Hello georgen.

Does this mean you'll have paid your debts in full, interest on the debts, and the fees and costs of your trustee also?

Hi georgen

As TDA states, there would need to be sufficient funds to pay debts in full plus interest at 8% plus costs and outlays of the Trustee.

Mark

If the above has all been paid then you would be discharged early, georgen.

I feel that i'd be in a position to pay the lot, including fees, but it all depends on how well the business goes. On that note, I have my own business and I'm not due to pay tax until April. How do I inform the TD co how much I earn, as I only pay myself enough for bills and living costs. Also my cost of living has increased with the new business, so should I get a review done asap ?

Hi georgen.

Yes, if there have been significant changes to your circumstances you'll want to proactively raise them with your trustee.

They'll tell you what income verification they require.

Is your business set up as a ltd co, georgen?

Yes Kevin,

The company is registered as ltd.

Whatever salary you pay yourself, or drawings you take from the business, should all be accounted for in the books presumably?

I take it you are the only/main shareholder of the company? If so, then the business is basically an asset and may have a value, so your trustee will no doubt look for further information from you about it.