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Just Joined

2 Posts

Posted - 22 March 2021 :  09:46:07  Show Profile  Reply with Quote

Been a long few years but the end is in sight! I just have a couple of (hopefully) quick questions:

1. I didn't have an annual review last summer, does this matter? I wasn't under the impression they were a legal requirement but I don't want to think I'm done then something minor comes back to bite me. I had reviews the first 2 years but I'm assuming with COVID sending everything sideways last year that routine things were sidelined.
Nothing really changed for me. I'm NHS so was working throughout the COVID period with no decrease in income (*slight* increase if anything), and my outgoings didn't go up or down drastically either.

2. What happens at the end? Do I have to do a final income/expenditure or any sort of closing paperwork, or do I just cancel the standing order after the 48th payment...and that's it? That would be nice, if anticlimactic.

3. I had to defer a payment in Jan 2019 when I had a hefty dental bill. It's been added on to the end, so my final payment will be Aug instead of July. Is this likely to cause any paperwork problems?


Kevin Mapstone
Trust Deed Expert

3969 Posts

Posted - 22 March 2021 :  11:33:13  Show Profile  Reply with Quote
Hi Louise

As long as you have provided your trustee firm with anything they have asked for and as long as there was no significant change in your circumstances that you didn't report to them then you should have nothing to worry about.

They may well do a final review of your income/expenditure just to check that nothing was missed that they should have been aware of. Assuming all is fine then they can get your discharge organised soon after and send out your "Form 5".

I'm not sure what paperwork problems you mean in terms of your deferred payment. It is very common for there to be missed/deferred payments added on to the end of a Trust Deed so it really shouldn't be problematic at all.

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Just Joined

2 Posts

Posted - 22 March 2021 :  12:00:58  Show Profile  Reply with Quote
Hi Kevin,

Thanks for getting back to me. I guess I'm just being paranoid about anything coming up that may get in the way of me completing my side of things.

I'll plod on through my last 4 or so months and hopefully it stays straightforward.

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Just Joined

1 Posts

Posted - 24 March 2021 :  19:34:32  Show Profile  Reply with Quote
Hi all,

Iím also soon coming to an end, Iím terms of the final check what is usually the process before issuing the form 5.

Do they look over your recent income and expenditure or do they ask for bank statements and wage slips for the last four years. I.e Is it a forensic check

I just want to be prepared and I might add Iíve made all my payments and disclosed everything when asked.
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TDA (Debt Adviser)
Trust Deed Expert

13705 Posts

Posted - 24 March 2021 :  21:02:07  Show Profile  Reply with Quote
Welcome to the trust deed forum AndyB.

Different firms have different procedures, but as Kevin has explained any final checks would be to ensure that there have been no major changes since your last review and no extra liability to your creditors under the terms of your trust deed.

From what you've described you shouldn't have anything to worry about.

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