Trust Deed Forum - HI need some advice
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Unknown
Just Joined

2 Posts

Posted - 07 March 2019 :  13:42:09  Show Profile  Reply with Quote
Hi I'm asking for a friend who has a trust deed at the moment,,,,their due to come into some extra money soon and is it their responsibility to notify their trust deed agents as to this money and will they be asked to give the extra money to agents to pay creditors and will it reduce the amount outstanding on trust deed....any help and advice would be appreciated

TDA (Debt Adviser)
Trust Deed Expert



12917 Posts

Posted - 07 March 2019 :  14:14:35  Show Profile  Reply with Quote
Welcome to the forum Unknown.

Your friend is obligated to inform their trustee if they come into money. They agreed to this when the trust deed began and the creditors accepted the trust deed on this basis.

It's highly likely that this money will have to be paid into the trust deed.

With occasional exceptions, their monthly contributions (from income) will continue to be due for the remaining agreed term of the trust deed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Welcome14
Advanced Contributor

52 Posts

Posted - 07 March 2019 :  15:02:44  Show Profile  Reply with Quote
Always best to be open with your trustee, i had an opportunity of redundancy and spoke to my trustee , It was beneficial, Sometimes gives you an opportunity to finish your trust deed early
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Unknown
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Posted - 07 March 2019 :  15:32:06  Show Profile  Reply with Quote
Thanks for the info. I'll pass this on and suggest they contact agents
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