Trust Deed Forum - Additional payments
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Xlynk
Just Joined

2 Posts

Posted - 24 June 2020 :  10:39:59  Show Profile  Reply with Quote
Hi - does anyone know if making additional payments to ur trust deed will mean it will end sooner?
And could making regular additional payments (eg an additional payment every 2nd or 3rd month) make the company increase your monthly payment amount?
Any advice welcome! TIA

TDA (Debt Adviser)
Trust Deed Expert



13402 Posts

Posted - 24 June 2020 :  11:24:49  Show Profile  Reply with Quote
Hi Xlynk.

By law your trust deed must run for at least 4 years, unless you fully repay the total of:

1 - Your debts
2 - Interest on those debts
3 - Your trustee's fees and costs

Making regular additional payments might alert a trustee to the fact that you could afford a higher regular contribution.

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Kevin Mapstone
Trust Deed Expert



3859 Posts

Posted - 24 June 2020 :  20:51:02  Show Profile  Reply with Quote
When you enter into a Trust Deed you are agreeing to pay as much as you can reasonably afford for the full 4 years. If you can afford to pay more then your trustee should be requesting an increase in your contributions anyway - it doesn't get your Trust Deed finished any earlier (unless the debts/interest/costs are paid in full as stated by TD above).

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