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Topic starter
04/06/2022 11:52 am
I’ve just made payment number 30 towards my trust deed so still a bit to go but happy to be counting down the months but have just a qq on how an expert would read into the wording of my agreement please.
It states that the debtor will make a voluntary contribution of £238 per month for 48 months. Does this mean what it says as long as I’ve met all obligations? I have equity to pay so it has been extended 2 years. The answer I’m looking for is that after my 48 months is up and after making all payments is that my obligations/restrictions change and if I receive any inheritance etc then it wouldn’t take be part of my trust deed. I know I would still have my equity to pay and I was hoping to do this as soon as I can after my 48 months are done by working overtime, maybe selling my car, getting a 3rd party to pay. Will I still need to do an annual review?
Sorry if this has been repeated but I think I have my hopes lifted a bit after reading the exact wording on my agreement that I will make voluntary contributions of 48 months meaning my trust deed payments will be complete and I’ll be able to to pay my equity sooner and take the anxiety and stress away in regards to complications of property inheritance.
Any views on this would be much appreciated
Dazza
05/06/2022 9:06 pm
Hi Dazzla359. No silly questions here, you can ask what you want and we'll try our best to answer.
We cannot give you an answer you can legally rely upon here, but it isn't uncommon for the wording of a trust deed to exclude windfalls once you have completed the 48 month minimum term of a trust deed.
As a starting point you might want to clarify the position (perhaps in writing?) with your trustee. If you require further clarity, a solicitor could examine your trust deed and confirm the position.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
06/06/2022 11:18 am
Hi. The legislation (Bankruptcy Scotland Act 2016, section 167) says that in order for a Trust Deed to be eligible to become protected it must state:
"that the debtor agrees to convey to the trustee, for the benefit of creditors generally, any estate (wherever situated) which is acquired by the debtor during the 4 years beginning with the date on which the trust deed is granted"
If you look at your actual Trust Deed document it should contain this statement or something very similar. I suppose it is possible that it could go on to say that this also applies to any additional extension period, however in the absence of a clause explicitly stating that then it would just be 4 years and no more.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
11/06/2022 10:22 am
Thank you for your replies
Dazza
