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Scottish Trust Deed Forum
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Topic starter
16/12/2018 5:11 pm
Hi
I won PPI claim with RBS . Unfortunately I it’s going to IP.
I have been in TD for nearly three years with extension of two years, as I had equity in our house.
It was over 8k that’s going to them. Will this reduce the time of TD?
17/12/2018 9:11 am
Welcome to the forum Mogs1968.
If you're in a trust deed it's normal for PPI to go to help repay your debts.
I'm afraid it's pretty unlikely that the term of your trust deed will be reduced, unless the total amount now paid over to the trustee fully covers:
1 - Your debts
2 - Interest on those debts
3 - Your trustee's fees and costs
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/12/2018 7:03 pm
Hi
Will it make a difference to the amount I pay?
18/12/2018 8:10 am
Hi Mogs1968.
I doubt that it will. You commit two things when you sign a trust deed.
The first is your surplus income. This is your monthly payment.
The second derives from assets you own or which come into your ownership. A PPI claim is an example.
These work independently.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
18/12/2018 5:03 pm
So any amount paid to Trust Deed doesnt make any difference
?
18/12/2018 5:40 pm
Only if the total you have paid from all sources adds up to:
1 - Your debts
2 - Interest on those debts
3 - Your trustee's fees and costs
If that happens, the trust deed can end early.
Otherwise it will continue based upon a monthly payment from income which is deemed to be affordable.
Sorry that this will not be what you hoped to hear.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
