Trust Deed Ending

dwightvanman

Hi,


I'm currently in a trust deed which has three payment left on it, but i'm struggling getting any meaningful information about what happens when i make the final payment. The company administering the trust deed has changed at least three times during the term and the current ones are the least helpful. I've asked three time what happens and had three different answers, the most concerning one being that i might need to make a further 12 payments.


It was a protected trust deed with a property involved - this wasnt my main residence, although it had been, and they were aware the house was rented out.


Just curious what others experiences are once that final payment goes out...

sourcrates

A trust deed operates similar to an IVA in the rest of England and Wales, now in year 5, if the same protocol applies, and you are not a homeowner, then you may have to make a further 12 months worth of payments for the benefit of your creditors, those who are property owners, have to remortgage for the same reason, if they cannot do so, then they too are subject to a further 12 months of payments.

This should have all been explained to you at the begining of the arrangement, of course if you have fulfilled all your oblgations under the arrangement after year 5, then you will simple be dis-charged and you will owe nothing further.

It will depend on your original debt, what is stated in your arrangement, and how much has been re-paid.

Your IP should be able to tell you, best to ask officially in writing.

dwightvanman

Thank you for the reply. I guess this is probably buried in the original contract i signed, but i don't recall it being mentioned. I've called the new company again to ask for something in writing - apparently someones got to speak with me first... Fully expecting this not to be straigt-forward!!

sourcrates

The average IVA/Trust deed written agreement takes up on average 30 to 60 sheets of A4 paper, depending on the number of creditors etc etc.


My IVA paperwork was like a maintenance manual for a saturn 5 rocket, about an inch thick, i never read all mine either, but your accountant in bankrupcy will be best placed to tell you what happens next.