Trust Deed Forum - Repaying trust deed early
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Just Joined

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Posted - 13 August 2021 :  18:04:40  Show Profile  Reply with Quote

I'm 3 years into my Trust deed so have only 1 year left. My partner might be making some profit from selling his flat and we're wondering would it be possible to repay the trust deed and finish it early?

I'm keen to get my credit rating back on track and try and plan for the future, would it still take time to repair my credit rating or if its the case I repair it earlier then I've paid everything off and therefore my credit will bounce back.

Just hoping for some advice as really want to start looking towards the future and getting a mortgage etc and had wished I hadn't needed to enter this in the first place.

Frequent Contributor

28 Posts

Posted - 13 August 2021 :  19:26:11  Show Profile  Reply with Quote
Hi Ruthietuthie,

The only way to clear your Trust Deed early would be to repay the full balance of your debts at the date you signed, plus statutory interest at 8% per annum and the Trustee's fees.

This will NOT speed up the process of the Trust Deed or old accounts leaving your credit file and if the money is your partner's they cannot be compelled to pay anything to the Trustee.

The Trust Deed and the old accounts should all leave your credit file around the six year anniversary of you signing the Trust Deed (regardless of whether you pay it off early)
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