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Can't get discharged from Trust Deed

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(@trustdeeder)
New Member
Joined: 13 years ago
Posts: 1
Topic starter  

I paid my 3 year protected trust deed in full last October. I have not been discharged (although I don't need to pay any more). The reason I have been given is that PPI forms I sent them haven't been paid out yet. I think any payment I am due will be kept by the bank to reduce my outstanding debt I had with them. How long can they take to discharge me?


   
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(@lwatson174)
New Member
Joined: 13 years ago
Posts: 4
 

I had no PPI issues and it took me 1 full year and 2 months for my trust deed discharge letter. Sorry it took 11 months to get the update, just double checked.


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

Welcome to the trust deed forum trustdeeder.

It may well be the case that they could discharge you now if they chose to. Lots of firms are discharging their clients while they themselves "remain in office" to carry on dealing with the PPI.

If your firm refuses to do that I'm afraid there are no set timelines about how long things will take.

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 Iwatson

If you signed after Apri 2008, then there is no reason why the Trustee cannot issue Form 5 discharging you and then remain in office until the PPI thing is sorted.

Mark

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


   
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(@leilai22)
Active Member
Joined: 13 years ago
Posts: 10
 

I am also in this situation with my partners trust deed, he completed all his payments in sept 2009 and they still won't discharge him on the grounds they are chasing PPI, I don't have an issue with this but by not discharging him, a few creditors won't remove defaults from his credit report and change them to settled.


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

Hi leilai22.

I think the issue for your partner is that the trust deed was signed prior to the April 2008 date that Mark mentions.

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


   
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(@murphy407)
New Member
Joined: 13 years ago
Posts: 2
 

I finished my Trust Deed in July 2011 but wasn't discharged until December 2011 due to "VAT" Issues. You just have to keep checking with the IP to find out what is going on. I contacted them every month for an update.


   
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