Hi it would be total debt amount when you entered the trust deed plus interest on the debts and all trustees fees i think .

Welcome to the forum Magnum69.

Marieh38 has provided a good answer already.

To end your trust deed early your total payments, including what you’ve already paid, will need to add up to:

1: the total you owed when your trust deed began

2: interest on this debt

3: the fees and costs of your trustee

If you fall short of this total after the lump sum is received, your trust deed will continue as it is now.

Thanks for the advice folks

Hi Magnum69 and welcome to the forum.

As others have already advised in a scenario whereby you receive a windfall then the amount of debt that is repaid is the full amount, plus interest and fees and costs.

If you receive an amount greater than all of that then any money left over would be yours to keep. If the amount wasn’t enough to clear everything off you would still be required to continue with payments until the end of the 48 month period.

The best thing to do reach out to your Trustee to speak with them about this and to see what the total balance would be.

Please let us know how you get on.

Another quick question folks, you owe money to companies that can’t be paid back you then go trust deed and the insolvency advisor contacts the companies and pays off your debt. Your over the moon because your only paying back roughly half to the company you’ve got the trust deed with. So why is it when you do get some money you have to pay the full debt off that you started off with , who gets that extra money because the companies have been paid off when you started the trust deed? Anyone help.

The companies haven't been paid off when you start the Trust Deed. They receive payments from your trustee during the process once sufficient funds have been paid into your trust deed to do so and then a final dividend at the end. The Trustee merely gathers your money in and then shares it out intermittently.

To put it another way Magnum69, a trust deed only writes off the money that you cannot afford to repay.

If you become in a position to repay more of your debts during a trust deed, it seems perfectly fair and proper that this should happen.

Oh I understand now thanks for the explanation folks , some companies don’t explain everything.

Oh I understand now thanks for the explanation folks , some companies don’t explain everything.