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04/04/2016 11:47 pm
The good point is the trust deed now allows me to sleep at night. However this has gone on for nearly 8 years and I feel it is never ending. Not true I know as I believe I have only 6 payments to go. Guess what, so close to the end I have come into a small inheritance and it is getting taken away, just when I feel as though I get my head above water I get kicked down again.
How long after my final payment do I normally get discharged. I am able to access my pension next year but I will only do that once I am discharged.
When the trust deed started all these years ago, I had a ccj that was not included in the trust deed. This was frozen. I assume it becomes live again once discharged. On that assumption how am I expected to pay it cos I won't get credit and I have no savings.
Personally I am struggling and I did end up on medication. I am now off that but this inheritance is brining back the thoughts and feelings that got me to the doctors the first time. I know the trust deed helps m not to pay back the full lot financially but I am laying it emotionally.
05/04/2016 10:31 am
Hi Bob a and welcome to the forum.
I'm sorry to hear that you are feeling the way you are about everything. If you feel like you need to speak to your doctor again then I would encourage you to do so.
Can I ask what is the reason that your Trust Deed has continued for a period of 8 years? Do you own a property with equity?
It's difficult to give an idea of timescale when you will be discharged after your final payment. We normally try to discharge a client within 4-6 weeks from their final payment but some firms can be a little longer or have a different approach to this. It's something which you will need to ask your Trustee.
The CCJ from what I understand only applies south of the border. The debt for the CCJ should have been included into your Trust Deed if it was debt which you took out prior to entering it. Speak with your Trustee about it and then can look to include it.
Pensions do not vest in the Trustee however if you choose to take a tax free lump sum then the Trustee could consider this. Your best to wait until you have received your discharge before doing this to avoid any problems.
After being in the Trust Deed for this long I can understand why you are feeling the way you are. Try to remain positive and think that it will hopefully be coming to an end soon for you and you will be in a position to move forward and put it all behind you.
David is not currently posting in the Trust-Deed.co.uk forum
05/04/2016 10:49 am
Hi Bob a.
That's a shame about your inheritance - though you might want to check the wording of your Trust Deed as it is possible it might state that windfalls (acquirenda) such as this only have to be made available to your trustee within the first 3 years, in which case it may be worth arguing the toss.
Who told you that the CCJ debt wasn't included? All debts that exist at the date of signing are included in a Protected Trust Deed - this whole thing about it being frozen is nonsense.
As David said, you should bring it to the attention of your Trustee if they were missed off the list for some reason, but regardless of this the bottom line is that this creditor can NOT chase you for payment of a debt that existed at the time of the Trust Deed being signed.
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