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Scottish Trust Deed Forum
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Topic starter
01/02/2014 8:50 pm
Hi I posted just before Xmas that my trust deed was getting extended for 2 more years due to equity in my home . And was advised to get it in writing that it would finish then after 2 extra years and I received a letter today to sign with my own copy and the letter has a paragraph in it which says Once your extension has been completed the funds gathered in lieu of equity shall be distributed to your creditors , Your TD will be finalised and no more contributions will be made .
So is that it in writing that after 2 years extension it will be all I need to pay ??
01/02/2014 8:54 pm
Does the letter specify exactly what the extension is Golfer66?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
01/02/2014 9:04 pm
It says that they are looking to extend my TD because off equity in my property . It says As discussed it is my intention to put a full and final offer to creditors to extend your TD for a period of 24 months . This would provide creditors with an offer towards my interest in the property . And then the part above is after that .
01/02/2014 11:04 pm
Sounds pretty clear its a 24 month extension then finished.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
03/02/2014 9:35 am
Hi Golfer66.
Instinctively it feels OK, provided that the creditors agree to this offer of course.
The usual warning applies; take independent legal advice if you want to be 100% sure.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
03/02/2014 12:12 pm
Hi Golfer66
I would have thought the letter would be sufficient as it clearly outlines the position with the equity, the amount and the time period.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
