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lilone
Frequent Contributor

29 Posts

Posted - 08 December 2020 :  10:00:49  Show Profile  Reply with Quote
Hello

I just had some queries what do the trust deed do when you are in final stages of trust deed ending?
do they do a full check with you IE a review or
do they request final payslips or contact employer direct?
i was told the discharge can take up to 6 months i haven't been making contributions since had my son so i send bank statements every three months to show payments etc salary so keep up to date regularly
i feel so near yet so far with the end of this now i just hope it is a clear finish.

any advice would help Thanks : )

TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 08 December 2020 :  10:13:41  Show Profile  Reply with Quote
Hi lilone.

This might be a question to ask your trustee because different firms will operate different procedures. A final review is however a possibility and you could be asked to provide documentation evidencing income and bills.

Once you've completed your obligations your trustee should be in a position to discharge you pretty quickly, though in reality some firms treat this as more of a priority than others.

The second stage is when your trustee discharges themselves from the trust deed. This could happen quite some time later, though that shouldn't make any difference to you in practical terms. It's your discharge that's the important bit.

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lilone
Frequent Contributor

29 Posts

Posted - 08 December 2020 :  11:13:11  Show Profile  Reply with Quote
thank you for your response

do trust deeds just do a final review with you ie ask you for statement or bills or do they contact employer etc ? i read from another post on finishing his trust deed they contacted his employer is this the case as i dont want them knowing about it

Thanks
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TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 08 December 2020 :  11:42:35  Show Profile  Reply with Quote
Hi lilone,

I'm really not sure why a trustee would need to contact your employer unless you'd failed to supply some type of information that your trustee had reasonably requested.

I also can't remember anyone reporting this happening as part of the closure of their trust deed.

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lilone
Frequent Contributor

29 Posts

Posted - 09 December 2020 :  07:57:34  Show Profile  Reply with Quote
thanks for your reply it very appreciated

i think i read someone was at the end contacted his employer who confirmed he had gotten shares or something of like which i dont have or anything i just thought maybe this was a process they took

thank you for the advice almost at the end now and this forum has been brilliant guidance throughout!
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TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 09 December 2020 :  10:07:06  Show Profile  Reply with Quote
Hi lilone.

From memory that was a very specific asset scenario involving shares awarded by someone's employer.

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Kevin Mapstone
Trust Deed Expert



3959 Posts

Posted - 09 December 2020 :  13:24:27  Show Profile  Reply with Quote
We certainly wouldn't routinely contact anyone's employer at any stage of a Protected Trust Deed unless someone was missing payments or failing to provide information, in which case we might have to.

Congratulations on getting nearly to the end and I hope the last part goes by quickly and painlessly for you lilone.

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