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Harls1
Regular Contributor

16 Posts

Posted - 01 July 2020 :  19:08:13  Show Profile  Reply with Quote
I received an email yesterday advising that I had to cancel my standing order as my TD had been completed and I was due a refund. I was advised to call my Trustee to arrange my refund. Was this a scam I thought?#129300;
I was on the understanding my final payment was 1st July 2020 as instructed by my trustee. As it happens My trustee was carrying out a final review and realised I had been paying too much on my final year (year 5) as I was securing my home. I asked them to check again just in case there was a mistake to which they said definitely not you should have had a reduction from your last review.
They obviously apologised for the misinformation to myself and have issued a refund and my final payment has been recalled by my bank.
Needless to say I was over the moon I was just glad to have completed my TD but, to get money back and an earlier release date from it completely made my day. They also advised that I should have all my paperwork within 3 months at the latest but, more likely to be much sooner.
So moral of the story is check to see if you are paying the correct amount especially if you have a current mortgage and opted to protect your property because of low equity.
Mistakes do happen and are not always bad #128513;

tigh
Contributor

7 Posts

Posted - 02 July 2020 :  00:22:59  Show Profile  Reply with Quote
Congratulations Harls1 on completing your Trust Deed, and getting a rebate, a nice wee windfall. Good luck in starting to rebuild your finances.
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 02 July 2020 :  09:18:28  Show Profile  Reply with Quote
Hi Harls1.

Thanks for sharing this. It's great to hear your payments are complete and that you'll receive a refund.

The extra "year" sounds like it was to collect in a fixed sum of money in lieu of equity. The year in this case is really just an estimate of the time needed that could increase or decrease depending upon how fast you can pay over that fixed amount of money.

It's also good to see your trustee's systems identifying this situation and then putting it right.

I hope your discharge follows quickly.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Harls1
Regular Contributor

16 Posts

Posted - 02 July 2020 :  10:51:33  Show Profile  Reply with Quote
quote:
[i]Originally posted by tigh[/i]
[br]Congratulations Harls1 on completing your Trust Deed, and getting a rebate, a nice wee windfall. Good luck in starting to rebuild your finances.

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Harls1
Regular Contributor

16 Posts

Posted - 02 July 2020 :  10:57:20  Show Profile  Reply with Quote
Thank you tigh kind words indeed.
Good luck to everyone that is in a TD it is worth the time even although sometimes it seems tough. Just picture a time in the future that you will have full financial control again and what you can do with it.
All the best and I will keep you up to date as to when I am fully discharged.
Thanks to all.
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Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 06 July 2020 :  14:52:21  Show Profile  Reply with Quote
Glad to hear that you are almost able to put this behind you now and that your Trust Deed has been successful for you. It's always nice to hear it on the forum, as I am certain it represents the experience of the vast majority of people.

All the best for your future.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Harls1
Regular Contributor

16 Posts

Posted - 06 July 2020 :  19:17:01  Show Profile  Reply with Quote
Thanks Kevin I think hope and belief is what everyone needs in a TD.
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Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 09 July 2020 :  09:52:43  Show Profile  Reply with Quote
... and a decent trustee helps too!

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Harls1
Regular Contributor

16 Posts

Posted - 20 July 2020 :  20:36:36  Show Profile  Reply with Quote
Just thought I’d keep you up to date I have been discharged according to the register of insolvency “debtors discharge” on 20/07/2020 so things are moving quickly. I am correct this means I am discharged?
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 21 July 2020 :  09:45:58  Show Profile  Reply with Quote
You're absolutely correct Harls1. As far as you're concerned, it's finished.

Congratulations!

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 21 July 2020 :  10:52:31  Show Profile  Reply with Quote
Congratulations, Harls1. It must be a great feeling to see that.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Harls1
Regular Contributor

16 Posts

Posted - 21 July 2020 :  12:32:20  Show Profile  Reply with Quote
It would be wrong to say words cannot explain the feeling but they can. Relieved, happy, stress free, forward looking, thankful, hopeful and many more. Help is always there when you need it don’t be too proud to ask for it.
Advice is always truthful and helpful from all the experts on here a credit to this forum.
Advice from people that are experiencing or finished TDs are key to this forum being successful and you can always rely on advice and support.
Good luck to everyone going through a TD and remember to talk with people about what you are going through and share experiences to help others on this forum.
Thank you again for all help, advice and support
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