When entering a TD you have agreed to pay back X amount. You haven't managed to do that yet so your TD has been extended to allow you to make the full payment. Also I don't think your wife can pay off a certain amount without incurring interest/charges, but speak to your Trustee to find out.

Welcome to the forum Marsh1.

From a legal perspective, trust deeds simply need to run for at least four years (though they can end earlier if the full debt, interest, and costs have been repaid).

From a practical perspective, in this situation your trustee should weigh up what's best for your creditors. Getting a third party lump sum to end the trust deed will result in the creditors getting their final dividend sooner. Continued monthly payments extend the term of your trust deed, meaning that there might (in theory at least) be more of a chance that you'll come into money that could help repay more of the debt owed.

I suspect this is one of those situations where your trustee has to exercise judgment and the outcome will be whatever you can agree with them. Making this judgment may be beyond the discretion of the customer service advisers and I guess it's possible they may have referred the matter to their managers. You might be able to push things along by writing to the trustee personally with your suggested plan to quickly bring the trust deed to a successful and satisfactory conclusion.

Hi Marsh1 and welcome to the forum.

Well done on reaching this point in your Trust Deed journey. Not too much longer to go hopefully before you receive your discharge and can put it all behind you.

How much is the balance outstanding that you have to pay?

Under the legislation you need to pay as much as you can over the 48 months and the only way to shorten this is to repay the total debts plus interest and costs. Given that you have passed this point I don’t see any reason why a lump sum can’t be paid by your wife to bring your Trust Deed to a close now.

From an administrative perspective I’d welcome this as it would allow us to discharge you and also pay lenders and close the file sooner.

As TDA has advised you might run into some difficulties with the general advisor you are speaking with. I’d suggest asking for an email address and emailing your Trustee directly. When that happens either the Trustee will respond or pass this to someone senior in the firm to review and respond.

Let us know how you get on when you write to the Trustee.

quote:

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Originally posted by David Tannock
[br]Hi Marsh1 and welcome to the forum.

Well done on reaching this point in your Trust Deed journey. Not too much longer to go hopefully before you receive your discharge and can put it all behind you.

How much is the balance outstanding that you have to pay?

Under the legislation you need to pay as much as you can over the 48 months and the only way to shorten this is to repay the total debts plus interest and costs. Given that you have passed this point I don’t see any reason why a lump sum can’t be paid by your wife to bring your Trust Deed to a close now.

From an administrative perspective I’d welcome this as it would allow us to discharge you and also pay lenders and close the file sooner.

As TDA has advised you might run into some difficulties with the general advisor you are speaking with. I’d suggest asking for an email address and emailing your Trustee directly. When that happens either the Trustee will respond or pass this to someone senior in the firm to review and respond.

Let us know how you get on when you write to the Trustee.

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Thanks both for the advice. It's been a tough 5 years but almost done.

The outstanding balance is £750 so, as you say, it seems like it may be in their best interests to get it over and done now.

Contacting the trustee sounds the best course of action.

I'll let you know how I get on.

Hopefully they see sense and agree to it. A lump sum in the bank rather than waiting another 4-6 months is the best option.

If not you may want to point out that due to the change over from one company to the other payments were missed and this wasn't your fault.

So I'm just off the phone after making a final, full payment of £750 to complete my trust deed.

After the advice from both of you earlier this week I sent this email;

Dear Sir/Madam.

I currently have a trust deed with yourself that was initially with Knightsbridge and then Pinnacle.
The 60 month term of the trust deed passed on September 2019 but I have had an extension due to my wife becoming unemployed for a 6 month period in 2018, and a 3 month period where I wasn't able to make payment when the trust deed changed from Pinnacle to Creditfix.

I've been informed that legally, if the trust deed is past the 48 month mark then the trustee has the power to accept a final payment to bring the account to a close. My wife is in the position where she has the £750 available to clear the remaining balance and bring the trust deed to an end.

The last 2 discussions I have had with your customer service advisors have ended without my request being resolved as they were unsure if this was possible.

I believe it is in the best interest of the creditors and the trustee, from an administrative perspective, if a final payment was approved.

If you are unable to answer my request could you supply me with the email address of my trustee that I can deal with directly.

Yours sincerely.

***

It's honestly a weight of my shoulders to finally be able to put it to bed.

Thanks very much for your help.

Wow! That's tremendous Marsh1.

I'm really pleased that we've been able to help you to bring this to a satisfactory conclusion (for you, for your creditors, and for your trustee).

You must be really pleased and relieved?

That’s fantastic news Marsh1.

Glad that it’s worked out for you and you can start to move on.

Make sure you chase them up for your Form 5. This is your official discharge certificate and from now should take approx 4-6 weeks to be posted out to you.

quote:

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Originally posted by TDA (Debt Adviser)
[br]Wow! That's tremendous Marsh1.

I'm really pleased that we've been able to help you to bring this to a satisfactory conclusion (for you, for your creditors, and for your trustee).

You must be really pleased and relieved?

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You have no idea the difference it makes. I would say to anyone who is saddled with debts that getting it sorted and going through it is worth it in the long run.

quote:

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Originally posted by David Tannock
[br]That’s fantastic news Marsh1.

Glad that it’s worked out for you and you can start to move on.

Make sure you chase them up for your Form 5. This is your official discharge certificate and from now should take approx 4-6 weeks to be posted out to you.

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My discharge letter has arrived. Currently looking at dealing with issues with my credit file that I've posted a new topic about.