Im not an expert or anthing but yes you would have to declare it unless you have been discharged and probhand it all over or a portion of it if it is in your paperwork that you get to keep anything of a windfall.

I'm surprised that they are stating only 1 year - I wonder if they have adapted a letter from a template designed for sequestrations as this would only be 1 year? I suppose it depends upon the wording of your trust deed - may be worth checking if you have a copy.

Thanks i will check out the copy of the trust deed ,i have a copy.The strange thing is that my partner also has a trust deed and on the first page of hers it states that she must notify the trustee of any assets acquired following the signing of the trust deed and before the date of her discharge.Have the trustees worded my Debtors Account of Current State of Affairs wrongly and if so can they hold me to account if they find out if i have a windfall,or have they made an error that they cant backtrack on.

Hi peter.

I'm no legal expert, but I'm wondering if this just comes down to how you interpret the meaning of the statement.

You could read it that you only have to notify the Trustee if you receive a windfall during the first year of the trust deed.

You could also read it as saying you must notify your Trustee of any windfall; the notification itself being made within twelve months of receiving the windfall.

If you have come into money I would expect that they would want it to be paid over to help repay your creditors. Whether you could make an argument against this based on the actual wording of the documentation is probably a question for a solicitor.

Thanks for your help TDA but you know the law it must mean one or the other.Does the 2008 legislation not mention that the length of bankruptcy be reduced from 3 years to 1maybethats where the twelve months comes intotthe equation., is a PTD the same as bankruptcy., if so there seems to be a loophole inthe legislation..k

Hi Peter

My understanding is that on 1 April 2008 aquirenda (assets acquired) changed to 1 year due to a flaw in the legislation, this wasn't retrospective though and any Trust Deeds signed prior to this date would still be 3 years.

On 15 November 2010 new legislation changed this back to 3 years, although again this wasn't retrospective (so any Trust Deed's signed between 1/4/08 and 14/11/10 would still be a year.

Sequestration (bankruptcy) remains 1 year from 1 April 2008 onwards.

Hope this goes some way to clarifying matters for you.

Julie

Wow, so in effect you could come in to alot of money after the first year of your trust deed and not have to hand any of it over if you signed your strust deed between april 08 and nov 10? And just carry on paying your trust deed as normal? That sounds really flawed eh.

Thanks for your help but can anyone explain the flaw in the legislation that led to debtors only needing to inform their trustee of any assets acquired up to 12 months from signing the trust deed. This could be very important as gillianr2 notes if you signed a TD between 01 apr
08 and 14 nov 10 if you win the lottery your trustee cant in effect ask for any of the windfall,,or am i reading it incorrectly

If this is correct, it's very interesting, would this also mean any inheritance, gifts insurance payouts and the big one any pip claims could all be kept if you fall into this bracket, would be interesting to know

Sorry should read ppi

Could any trust deed experts give me a steer on this

I think the answer is to check your actual trust deed and see what you agreed to when signing - the time period for acquirenda should be clearly set out on the paperwork and this is a legally binding contract.

It's quite possible that a lot of firms out there have interpreted my understanding of this differently, so as Kevin states above have a look over the paperwork that you signed, particularly the Trust Deed document to see what it says!

Julie

The trust deed does not mention acquirenda.! Only a section that states i shave to coperate with the trustee at all times.the thing i need to know is did the law on acquirenda change oonn the1st april 2008 from 3 years to one year and then change again on the 15 nov 2010 back to 3 years.if this is the case it could have legal ramifications for example ppi.!
Who gets any money that is being sought for misselling of ppi.