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Scottish Trust Deed Forum
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04/11/2022 1:06 pm
As of the 1/12/22 I will be officially done and dusted in paying back my TD. My final payment is vastly reduced compared to my agreed contributions for the previous 5 years. I understand that I've to complete another 12 months on the Debt register before finally coming off it, my question is if I'm gifted any money after my final payment next month do I need to tell the TD? Also would I be able to pay off the rest of my wifes TD too?
04/11/2022 2:09 pm
Congratulations Navrig - almost there!
You should check the wording of your Trust Deed document. Usually it is just a 4-year period that applies to windfalls, so you may well be fine, but if your Trust Deed specifically states differently then you would need to abide by that.
A Trust Deed has to last for a minimum of 4 years, so it would depend how long your wife's has been running for already as to whether you could pay it off and get hers closed down too.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
