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Topic starter
28/02/2011 10:45 pm
Hi guys,
This site is a great find for me, I feel I understand what I am involved in being in a TD - but I have no clue what is coming in the future!
I am just over 1 year into the TD and I have a great relationship with Grant Thornton who are administering the deed. I have done two 6 month reviews and have found these easy to complete. I have also had to miss a payment to replace my washing machine which has extended my deed by one month - but this wasn't an issue with Grant Thornton.
I was wondering - what happens after I make the 36th payment? I have read around the forums and saw people mentioning 'discharge proceedings', but what does this mean?
In as much detail as possible would be great as its really worrying me.
Thanks guys!
01/03/2011 8:00 am
Hi scotslad
Once the final paymen has been made, they should pay a final dividend payment to the creditors and assuming there are no asset, send away the appropriate forms seeking your discharge and the Trustee's own discharge
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
01/03/2011 9:04 am
Thank you for your reply, I appreciate it.
Is there anything other than the six month reviews I should be expecting to complete?
01/03/2011 9:22 am
Hello ScotsLad and welcome to the forum.
I don't think that there's anything for you to need to expect other than the reviews. However if something significant changes with your circumstances (for better or worse) let your trust deed company know as soon as possible.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
01/03/2011 9:24 am
Hi Scotsland
As long as you complete the reviews and give your Trustee any information that they may ask for, you won't have any problems. If you are paying contributions only, and there are no assets to realise, I can't think of anything else you would need to complete.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
01/03/2011 12:18 pm
The only thing I am aware of so far as assets are concerned is my car.
It is on HP at the moment, I was allowed to keep it as I travel 70miles round trip per day for work.
I still won't be finished the payments on the car when the deed is finished, but I remember my IP telling me that the car would be subject to extra payments beyond the end of the deed to the value of the the car if its book price was over a certain figure, what is the figure?
01/03/2011 1:37 pm
Hi scotslad
I'm surprised that they didnt give you a figure at the start.
I suspect it is any value over ?ú1,000. The figure increased to ?ú3,000 in November last year.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
04/03/2011 5:41 pm
I too will have a car at end of TD. I will still need to make payments for 8 mths after the trust deed finishes .
I have not been advised by my trustee that the value of the car would be taken into account .
What will they actually do ?
Topic starter
04/03/2011 5:47 pm
Hey,
So far as I know they will work out the value of the car if you have made all payments and you will either have to sell it and give them the money or continue paying the Trust Deed till you make up the difference.
I am not sure about my situation as the car is on HP and I won't technically own it by the end of the Deed
