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Penny1286
Frequent Contributor

32 Posts

Posted - 04 December 2020 :  20:40:36  Show Profile  Reply with Quote
Come March I will finally be in the last 12 months (the extra 12 added for us owning our house) and I was sure I read that you can make overpayments in the last 12 so it finishes sooner, is this correct? Does anything change in the last 12 months?

Also, my partners TD just got increased by 100 (they did attempt 300) so he agreed to just struggle for the last year just to get it over with but I am assuming you need to pay the adjusted amount x 12 for equity or the original amount that was agreed at the time for equity?

TDA (Debt Adviser)
Trust Deed Expert



13618 Posts

Posted - 05 December 2020 :  15:50:46  Show Profile  Reply with Quote
Hi Penny1286.

It's always best to check these things directly with your trustee, but I'd imagine that they'll be looking to collect in a an agreed fixed sum of money "in lieu" of your equity.

If that's correct then an increased payment might enable you to secure an earlier discharge.

Again check with the trustee, but I'd imagine your partner's liability for equity might also be able to be cleared sooner than was previously expected.

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Kevin Mapstone
Trust Deed Expert



3932 Posts

Posted - 07 December 2020 :  12:03:54  Show Profile  Reply with Quote
It may be worth you and your partner requesting copies of the Form 1B which you and your trustee will have signed at the start of the process. This sets out exactly what has been agreed in respect of equity.

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Penny1286
Frequent Contributor

32 Posts

Posted - 14 December 2020 :  17:55:22  Show Profile  Reply with Quote
Thank you.

I canít find a form 1B but I can see a proposed scheme of division that states contribution in view of equity is a set amount (our original monthly payment x12). Is this set in stone or does this change with annual review - for instance my partner would be paying the amount set out in 8 months instead of 12 with his payment increase after annual review?
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TDA (Debt Adviser)
Trust Deed Expert



13618 Posts

Posted - 14 December 2020 :  18:54:28  Show Profile  Reply with Quote
I think this is going to be a set amount Penny1286, which you might think is a good thing in the current circumstances.

If you cannot find the Form 1B I'd suggest checking in with your trustee.

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