How quickly do the Trustees act at the end of an IPA?

Polly_Wolly_Doodle

Morning,

Can anyone give me an idea of what happens at the end of an IPA (Scotland)?
We agreed to pay £500 for the extra value in DH's car and we have about £700 to pay for the equity in the house. These were to be paid once the IPAs had stopped. We have five more payments to make.
If my Mum agreed to write a cheque now for the car and the equity would the Trustee be okay about that?

I'm not looking to get credit again, if i can help it, but i would like new bank accounts to help us budget in the future, and i accept these will be basic until we are 6 years post BR.
Or should i just apply for a couple of basic accounts now and tell the Trustee and explain why?
We have a joint co-op cashminder atm and i have a sole co-op cashminder.
Thanks.

TinyToes

i cant offer much help in what happens at the end, hopefully the payments stop and that is it. we have a few more payments to make on our ipa and thats us free :-)

im sure your trustee would be fine about your mum writing a cheque. We had to buy back our trustees interest at the beginning of our BR, but as we were br and didnt have the funds to do this, our parents paid it.

i think you might struggle to get any other account appart from cashminder just now.

Polly_Wolly_Doodle

Thanks TT, great that you are near the end of your payments :beer:.
I think all of the banks are meant to offer basic accounts and that's all i want, just different pots for different items (car, house, Xmas/birthdays, etc).
We had to buy out some of the equity at the beginning of our BR as well and the last bit is the balance. Was just hoping if they let Mum pay (we'll pay her back) then it would all be finalised sooner. I'll be stopping the DD to the Trustee as soon as the 36th payment has left:j.
Good luck.