Hi KAT,

Your trust deed can end early if the total you've paid (including what you have already paid) adds up to the total of:

1 - The debts at the start of the trust deed
2 - Interest on those debts
3 - Your trustee's fees and costs

The trustee's fees are probably based, in part, upon a percentage of the sum they collect in for your creditors. Therefore their fees may seem pretty high if you become in a position to pay much more than was originally expected into your trust deed.

If you've paid over this full amount, there's no reason why your discharge should take very long at all. There is no set deadline though, it will come down to how quickly the firm processes the work.

Thank you again, I’ve been scrutinising my paperwork & one signed form states it’s his intention to accept the 12 month extension (due to nil equity) & this is reflected in his scheme of division & Form B1. I cant find a copy of a signed Form B1 but am I correct in saying that this form relinquishes any interest he’d have had in my home? or have I misunderstood this?

Thank you.

Hi KAT,

I'm afraid I believe this to be a misunderstanding.

These would be the arrangements if you completed your trust deed (including the extension) and did not sell your home.

Things change if you sell your home.

Thank you for all your advise. Much appreciated.

Good Afternoon, could someone please advise on the following, it appears that when you enter a trust deed & you are assigned a “Trustee” you cannot change the trustee unless you go through the appropriate channels & have just cause too, however what would happen if it were the other way around? For example My “Trustee” has been changed without my knowledge or consent, is there any repercussions for the agency or Trustee?
Thank you

Hi KAT,

Trustees have arrangements in place to transfer cases if the need arises. This can happen if a business gets sold or if a trustee retires, for example.

The aim of this is to ensure that their clients aren't negatively affected in the event that the existing trustee cannot continue to handle the work of managing their case.

You should have been informed if your trustee was to change, but your consent would not have been needed for this to happen.

Thank you for your reply.