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Posted - 21 July 2021 :  07:59:35  Show Profile  Reply with Quote
Hello, due to job change and better money management I may now be able to pay a lot more to my creditors, is it possible to pay my creditors separately rather than the trusted and get out of the trusted, thanks

TDA (Debt Adviser)
Trust Deed Expert

13775 Posts

Posted - 21 July 2021 :  09:29:10  Show Profile  Reply with Quote
Hi Trusted186,

Your trust deed is legally binding upon you and your creditors. I'm afraid it isn't possible to start paying your creditors directly.

If you can now afford more you should promptly inform your trustee. Your contribution will increase but must still continue for the minimum four year term set by law.

Your trust deed can however end early if the total amount you've paid covers:

1 - The full amount you owed at the start.

2 - Interest on those debts.

3 - Your trustee's fees and costs.

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