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Changes in debt level during Protected Trust Deed

PostPosted:Tue May 24, 2016 9:36 am
by mrsmac167
Hi

My ex husband has paid off a large loan which was included in my TD reducing the amount by £15000 - leaving only £6700 of debt which is half of the amount the TD expects me to pay (including their fees) - is there anything I can do - they are offering creditors 31p in the pound but I can offer each creditor a full and final settlement in excess of this and still pay less to the TD. - I have already paid £3500 to the TD and still have a further 3 years to go.

Any advise would be gratefully received

Re: Changes in debt level during Protected Trust Deed

PostPosted:Wed May 25, 2016 10:48 am
by Geraldine
Hi mrsmac167 and welcome :)

Firstly have you discussed this with your Trust deed company? What have they said? Normally in your circumstances you will not have to continue paying as much into your TD as you originally signed up for.

Generally speaking your Trust Deed will end early if you pay off all the debt you owe in full + the Trustee's fees and interest on the debts remaining in the TD. As such if a large proportion of your debt has been paid off it sounds as though this is what will happen in your case.