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Scottish Trust Deed Forum
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Topic starter
13/07/2009 2:20 am
Hi
Currently I am in PTD & at the end of second year. I spoke to my IP that I would like to come out from PTD to save some money. My reason is that if I can come out early I may not have to pay their per year charges. The early settlement would be paid by my elder brother to whom I will pay monthly instalment but a lot less than what I pay at the moment.
However after explaining all these to my IP, She told me that she can write to my creditors but there is more chance that my creditors will increase or add interests and charges. So itÔÇÖs better not to approach.
I just think that she just didnÔÇÖt want me to come out from PTD in case they lose their fees.
Could anyone let me know what to do ?
Many thanks in advance
13/07/2009 10:00 am
Hi there mhossan,
Welcome to the trust-deed.co.uk forum. I'm sure Mark and/or Kevin will be able to let you have their opinions on this soon.....
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/07/2009 10:34 am
Hi there
Most IPs will be happy to accept 3rd party payments and release people from their trust deeds early, though they are under no obligation to do so. However, it is unlikely that you would be able to save much money by doing so - the main benefit is simply in being released early. The problem is that most of an IPs costs/fees are incurred at the start and end of a trust deed, which are obviously still payable regardless of how long the trust deed runs for. In practice most IPs will insist on the 3rd party lump sum covering the full amount of payments which would have been paid by instalments.
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