www.iva.co.uk

Hi

Currently I am in trust deed in scotland(usually three years), I am in my 16th month and I have another 20 months to go.

I pay £225 a month so I have to pay back £225x20months=£4500

However my uncle who lives in Kuwait wants to help me by giving £3000-£3500 towards my trust deed and I will pay him back same way as i do with trust deed but for short period. If my IP and creditors agrees, I guess I can at least save £1000.
Now my question is;
1) if my uncle needs to show/submit any documents to trust deed, what those documents will be?
2) Do u think it is reasonable to ask for £3000 final settlement offer out of £4500?
3) if my creditor agrees would my name be cleared off from trust deed register?

Your kind help much appreciated.

Your uncle will need to provide an identity check - such as a passport and proof of his residence. This is required for Money Laundering purposes.

You would need to pay the full level of contributions you originally pledged to creditors, as Trust Deeds cannot be varied in the same way as IVAs.

If the Trust Deed were concluded in this manner, then your name would be taken off the register, but your credit rating would be affected for six years from the date the deed went protected.