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Just Joined

1 Posts

Posted - 15 January 2021 :  14:55:07  Show Profile  Reply with Quote
Hi, looking for advice on what may happen next
I got a new job a few months ago which has put me in a different financial situation, been sent my first year review and and income and expenditure and it ends up over the 3 years I would overpay (including the discount for being in the TD) so I could actually pay all of my debts in full. What would this mean for me? Id prefer for my credit file to now say Id paid all my debts back if I can actually afford it now, could my trust deed be cancelled and changed to something else? Im not sure what my options are now.

Any help would be great.

TDA (Debt Adviser)
Trust Deed Expert

13654 Posts

Posted - 15 January 2021 :  15:25:43  Show Profile  Reply with Quote
Welcome to the trust deed forum clowexx.

I'm afraid your trust deed is binding on all of the parties so you cannot opt to cancel it.

A trust deed must run for at least four years, unless your total contributions reach the point where you have paid all of the following:

1 - The total amount you owed when your trust deed began.

2 - Interest on the debts.

3 - Your trustee's fees and costs.

I'm sorry to say that this total amount is likely to add up to quite a lot more than you originally owed.

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