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Another Trust Deed Extension

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(@spider)
Active Member
Joined: 15 years ago
Posts: 10
Topic starter  

Hi All,

Yet another question regarding trust deed extensions. I have been paying into my trust deed for 42 months as specified in my original agreement. I was due to complete my trust deed this month.

I received a letter from my Trustee the other day wth letters to all creditors which include a estimated end date of Dec2012. I have contributed the amount specified in the scheme of division and made all payments in the original agreement.

The trustees renumeration is now 50% more than the original ยฃ4000 proposed at the beginning o scheme due to a ยฃ2000 payment to themselves very recently for 20 hours of unbilled time. Is it possible that because they have taken this from the pot that my trust deed is now to be extended by another 8 months?

Any help would be appreciated

Thanks


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That sounds quite unlikely Spider.

Your obligations to the trust deed would be the same whether or not your trustee was seeking an increase in fees normally.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@spider)
Active Member
Joined: 15 years ago
Posts: 10
Topic starter  

Thanks TDA for the quick reply. Any ideas why an end date may be extended?

The only diifrence I can see is that the pot is less than was specified at the beginning of the TD that was due to the creditors and the only disparity is with the money drawn by the trustee.

Thanks again


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

I haven't really Spider.

I'd probably be on the phone tomorrow to ask them. Hopefully there will be nothing at all for you to be concerned about.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi spider

I think you have been copied into a creditors fee circular.

I suspect this is for your information only and does not relate to an extension or anything as the fee has no relation to what you are obliged to pay.

Probably best to call your trustee and Remind them it's due to finish and ask if you should cancel the standing order.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@spider)
Active Member
Joined: 15 years ago
Posts: 10
Topic starter  

Thanks both. Called them today, Mark it was the creditors circular and have been told I have 2 payments left. I just thought the worst when I seen the charge, the date on the circular and a request to send all my income and expenditure details.

This forum has been an invaluable source of information since I have been in my PTD. The work you guys put in is exceptional and the reassurance you are able to give to your vistors is priceless when they are going through a very difficult and stressful process.

Thank you again and no doubt in 2 months when I am due to conclude I will have another question.

Keep up the amazing work


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi spider

Glad to help. It's easy when you work with these things every day, but I'm sure it can be daunting when letters like these land on your doorstep.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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