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Scottish Trust Deed Forum
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Topic starter
12/03/2013 2:18 pm
Hi all,
Just gone into a TD but not yet protected. One of my customers inadvertantly paid an invoice into my old account (part of deed). I have spoken to my TDP and they tell me they cant keep the money and will need to return it or transfer it to the accounts i set up prior to the TD signing. The money was paid into the wrong account AFTER i signed.
Problem is I need it to pay one of my suppliers, what is the actual real truth about this situation as the bank are dragging their heels and taking their sweet time.
I do owe mony to the old bank, but apparently after signing the deed they cannot just keep the money??
Thanks
12/03/2013 2:23 pm
If the trust deed becomes protected then they have no right to hold on to post-TD-signing income. However, until the trust deed is protected then it is not legally binding on them, so you might have difficulty getting them to agree to release this money.
Even after protection I wouldn't be surprised if it took a bit of pressure from your trustee before they comply. All in all, don't hold your breath I'm afraid, manonamission.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
12/03/2013 5:50 pm
Thanks Kevin, So possibly £7k down the pan, although I guess it does write £7k off my debt with them?
12/03/2013 6:54 pm
This is similar to my problem at the beginning of my TD when the credit union took 4 months payments from my salary after I signed its been 3 years and they still haven't complied and re paid the money to the TD company.
12/03/2013 7:45 pm
This is deemed and unfair preference to the general body of creditors. The Trustee would be best place pursuing this themselves and either refunding to you or to keep in he pot to be spread evenly around all of the creditors at the end of the case.
Rob is not currently posting in the Trust-Deed.co.uk forum.
