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Scottish Trust Deed Forum
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Topic starter
09/09/2013 5:44 pm
Hey I have a trust deed I started in November 2011.
I have been off sick and made no payments since January this year.
I received a letter today stating that as my future was unclear (I'm not sure when ill be back at work but it will be part time to start with!) my trust deed could not continue and she would be writing to my creditors advising she would be seeking discharge as my trustee.
The letter also states that "you are not in a position to continue your trust deed and it would not be cost effective to continue. I will inform your creditors that in terms of section 19 (1) (a) of PTD regulations you are being discharged from your trust deeds and all debts in relation thereto"
Now I got a bit excited thinking that my trust deed would be over and my debts written off-I'm just wondering if anyone can confirm this is the case? And if not what can I expect?
Thanks in advance x
09/09/2013 5:52 pm
Welcome to the forum Karonniek.
Actually... it does sound as though you might be right. This can happen when there are negative changes of circumstances that are out of your control. Some trustees take this position, others do not.
Best to see what Mark, Kevin, David or Rob have to say about the wording that you've provided.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/09/2013 6:06 pm
Thank you.
The letter does say if I have objections I have 14 days to reply-but I'm not sure why I'd object if that'll be it finished with!
09/09/2013 6:09 pm
It appears to me that you have been discharged, per section 19 of the regulations. This would be a common exit route when the TD proposal has not been met by no fault of the debtor. The Trustee would be open to criticism should hey not have done so as it was out with your control. You should therefore expect to be discharged in the normal manner.
Rob is not currently posting in the Trust-Deed.co.uk forum.
09/09/2013 6:13 pm
May I add I would imagine that this proposal would also require the agreement of the majority of your creditors. If no creditors object within 14 days this would be deemed as acceptance by the general body of creditors.
Rob is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
09/09/2013 6:13 pm
Ok thank you.
I'm still a bit shocked to be honest!
I take it my creditors can't do anything against this since they didn't petition against the trust deed in the first place?
Topic starter
09/09/2013 6:15 pm
Ok you answered my question before I asked haha!
Thank you.
I guess ill just wait and see!
10/09/2013 9:56 am
Did you receive a Form 5 Karonniek?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
10/09/2013 8:36 pm
Hey,
I only received the letter stating her intentions (I'm not sure what a form 5 is to be honest!)
10/09/2013 10:38 pm
Ah ok. Well as has been said, it does look like you are going to be discharged. The Form 5 is the letter you receive to confirm it is in process.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
