By the way steve1984, this thread and many others similar have continued here for a long time now.

There's naturally been negativity in them, which is fine.

Asking you to change your post wasn't a request from a commercial perspective. It's because you'd really quite exposed yourself by what you'd written.

I'll ask again, have any of the experts came across a similar situation to this before?

Also, I've contacted the AIB, are they the correct regulatory body? If not, who should I contact?

Thanks

Has anyone ever came out of this £500 thing and had equity in their homes? Surely that can't be right???

Sorry SkintAlly - I didn't pay the £500 at the start of my TD process.

Am I right in thinking all new TD's now have equity assessed at the beginning in line with what PJG had Been doing previously? Surely the AIB had a say in how the new TD's were set up and they in turn would be in agreement that this is a viable and correct way to do things? Sure we will find out soon enough.

Hi Mary.

I was speaking to a firm (unconnected to this thread) about a recent change in their internal procedure on a certain subject recently.

They ran it by the AIB before making the change. It's entirely common for this to happen.

The AIB does supervise the trust deed process.

Bear in mind that not so long ago new rules (supervised by the AIB) were introduced stating that the equity position for new trust deeds should be fixed at the start. We're not talking about anything that's especially unusual here in terms of how your trust deed was set up - the whole industry has moved in this direction since then.

Ahh! Sorry Mary, I thought that was what was causing the problem. In that case I agree. I wouldn't think they will be able to amend a legally binding contract.

Hi Bruce.

You're correct about the relatively recent change.

I think we were writing at the same time.

Thanks TDA - I welcome Creditfix contacting the AIB for clarity - I just wish they had done it sooner! Is it the the AIB that I contact for clarity or someone else?

No worries SkintAlly!

Please do not get me wrong I am not getting at PJG, I do believe they offered the best service and conditions of any firm I looked at. And yes they followed the decent procedure that many other good firms followed. But the less scrupulous firms like creditfix have no such agreement and that is why I ask where we legally stand. I think this answer will be coming soon and hopefully they are made to follow PJG agreement.

Maybe they want to follow that procedure Sold down the river?

Maybe they're just double checking that's OK because it's different to their own process?

Each time there is a development reported here there are a handful of people that immediately attach the worst possible interpretation to it.

Maybe that's human nature. I haven't read anything that definitely indicates a worsening of the position in the past few days though. Hopefully that continues to be the case.

Maybe I should stop reading the iva forum as it's getting very nasty over there.

Hello Mary.

This probably will not be an answer that you welcome, but at this stage I think you need to let your trustee carry on with their work until such time that they get back to you with their clarification.

If, for any reason, you wanted to challenge that position the AIB might be one of the appropriate contact points.

There might not be a need to challenge anything though.

The iva forum is just getting silly IMO. You think we're bad on here Tda 🙂

I have occasionally taken a look Bruce!

There are some considerable differences between IVAs and trust deeds, hence some of the issues being discussed don't really translate between the forums.