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Topic starter
10/03/2023 3:08 pm
Hello,Â
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I have been increasing my payments so I can pay my TD in full along with trustee costs and interest over the 4 years.
I just have two questions:
If I could have tried to pay it off quicker, would the trustee/creditors have liked that or do they like the 4 year minimum term?Â
I have been told I might be able to pay off my debts and then trustee costs and not have to pay the interest if the creditors agree. Does this usually get accepted?Â
Thanks for the help!Â
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10/03/2023 4:04 pm
Hi there Lhen. If you are paying your debts in full then your creditors would certainly be happier the quicker it happens. In fact, you have an obligation to pay as much as you can afford each month anyway, so if you can pay it off quicker then you should.
In terms of interest, many creditors will have frozen interest a long time ago and may well be happy to agree that this doesn't need to be paid if your trustee puts it to them.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
10/03/2023 4:31 pm
Thanks for such a quick reply Kevin!
I wish I had been in a better financial situation a few years ago but luckily now trying to make up for it but always wondered if I would have had to stick to the 4 years minimum term anyways.
I hope to pay of debts in full and trustee costs this year so fingers crossed I can maybe get discharged quicker without the interest needed to be paid.
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