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Topic starter
12/11/2013 9:41 am
Hi. I entered into a trust deed in 2011 and it was due to end round about May 2014. I was on maternity leave during my trust deed but my payments were due to increase when I went back to work. Unfortunately I was made redundant but increased the payments slightly when I found part time work. My trust deed has been extended by almost a year but I really want it to end when it was originally meant to end. I have been putting some extra money away that I have made from selling stuff on eBay, extra shifts at work etc and was going to phone up and make extra payments but want to know if the trustee will take any extra money from me but still make me pay the extra year so ultimately I end up paying more than was originally stated. I don't want to end my trust deed early I just don't want it to carry on for another year if I can avoid it. I hope this makes sense.
12/11/2013 10:15 am
Hi DRedd.
That certainly makes sense.
Your trustee will need to consider the source of the funds that you've saved. For example, will they determine that some of the money from the sale of items on eBay should have been paid into your trust deed anyway? Will they determine that some of the money from the extra shifts you've done should have been paid into the trust deed anyway?
I'm not saying that they will be for sure, just that they're things that will need to be worked out (based upon the view of your trustee and your agreement at the start).
Even if this money should have been paid over it would perhaps count towards reducing the extension to your trust deed anyway. That's another thing that I think you'll need to work through with them so that you understand the position.
I think there's going to have to be some detailed communication with your trustee to work out where you stand regards all of this.
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