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Scottish Trust Deed Forum
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Topic starter
25/07/2020 1:53 pm
Good Afternoon
I was wondering if you could please offer some advice.
I have been in a trust deed with Carrington Dean for a year. My marriage has recently broken down and a third party (family member) has offered to settle my trust deed if possible.
I have been in contact with Carrington dean who have advised the full amount would need to be settled.
I had read on another site of a 3rd party is settling the trust deed this would be only a percentage of the total amount.
Could you please help??
26/07/2020 8:07 am
Welcome to the forum Donnajm84.
I'm sorry that this won't be what you were hoping to hear, but it sounds like you've been correctly advised.
There used to be opportunities to settle trust deeds early (which is probably why you have read about it) but the Scottish government changed the law so that they must now run for a minimum of four years.
The only exception is if you repay the total of all of the following:
1 - Full debts owed
2 - Interest on those debts
3 - Trustee fees
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
26/07/2020 8:48 am
Thank you for the information.
So I would need to pay all 3 to exit the trust deed?
27/07/2020 10:09 am
Hi Donnajm84,
That's correct and it will unfortunately probably add up to thousands of pounds more than you owed at the point your trust deed began.
Your trustee should be able to provide you with an estimate.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
