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Topic starter
08/06/2012 5:09 pm
Looking for some further advice please.
I paid a lump sum to my Trustees in October (borrowed from relatives) to cover my share of equity due from property. To date I have received nothing in writing which led me to believe I had been discharged. I have today spoken with the Trustees and they advise that I am personally discharged, but they are not as they have not paid anything out to my creditors ÔÇô 8 months after receiving the lump sum. Apparently there is an embargo on closing cases just now because of the whole PPI issue. Now I specifically asked if say I win the lottery can I keep that money and was told yes anything I acquire now is mine and I can apply to have my credit file updated.
I have today received a letter from a lender I had a loan with who advise that I may be entitled to compensation with regards to the PPI mis-selling. Now I believe that I should be as until today's date I didn't realise I had PPI cover on anything I had so therefore I believe that yes it was mis-sold.
Can I return the questionnaire to them and would any compensation payable be due to me or would I have to give it to the Trustees? The likelihood is that any amount due would be small as I don't think I could have made that many payments for I defaulted.
Would appreciate any advice you can offer on the matter please.
08/06/2012 5:19 pm
Hi WIKIKEE.
If the trustee has remained in office to investigate PPI claims I believe that the money on this account (if a PPI payment is made) may be required to go to the trust deed to help repay a greater amount to your creditors.
It might be best to contact your trustee so that you know for sure. Doing so might also help to speed up their discharge from your trust deed if there is an easy way for this claim to proceed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/06/2012 6:08 pm
Hi Wikikee
It's a timing thing as the ppi existed at the time of the trust deed, so vests in your trustee ( cue Rab C Nesbit jokes) A lottery win however is acquirenda and would only vest after signing but before discharge. Not after discharge.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/06/2012 8:53 pm
not that im planning on winning the lottery or anything but regarding acquirenda - my trust deed states that "the estate that is owned by me or which shall be owned by me during the period of one year starting on the date i execute this trust deed". im still waiting on my discharge 6 months after my last payment due to PPI claims. does this wording however mean that if i did happen to have a windfall the trustee has no claim on it?
08/06/2012 9:05 pm
Hi Andy
I think your trustee has confused the 12 month sequestration discharge and got it (badly) wrong.
I think he'd have a tough time claiming windfall after 12 months
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
