Trust Deed Forum - Silly question?
Home Home Page

Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Silly question?
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Regular Contributor

16 Posts

Posted - 04 June 2022 :  11:52:30  Show Profile  Reply with Quote
Iíve just made payment number 30 towards my trust deed so still a bit to go but happy to be counting down the months but have just a qq on how an expert would read into the wording of my agreement please.

It states that the debtor will make a voluntary contribution of £238 per month for 48 months. Does this mean what it says as long as Iíve met all obligations? I have equity to pay so it has been extended 2 years. The answer Iím looking for is that after my 48 months is up and after making all payments is that my obligations/restrictions change and if I receive any inheritance etc then it wouldnít take be part of my trust deed. I know I would still have my equity to pay and I was hoping to do this as soon as I can after my 48 months are done by working overtime, maybe selling my car, getting a 3rd party to pay. Will I still need to do an annual review?

Sorry if this has been repeated but I think I have my hopes lifted a bit after reading the exact wording on my agreement that I will make voluntary contributions of 48 months meaning my trust deed payments will be complete and Iíll be able to to pay my equity sooner and take the anxiety and stress away in regards to complications of property inheritance.

Any views on this would be much appreciated

TDA (Debt Adviser)
Trust Deed Expert

13967 Posts

Posted - 05 June 2022 :  21:06:15  Show Profile  Reply with Quote
Hi Dazzla359. No silly questions here, you can ask what you want and we'll try our best to answer.

We cannot give you an answer you can legally rely upon here, but it isn't uncommon for the wording of a trust deed to exclude windfalls once you have completed the 48 month minimum term of a trust deed.

As a starting point you might want to clarify the position (perhaps in writing?) with your trustee. If you require further clarity, a solicitor could examine your trust deed and confirm the position.

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

Edited by - TDA (Debt Adviser) on 05 June 2022 21:06:36
Go to Top of Page

Kevin Mapstone
Trust Deed Expert

4111 Posts

Posted - 06 June 2022 :  11:18:56  Show Profile  Reply with Quote
Hi. The legislation (Bankruptcy Scotland Act 2016, section 167) says that in order for a Trust Deed to be eligible to become protected it must state:

"that the debtor agrees to convey to the trustee, for the benefit of creditors generally, any estate (wherever situated) which is acquired by the debtor during the 4 years beginning with the date on which the trust deed is granted"

If you look at your actual Trust Deed document it should contain this statement or something very similar. I suppose it is possible that it could go on to say that this also applies to any additional extension period, however in the absence of a clause explicitly stating that then it would just be 4 years and no more.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
Go to Top of Page

Regular Contributor

16 Posts

Posted - 11 June 2022 :  10:22:16  Show Profile  Reply with Quote
Thank you for your replies
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2022 Go To Top Of Page
Snitz Forums 2000

(c) AMI Financial Solutions Limited. Company Number: SC533818. Trading Address: Unit 1017, Mile End Mill, Abbey Mill Business Centre, 12 Seedhill Road, Paisley, PA1 1JS. Tel: 0141 848 6353. Authorised and Regulated by the Financial Conduct Authority.