Trust Deed Forum - TD advice please
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 TD advice please
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Donnajm84
Just Joined

2 Posts

Posted - 25 July 2020 :  13:53:47  Show Profile  Reply with Quote
Good Afternoon
I was wondering if you could please offer some advice.
I have been in a trust deed with Carrington Dean for a year. My marriage has recently broken down and a third party (family member) has offered to settle my trust deed if possible.
I have been in contact with Carrington dean who have advised the full amount would need to be settled.
I had read on another site of a 3rd party is settling the trust deed this would be only a percentage of the total amount.
Could you please help??

TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 26 July 2020 :  08:07:26  Show Profile  Reply with Quote
Welcome to the forum Donnajm84.

I'm sorry that this won't be what you were hoping to hear, but it sounds like you've been correctly advised.

There used to be opportunities to settle trust deeds early (which is probably why you have read about it) but the Scottish government changed the law so that they must now run for a minimum of four years.

The only exception is if you repay the total of all of the following:

1 - Full debts owed
2 - Interest on those debts
3 - Trustee fees

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Donnajm84
Just Joined

2 Posts

Posted - 26 July 2020 :  08:48:15  Show Profile  Reply with Quote
Thank you for the information.
So I would need to pay all 3 to exit the trust deed?
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 27 July 2020 :  10:09:46  Show Profile  Reply with Quote
Hi Donnajm84,

That's correct and it will unfortunately probably add up to thousands of pounds more than you owed at the point your trust deed began.

Your trustee should be able to provide you with an estimate.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.