Trust Deed Forum - Early discharge
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Kyle221
Just Joined

1 Posts

Posted - 24 September 2019 :  20:33:12  Show Profile  Reply with Quote
Looking for some advice I entered a trust deed in 2016 I had a total debt of 5500 which I feel at the time on reflection I was wrongly Mis-sold this trust deed. However I am due to settle in November 2020 but I was hoping I would
Be able to get discharged earlier as I want to get back on track and look to building my credit rating so I can obtain a mortgage. A family member has offered to give me the money that is required to settle my trust deed, do you know is it likely to be accepted?

It has been a long 3 years. Also one of the companies I took a loan with has actually acknowledged that they Mis-sold me loans with are included in this trust deed and have actually offered me componsation so if they are acknowledging that they where wrong should this debt not be removed from my trust deed?

Kyle Thomson

TDA (Debt Adviser)
Trust Deed Expert



13102 Posts

Posted - 24 September 2019 :  20:43:11  Show Profile  Reply with Quote
Welcome to the forum Kyle221.

There is a way to get discharged early, but it might be more expensive than completeting your payments in the normal way.

The only way the trust deed can end early is if you have paid over the total of the following:

1 - The full debt owed at the start of your trust deed
2 - Interest on that debt
3 - Your trustee's fees and costs

Depending upon how much you have already paid, it might cost a fair bit more to reach the total of the above factors.

I'm afraid any compensation from the loan provider will get used to either:

1 - Reduce the balance owed on that account or/
2 - Get sent to your trustee to help repay your debts

This could of course reduce the amount needed to bring your trust deed to an early end.

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