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Magnum69
New Member

5 Posts

Posted - 31 May 2019 :  19:19:53  Show Profile  Reply with Quote
Iím due to get back pay from my work in June. I applied to go trust deed 16 months ago so Iíve got 32 months left of my 4 years to go. My debt was just under £20,000. So I was to pay back half through trust deed. Iíve paid back about £3000 of the £10,000. My question is, when I get my money through is it £7,000 I pay back or £17,000 to clear my debt , please help and advise thank you.

Marieh38
Frequent Contributor

39 Posts

Posted - 31 May 2019 :  22:57:23  Show Profile  Reply with Quote
Hi it would be total debt amount when you entered the trust deed plus interest on the debts and all trustees fees i think .
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 31 May 2019 :  23:48:51  Show Profile  Reply with Quote
Welcome to the forum Magnum69.

Marieh38 has provided a good answer already.

To end your trust deed early your total payments, including what youíve 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.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Magnum69
New Member

5 Posts

Posted - 01 June 2019 :  01:45:25  Show Profile  Reply with Quote
Thanks for the advice folks
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David Tannock
Trust Deed Expert



2383 Posts

Posted - 03 June 2019 :  09:18:34  Show Profile  Reply with Quote
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 wasnít 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.

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Magnum69
New Member

5 Posts

Posted - 08 June 2019 :  22:18:44  Show Profile  Reply with Quote
Another quick question folks, you owe money to companies that canít 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 youíve 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.
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Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 10 June 2019 :  08:16:40  Show Profile  Reply with Quote
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.

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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 10 June 2019 :  09:13:03  Show Profile  Reply with Quote
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.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Magnum69
New Member

5 Posts

Posted - 10 June 2019 :  11:08:23  Show Profile  Reply with Quote
Oh I understand now thanks for the explanation folks , some companies donít explain everything.
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Magnum69
New Member

5 Posts

Posted - 10 June 2019 :  12:27:32  Show Profile  Reply with Quote
Oh I understand now thanks for the explanation folks , some companies donít explain everything.
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