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Scottish Trust Deed Forum
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Topic starter
09/03/2010 7:49 pm
Hi,
It has only been 6 months since i signed my trust deed, but my mother has offered to pay the remaining amount that I owe in 1 payment. Is this possible to do so early in the trust deed?
Thanks
09/03/2010 11:55 pm
Hello mcb1980 and welcome to the forum.
I'm sure our experts will be able to comment on how their respective Trust Deed firms would handle such a suggestion soon.
Such a move would be to the benefit of your creditors. The reason for this is that the amount charged in fees by your Trustee would be reduced. As such your creditors would receive more than they would have otherwise expected if the Trust Deed had run a more standard course.
I think that you should contact your Trust Deed firm to discuss whether you can proceed on this basis.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
10/03/2010 9:27 am
Hi Mcb1980
It will be up to your trustee to decide whether or not this is acceptable. Your trustee may also wish to put your motherÔÇÖs proposal to your creditors to see if they are willing to accept payment of the lump sum and to also bring the Trust Deed to a close early.
Please let us know what the outcome is.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
