Welcome to the forum Carlyxo.

If you came into money your trustee would look to gather in:

1 - Your full debt amount owed when the trust deed began (plus)

2 - Interest on that debt (plus)

3 - Their own fees and costs.

Anything you've already paid into the trust deed would be included in the above total amount.

If the total amount mentioned above is paid, your trust deed could end early (and you'd keep any surplus).

Best to contact your trustee directly to get a sense for the debt amount, interest, and fees/charges that would apply to your case.

Hi Carlyxo and welcome to the forum.

TDA has summed it up perfectly.

The money that you could receive, is this coming from an inheritance or something else?

To pay off the Trust Deed and come out of it early could cost a significant amount of money depending on your level of debts.

Let’s say for example that a parent wants to buy you out of the Trust Deed, it might be in your best interests just to let the Trust Deed run it’s normal course rather than a parent pay over a significant sum.

With anything like this it’s always important to check with your Trustee and have things confirmed in writing.

I think roughly around 10k I had put into it 2 years ago so the money receiving i’ll Receive I’m pretty sure will pay this off I’m just wondering if I would have to pay all the money I'm receiving and they will give me back any leftover is this how this works? I’ll contact my trust deed company tonight.

How much are you expecting to receive?

It’s a payout from my work I haven’t yet received my offer however based on other employees I believe roughly 15-20 thousand

It’s hard to say Carlyxo.

Interest and fees/costs on top of £10k of debt will add up to a fair amount.

You may need to wait until you know the amount of the payment before your trustee can tell you where you stand.

If you have covered 1, 2, and 3 (above) then money could come back to you.

Presumably you have been paying a monthly amount into your trust Deed for the last couple of years too, Carlyxo, which would reduce the amount required to end the Trust Deed.

Your Trustee will be able to confirm for you, but depending upon how much you have paid in already, my guess would be that there wouldn't be much left over from £15k, but there is a much better chance of a reasonable amount coming back to you from £20k.

Thank you all for your help as it stands I’m currently awaiting confirmation of my money I am due to receive will discuss it all with my trustee once I know my figures.