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Scottish Trust Deed Forum
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Topic starter
20/05/2013 9:39 pm
Hi again folks.
I was just wondering what kind of sum is involved in bringing a TD to an early conclusion ? As I posted previously, I am thinking about retiring early next year after my TD is completed (Feb, roll on !)but had asked what the consequences would be if I brought my plans forward to this year while still obviously in my TD.
One of your advisors, possibly Mark but I can't remember exactly, suggested I could use some of my lump sum to bring the TD to an early conclusion. How is this calculated ? If it is a percentage of the total debt then it might be something I would think about it, but if it is the whole lot then I couldn't even contemplate it without leaving myself with next to nothing for my retirement years !
20/05/2013 10:24 pm
Hi AD
Normally to bring it to a close, you would require normally to pay the outstanding contributions and any assets etc agreed at the start.
You may need to be careful if releasing a lump sum as the trustee may claim an interest in it.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
20/05/2013 10:33 pm
Hi A.D.
Don't do anything without having written confirmation about exactly how everything will work from your trustee.
You don't have a right to an early settlement, its for you to make a case to your trustee as to why this would be in the best interests of your creditors.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
20/05/2013 11:40 pm
Ok thanks again guys !
Topic starter
27/05/2013 12:25 am
Hi again folks !
I know I'm probably getting ahead of myself, but after almost two and a half years in my TD I can't help but look ahead to February when it will be finished.
I was just wondering, especially after reading conflicting posts, firstly, how long will it take to be discharged, and secondly, will I still have to pay into the TD until I am fully discharged even though as I say, the 36th and final payment is February next year ?
27/05/2013 8:22 am
Your standing order should be can cancelled once the last payment has been made. This must include any arrears. You can receive your discharge shortly thereafter. The trustee may have PPI claims outstanding but at this stage it would be unfair to delay your discharge whilst this concludes so should not hold his up
Rob is not currently posting in the Trust-Deed.co.uk forum.
27/05/2013 10:11 am
Hi A.D.
We hear from the firms here that this should only take a few weeks after your final payment.
Sadly we also hear in the forum of a handful of firms that can take a fair while longer than this. Hopefully you're with a firm that will just get on with it.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/05/2013 3:00 pm
I don't think it does any harm to give them a call once the time comes round, just to make sure that your case manager is making it a priority, AD
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
