someone could move from a £15k year job to a £25k year job and before they start, request a relative or third party pay off the balance or be in line for a windfall therefore the Trust Deed would not benefit from the increased contributions/windfall over the next year or so.

Mark

I wish I had better prospects lol

Hi notntodeedyet

There's always the lottery. By my reckoning you have a 50/50 chance of winning it. Either you'll win it or you won't. That's good odds?

Mark

Not bad odds at all!! Think I will give it a miss though lol. £2 per line is too dear

I noticed that a couple of weeks back. 100% increase in the cost of a ticket!!

Mark

But with a 50% chance of becoming a millionaire £2 still seems like a good deal?

I thought of that and then someone told me that there are about 32 million tickets sold every week, so we all have a 50/50% chance of winning.

Doesn't seem like that good a bet now. Fortunately I don't need to worry as apparently I've won millions in the Nigerian Lottery and am just heading to the bank just now to pay the tax on it into my previously unknown cousin's account.

Mark

Good for you Mark.

You wouldn't want to miss out on a chance like that.

Hi notntodeedyet,

I think if someone is approaching their last 12 months in their Trust Deed then we would consider closing things early if a third payment could pay things off. I always say though that we will treat each case individually and consider at any point closing it off.

I've just checked your case and you have 28 payments remaining as you've paid 8 already. I remember last year when you were worried about the protection of your case and the 5 weeks which we had to wait for this. Now your 8 payments into the Trust Deed.

I used to put the odd lottery ticket on but since it's increased to £2 per ticket I've not bothered. The Euromillions is the one to win although I'm not sure how I would handle winning £100 odd million pounds.

I was selling a car once and had constant messages from people in Nigeria wanting me to ship the car out in a container to them but I had to pay tax on it first via Western Money Union transfer.