Welcome to the trust deed forum Payback.

The total you'll have to pay (including what you have already paid) is:

1: Your debt total.
2: Interest on the debt.
3: The fees and costs of your trust deed.

If you reach this total you can expect to be discharged with any surplus refunded to you.

Thanks for you reply TDA, roughly what would interest on 16k be? I'm not good at maths, hence the trust deed ;O)

I believe statutory interest is 8% but stand to be corrected on that.

Paul

That's right Paul. Statutory interest is 8% and I believe that this is "simple interest" rather than "compound interest". The difference is that with simple interest you don't add interest to interest.

However, I have read from our experts in the past that it's possible that contractual interest might be charged. This is the interest rate that an individual agreed to when they signed a credit agreement.

Payback - this all gets quite complicated to work out. If this is where the situation goes you'll need to request the calculation and figures from your trustee.

TDA, my IP has collected around 4k so far from my monthly payments and ppi claims. So my total debt which was around 16k, Am I correct in thinking I would still have to pay 12k - plus IP costs - plus the interest? if this was to happen to gain an early discharge.

That's what I would expect to be the case Payback.

Thanks, TDA.