Hi TimeLord.

Once your trustee has finished their work it's entirely going to come done to your trustee's workload at the time and how they prioritise it.

A question which I think it's totally fair for you to ask them.

Thanks TDA, so ballpark are we talking a few weeks as opposed to months?

I know you can't answer for any particular company but what is the general consensus? We got the form 5 in just a few weeks so I guess they are prompt (fingers crossed).

I apologise TimeLord, but I don't think I can give you a useful answer.

We've seen examples of weeks, months, and longer.

It's really one of those questions that's best asked of your trustee.

I'd tend to agree with you that the prompt issue of Form 5 is a good sign - perhaps a firm that takes the interests of their customers seriously. Trustee discharge is different though, it's of little real relevance to the client so perhaps there is less reason for them to get on with it.

I think it is of massive importance to the client, wouldn't any win, inheritance, gift or purchase be affected by them not wing discharged? For example if I got my Form 5 in the summer and saved to buy a car in January I couldn't buy it as they'd have an interest in the asset wouldn't they?

I guess we can never truly move on whilst the trustee is still involved, it ain't ever over until it is over .... 🙁

Hi TimeLord.

I think that's a misunderstanding.

If you win the lottery now the money is yours - you've been discharged.

Things like PPI claims are different because they existed when you first signed.

Really? My wife called them and specifically asked the question relating to an asset, a car from her parents, and was told she'd have to declare it to the company as they would have an interest in it, same with any windfall/inheritance?

Well... it's not the first time we've heard that people have been provided with a very confusing message about this TimeLord.

I've explained my understanding - hopefully David and/or Kevin can share theirs when they next visit.

Hi TimeLord,

Once you receive your Form 5 you are discharged any assets which you subsequently acquire after your discharge is yours to keep. An easy example of this is if you won the lottery. As the winning ticket was bought after your discharge and you won it after your discharge then it's your money to keep and cannot be ingathered into the Trust Deed. It's the same scenario for the motor vehicle as it's an asset acquired after the discharge.

If however it's an asset that existed at the point you entered the Trust Deed or it was acquired before your discharge then this could be ingathered into the Trust Deed. The common asset at the moment is PPI.

It's a confusing message which you are receiving from your relationship manager but like TDA has advised it's not the first time this has happened.

If your concerned call your Trustee and ask to speak with a Manager or qualified member of staff and they should tell you what TDA and I have.

Regarding the Trustees discharge, it's difficult for us to give you an idea of a timescale. This can vary from months to years. I don't think it will be weeks. The only person that can give you an idea of timescale is your Trustee so you are best to speak with them.

Let us know how you get on once you speak with your Trustee regarding the points above.

TDA, David - thank you, this is very helpful - we will get back on to them and keep you apprised.