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SunnyM
Advanced Contributor

64 Posts

Posted - 05 January 2020 :  14:45:27  Show Profile  Reply with Quote
Hoping someone can explain what this means. Just searched for my details on the Register as to when I signed this. I assume it means it will end on the same date 4 years later? One thing concerned me. I noticed it said this.... Exclusion Of Family Home.........False

What does this mean

TDA (Debt Adviser)
Trust Deed Expert



13254 Posts

Posted - 05 January 2020 :  16:26:25  Show Profile  Reply with Quote
Hi SunnyM,

It probably wonít be exactly four years after youíve signed. Assuming yours is a four year trust deed, youíll be eligible for discharge once you have completed your obligations (4 years of payments, assuming thereís no additional asset requirements, for example).

Once your trustee recognises you are eligible for discharge, theyíll notify the AIB to update the register. Hopefully that will happen fairly promptly, but itís not automatic or immediate.

Donít worry about the ďexclusion of family homeĒ line in there. This relates to a rarely used (if ever?) technical possibility to get creditors to explicitly exclude any interest in a family home altogether. It may have been used, but I know of zero examples.

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SunnyM
Advanced Contributor

64 Posts

Posted - 05 January 2020 :  16:40:49  Show Profile  Reply with Quote
Thanks so much for responding. All payments are up-to-date as far as I am concerned. The house belongs to my husband and I am not noted on anything to do with 5he mortgage.
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TDA (Debt Adviser)
Trust Deed Expert



13254 Posts

Posted - 05 January 2020 :  17:38:05  Show Profile  Reply with Quote
It doesnít sound like thereís anything to worry about SunnyM.

The Ďexclusion of family homeĒ thing is a technical possibility thatís rarely (if it all) used to the best of my knowledge. If youíre not a homeowner itís irrelevant.

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Paul McDougall
Trust Deed Expert



41 Posts

Posted - 06 January 2020 :  08:08:34  Show Profile  Reply with Quote
Morning Sunny

Details from the Register are removed 12 months after the trustee is discharged from your case.

As you do not own the property that's the reason it states "false"

Sounds like you are on track and that the trust deed is working for you. Fab news.

p


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David Tannock
Trust Deed Expert



2323 Posts

Posted - 06 January 2020 :  11:46:06  Show Profile  Reply with Quote
Hi SunnyM,

As TDA has pointed out the Trust Deed will run for a minimum of 4 years but is aligned to your monthly payments. Normally when someone signs a Trust Deed they start making payments within 4-6 weeks so it doesnít finish exactly 4 years from the date you officially signed.

Once a person has completed all payments they receive their discharge and Form 5 (official discharge certificate). This should be with you within 6-8 weeks of your final payment.

As Paul has pointed out all of the details in relation to your Trust Deed on the ROI will fall off 12 months after the Trustee discharge date.

The family home part isnít something you need to worry about but I can understand why it can be a little alarming.

If you are on track with payments then before you know it you will be coming towards the end and back on asking about what happens next and how to rebuild your credit file.

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SunnyM
Advanced Contributor

64 Posts

Posted - 10 January 2020 :  22:15:17  Show Profile  Reply with Quote
Hi David and Paul, thanks so much for replying. Itís been hard and at times very worrying. However, I am now on the last 9 months of my financial journey. The sad thing for me is that Iíve never been able to tell my husband. Our marriage would not have survived. It will be such a relief when itís all over with so Iím reckoning maybe end October this year. My husband owns the house but Iíve always been scared someone will contact him.

Edited by - SunnyM on 10 January 2020 22:22:50
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David Tannock
Trust Deed Expert



2323 Posts

Posted - 11 January 2020 :  07:14:57  Show Profile  Reply with Quote
Hi SunnyM,

There is no reason for anyone to write to your husband regarding the house or your Trust Deed so donít worry about that.

Every person and relationship is different and if you donít feel that telling your husband would have any benefit then that is entirely your choice. Donít beat yourself up about that.

Focus on the positive in that this time next year you will have successfully completed your Trust Deed and will hopefully have received you Form 5 certificate of discharge.

Is a Trust Deed something you would recommend to someone who is financially struggling with debts?

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SunnyM
Advanced Contributor

64 Posts

Posted - 12 January 2020 :  19:51:25  Show Profile  Reply with Quote
Hi David, thanks for putting my mind at ease. I would definitely recommend a Trust Deed to anyone worrying about their debts however I am in my sixties and not in great health but didnít know who else to turn to. I feel a TD may not have been the best option for me but there we go. Iíve only got this year to go....whoopee. I can then finally retire or at least fall down to a three day week.
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