Welcome to the trust deed forum twizzle.

It sounds likely to me that your trust deed payments will end once you have made 144 weekly payments.

You'll want to check that with your trustee though.

If it has been assessed that you can afford £125 per week then I would expect that you would have to pay this amount for the full 3 years. A call to your trustee is the only way you will get a definite answer.

Wow thank you both for such prompt replies:-)

I do hope the payments finish at 144 weekly payments TDA. I will contact my trustee about it. Just wanted to know if any others are in a similiar weekly v monthly situation.
Why do they tell you then that you will pay £18,000 during your TD then you pay the monthly amount over weekly payments and bang you pay them £1500 more. Seems unfair.

Thanks again for your prompt replies.

Hi twizzle.

It's a while ago, but our experts had a difference of opinion on this when a similar question was asked previously!

That's why I'm suggesting you speak with your trustee as it's their opinion on what the original agreement is that will count.

It's an interesting one because the assessment was that you could afford £500 per month. However, the effect of the weekly payment of £125 is that you've actually been paying £541 per calendar month.

So on the one hand you could say that your commitments should be complete when you've paid 36 x £500. On the other hand you could say that if you've been able to afford £541 per month then it might be expected to run at that amount for 36 months.

It would be great if you could tell us what the outcome is. Good luck with it.

Thank you TDA,

I certainly will let you know what my trustee says.

Should my paperwork from them state the amount due to be paid ie £18,000? Must look it out when I get home.

Only opted for the weekly payment as I felt it would be easier for me to pay each week as I'm weekly paid. At the time I signed, like many others, felt terrible and just recently dawned on me how much extra would be paid due to the weekly payments v monthly.

It's not really about a total figure at the start twizzle. That's just an estimate based on how things appeared to be at that point in time. If you'd had a promotion and a significant payrise for example you could easily have ended up repaying much more than £18000.

Ah understand what your saying now TDA, I should have questioned at the time how the payments added up, it was a v.stressful period in my life, there is always a few we forget to ask.

Will have my fingers crossed when I contact my trustee, I do want to fulfill by obligations to them and get on with my life a wiser and more cautious person.

Really they should have calculated your weekly payments differently. If it was assessed that you could afford only £500 per month then that should have equated to £115.38 per week, not £125.

However if you have told them that you can afford £125 per week then you are basically saying that you can afford around £541pm after all.

An update on my TD and a big thank you to those that run and contribute to this forum. Thank you all!

I called my Trustee and it was the amount to be paid wether it was by weekly or monthly payments once reached it would end payments.
Therefore in early September I paid my last payment:-) Exactly a week later I received a letter from my Trustee which enclosed Form5 Discharge! Wow I was holding the letter not believing what I was reading. No idea it would come so soon took a while to realise that this was it, my TD is finnished.

Over these past three years I have come to realise that you don't need the next new thing you don't need a grand holiday and you don't need credit cards or loans. I was thinking how much I have paid over this time to my TD, so from my next pay day I have set up a DD to transfer most of my previous TD payments into a savings account, then set about sorting out my credit file.

There is light at the end, just keep going as the songs says 'things can only get better'
Good luck to all and thanks for the help I found on this great forum.

Hi twizzle.

Thanks for sharing your good news and congratulations to you.

It's great to hear that the discharge process was handled so promptly by your trustee as well (shows you what can and perhaps should happen for more people more often!!).

Best wishes for the future and I'll hope we'll hear from you from time to time if you're able to share your experience with other people at the start of the journey.