Hello babyd12 and congratulations to you.

You (via a 3rd party such as your mum) don't have any right to pay off the trust deed early, but we do hear here that some trustees have open minds about considering such proposals.

They need to consider the best interests of your creditors. If you'll have less spare money as a result of the pregnancy and subsequent addition to your family making the remaining contributions now might be the best thing for your creditors. It's a good argument to have in your favour.

The next step will be to put your proposal to your trustee to see what they say. Make sure they understand the full set of circumstances involved here.

Thanks for getting back to me. Would I be best to write a letter to them explaining everything and ask for a response in writing?

TDA has it spot on.

In all trust deed cases we need to balance the individual and the creditors. There could be a scenario where someone will receive a significant pay rise or be in line to receive inheritance etc and the early discharge would defeat the interests of the creditors. We will normally look at this from month 24 onwards.

Mark

That sounds like a very good idea babyd12.

Clearly set out the circumstances, the possible consequences of an early settlement not being possible, where the money would come from, and that any such payment would be conditional upon you being promptly discharged afterwards.

I am only 14 months into my trust deed nearly 15

Different trustees and firms will take their own views on this babyd12.

Put your case forwards and see what the response is. There's nothing to be lost other than a little bit of time and the price of a stamp.

Ok thanks for all advice, its appreciated

Hi babyd12,

Congratulations on your good news. I know how you must be feeling as we are expecting our second child early next year and have been a little stressed over the household budget. I came up with a spreadsheet with all of our budget on it and taking into consideration the maternity pay that we would receive and also if my Mrs worked full time, part time or was unable to return to work. I thought it was excellent but she laughed at me a little for it but she can now see the benefit of forward planning and thinking which I guess is what your trying to do.

As TDA has said, speak with your relationship manager/Trustee. You can give them a call or send in a letter in advising them or even email them. They should be there to help you as much as possible with any change in circumstances and to work with you to find a solution. Communication and relationship building is key to a Trust Deed and it's the way I like to work.

Advise them of your up and coming change in circumstances and that you may not be in a position to support the monthly payments but you have a third party who would be prepared to pay off the balance of your remaining contributions.

Do you have any assets i.e. own your property or have a vehicle?

hi i paid mine off early via 3rd party. only 5 months early tho. I phoned and asked and was told yes. Had to be put in writing by 3rd party etc. hope this helps

yes also paid of early through 3rd party all was required was proof