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Scottish Trust Deed Forum
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Topic starter
07/05/2011 11:34 am
What happens if various payrises through promotion in work mean I end up paying more than I owe?
Over the last 9 months I've had 3 pay rises, and as the extra money is getting taken for the deed it means I will be paying back several thousand more than I actually owe over the next 2 and a half years.
Is this right, or does the deed end early, or what?
07/05/2011 11:40 am
Welcome to the trust deed forum basicinfo.
The most that you will have to pay into your trust deed will be:
1- the total you owed at the start.
2- interest on the debt (8% I believe).
3- the fees and outlays of your trust deed provider.
If that total were reached the trust deed would conclude and your creditors would be fully repaid.
At that point you will of course start to benefit from the pay increases that you have earned.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/05/2011 9:03 pm
One minor correction here is that the rate of interest is either the contractual rate on the debt or 8%, whichever is greater - ie it could be higher than 8%
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
