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Atlast
Just Joined

1 Posts

Posted - 28 June 2022 :  16:07:31  Show Profile  Reply with Quote
Hi, my last TD payment due in July. I was advised I will get an email after last payment made and then sent to closure team. Advised closure takes 3 to 6 months. I was expecting 5 to 6 weeks. Is this the normal time can anyone advise? Thanks.

Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 28 June 2022 :  17:12:36  Show Profile  Reply with Quote
It is important to distinguish between your own discharge from the Trust Deed and your trustee's discharge. Yours should be able to be done relatively quickly after you have made all necessary payments. The Trustee's discharge can take a fair bit longer as they have to deal with tying up all loose ends, make payments to creditors etc.

It is your own discharge which is the relevant timescale for you - but perhaps when they say 3-6 months they are talking about the whole process including the Trustee's discharge?

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Jimmi
Contributor

12 Posts

Posted - 28 June 2022 :  18:01:57  Show Profile  Reply with Quote
My last payment was 1st April and stillwaiting patiently.

I check the register every couple of days
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TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 30 June 2022 :  09:23:57  Show Profile  Reply with Quote
Hi Jimmi,

Have you asked for an estimate of when these processes will be completed?

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Jimmi
Contributor

12 Posts

Posted - 30 June 2022 :  10:52:41  Show Profile  Reply with Quote
Hi, i got the 3 -6 months response a couple of months before the end.

I have just asked again because I just got an email from people acting for MyJar saying they are aware im not in a trust deed and asking to make arrangements to pay the outstanding balance. Forwarded it to trustee to ask them to deal.
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TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 30 June 2022 :  18:37:28  Show Profile  Reply with Quote
No need to worry about MyJar Jimmi (as I think you know).

If the debt existed at the time you entered your trust deed there's nothing they can do.


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