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Scottish Trust Deed Forum
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Topic starter
01/10/2014 4:49 pm
Hi
just over 4weeks ago, we received a settlement figure from our administrators which we paid into their account.
They are in the process of chasing PPI from our creditors which they approached us about in April this year however it was only in August they actually started sending the requests to our creditos.
We paid the full settlement figure to the administrator and they confirmed receipt on 2nd Sept. They also advised it would only be 14days to get the agreement from our creditors.
4weeks down the line and they haven't even approached our creditors. They are saving they want to wait until they have all the PPI closed of which 100% will go to our creditors.
We have 2 issues with this....
1. why have they held on to my money for 4weeks gaining interest on £17k and not even approaced our creditors? Is this natural? Doesn't feel as though they are working on our behalf at all.
2. Why should our creditors receive 100% of the PPI claim when they mis-sold it to us and have already gained interest on our money??
Can anyone advise before I go see my lawyer??
thanks in advance.
Shelley
01/10/2014 6:05 pm
Welcome to the forum Shelley.
It's impossible for us to say why your creditors haven't been approached; we'd be guessing. It's a fair question to ask your trustee though.
Any interest paid on the account will be for the benefit of your creditors rather than your trustee.
Your assets vested in your trustee when you signed your trust deed. One such asset was the potential to reclaim PPI. Your trustee is required to investigate whether PPI claims could pay back more of what you owe to your creditors.
Provided you've completed your obligations in full your trustee could normally discharge you while they carry on with this PPI work .
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
01/10/2014 7:19 pm
When you say settlement, do you mean that you came to an agreement with your Trustee that a third party would pay in s lump sum in order to end your Trust Deed earlier than originally planned?
Whilst they do have an obligation to investigate PPI monies, there is no reason that they cannot organise for you to be discharged while they pursue the PPI. They would then just stay in office a bit longer after your discharge in order to gather in any remaining PPI funds.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
