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Topic starter
08/07/2009 2:07 pm
Hi,
I'm currently 12 months into my Trust Deed, and so far I've not had a great deal of contact from the company through which it was set up. It's tempting to think that "No news is good news", but at the same time this lack of contact worries me slightly.
A friend of mine has a Trust Deed that was set up by the same company, and he is currently halfway through this. My friend has informed me that after 12 months, the company contacted him to carry out an annual review on his finances - no such review has taken place on my Trust Deed however. He also tells me that they've been in fairly regular contact regarding shares that he owns and may be able to sell in order to raise more money for his creditors.
With regard to the shares - I'm in a similar situation in that I'm a member of an employee share sheme. Shortly after my Trust Deed was set up, I sent a letter to my Trustee describing the details of the shares I currently hold, when I am able to sell them etc - I did not receive any response to this letter however.
Similarly, I've also kept my Trustee informed of any relevant changes to my financial situation. For example I contacted them in writing when the rent on my flat was increased by ?ú15 per month, but again received no reply.
In short, I suppose my question is whether it is normal to have so little contact with my Trustee?
08/07/2009 2:50 pm
Hi imcville,
It doesn't seem like anything to worry about necessarily. I'm sure the firm will be in touch about the review soon.
There certainly doesn't seem to be much of a service focus from the firm though. I'd have thought acknowledgement of your sincere efforts to keep them informed would be the least you could expect.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/09/2009 11:53 am
Further to my earlier post, I've now chased my trustee twice about the annual review and on both occasions I was told that the relevant documents were being sent out to me. These have never arrived however.
Any advice on what I should do now?
14/09/2009 12:07 pm
Mark or Kevin may disagree with me imcville but I think if you are meeting your commitments to the Trust Deed you do not have anything to worry about.
Are you concerned that your circumstances have changed meaning that you may currently be paying an amount that may be too low or too high?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/09/2009 12:57 pm
My level of contribution is absolutely fine so I've got no worries on that front.
What concerns me is the "hands off" approach that my trustee seems to be taking. In a way I would feel more comfortable if they were in more regular contact, as at least then I would know that my TD was being actively managed on their side as well as my own.
As far as the annual review is concerned - at a practical level this probably isn't necessary as I know that my circumstances have not changed, but it concerns me that the trustee has not checked.
I suppose what troubles me the most is that this doesn't seem to bode well for the end of my TD, when I am looking to be discharged.
14/09/2009 7:04 pm
You make some really good points imcville.
Let us know as and when you do hear from your Trustee. They are subject to pretty strict regulation on this type of thing so hopefully they'll be catching up soon to avoid getting into hot water.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
16/09/2009 2:47 pm
Maybe you should double check that they have your correct address? Just in case...
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Topic starter
17/09/2009 1:21 pm
Funny you should say that actually - I did recently move house and I have contacted my trustee by telephone, post and e-mail to advise them of my new address. In spite of that, I'm still waiting on them to confirm that their records have been updated.
17/09/2009 5:17 pm
Let's hope that's the reason for the apparent delay!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
18/09/2009 10:42 am
Just phoned my trustee again and asked what address they had on file for me - they quoted my old address. I told them that this was wrong and that I had advised them of my new address on several occasions by letter, e-mail and telephone. They then said "oh yes, here it is - we've got a letter from you" - and quoted my new address.
They are also alleging that the annual review documents were sent out to me on 14th September (this past Monday), which I have to say I'm sceptical about.
This doesn't really inspire me with much confidence. Clearly nobody bothered to properly update my details and if I have to chase them several times on something as straightforward as that, I dread to think how difficult it's going to be when I'm due to be discharged.
18/09/2009 11:57 am
Hopefully they will be a bit more organised by then.
Glad to hear that the review is getting sorted out for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
24/09/2009 12:54 pm
Pleased to report that my annual review documents finally arrived yesterday...
