Hi Brido and welcome.

A trust deed is intended to be a last resort where the debts aren't realistically manageable otherwise.

When circumstances improve, as they have done for you, it is possible to end up paying more than the debt total. That's primarily because you'd become responsible for the trust deed fees as well (rather than them falling on your creditors).

As for coming out of the trust deed, it might not be straightforward. It's a legal agreement binding upon all of the parties. Your trustee would need to agree to release you, and they might choose not to.

You may also find that the long-term cost of you of leaving the trust deed is more than it would be to stay in it.

cheers for the reply ,but its a complete rip off paying £5000 above my debt ,I thought trust deed where meant to help people not act like the CSA ,I would advise anybody not to go through the trust deed !!!

I can understand why you might regret the decision in these circumstances Brido. Most people entering trust deeds wouldn't face the same issue.

Did you anticipate the improvement to your circumstances when you decided to proceed?

Sounds the same as me on my current wage I'm paying my fees to trust people if those fees were not that high then my debt could be paid in full. Only good thing is the interest stops that's what's making me think to join a trust deed as my fees are so high I never actually pay off the money owed.

This might be a bit different Kerry.

It looks like you can fully repay your debts now, before you start. I really think you should strongly be considering a DAS based on the figures in your other post.

For Brido the ability to do so developed afterwards.

With all due respect Brido, I would suggest that you were perhaps ill advised that a trust deed was the right choice for you. I am now one of many who are debt free thanks to the successful completion of my trust deed. From having debts of 33k to being debt free, I have no regrets at all in term of my trust deed other than allowing myself to get in this mess in the first place. Clearly a DAS would have been a better option for you as trust deeds aren't really meant for low level debts.

I was on a low wage the first year of my trust deed then i had a wage rise ,hopefully i can get out of it and pay it off myself.

Hi Brido

Just to clarify from your initial post, you had debts of £1,100 & an insolvency firm advised you to sign a trust deed where initially you would be paying back £100 per month, £3,600 in total. Did you mean debts of £11,000?

As mentioned above, where there is a change in circumstances, the trustee can re assess the contribution and it may be that creditors will receive 100p in the £.

Mark

Yea £11,000 ,I would pay off what i owe no problem but to pay £5000 more is a joke.

The thing is Brido, you'll be paying the fees whether you complete the trust deed or end it early.

I'm not sure you're going to achieve what you hope to by leaving it.

Why would I pay the fees if the trust deed been cancelled,so anybody thats in my situation ends up well out of pocket .the trust deed should highlight this when advertising .its a pure con a bit like payday loans.

Because that's what you agreed to when you signed the trust deed Brido, though I appreciate that you may not be aware of that.

If your trustee agrees to end the trust deed, which they may well not, they'll take their fees from the contributions you've made since your trust deed began.

There may be little or nothing left to go towards your debts because much of the work is front loaded.

I disagree with much of your analysis, but I do understand your frustration. I do hope it's clear though that your trust deed failing might actually leave you further out of pocket. Also, your trustee could potentially seek a wage arrestment to collect your trust deed payments, or even choose to bankrupt you.

Well hopefully when i speak to the manager of my trustee he or she will see where i'm coming from ,surely i'm not the first person this has happen to and want to leave the trust,

Certainly not Brido, but you did enter into a legally binding arrangement.