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Scottish Trust Deed Forum
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Topic starter
20/02/2012 12:38 pm
Random question of the day!
I am currently in a 3 1/2 year TD as this period was required to accumulate the required funds to make it viable. If I was to somehow gain addition funds through either promotion at work or through a new job which allowed me to contribute more, would it be possible to reduce the term of the TD back to 3 years?
SkintAlly
20/02/2012 1:01 pm
Hi SkintAlly.
It will be interesting to hear what the experts say when they next visit the forum, but I fear that the answer will be "no".
The reason is that when you signed your trust deed you agreed to a 3.5 year term, and you also agreed to make increased payments if your circumstances improved.
Therefore, a better-paid job is likely to result in your trust deed contribution increasing for the remainder of your 3.5 year term.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
20/02/2012 2:21 pm
Hi skintally
Unfortunately, no. If you had an increase in income/2nd job, the trustee would look to increase the contribution, but this would be a general increase and not be applied to the total.
The only way to reduce the term would be for a third party to introduce funds.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
20/02/2012 9:51 pm
Totally agree with Mark's response.
Chris is not currently posting in the Trust-Deed.co.uk forum.
