Hi there Stevie1984...just an insight into how we were dealt with by Creditfix afyer being sold on by PJG...we had to send in via email all our original agreement stuff with PJG..give Creditfix their due the honoured in full the original agreement and didntre value our house as per original deal with PJG...was given form 5 bout 4 weeks after final payment...couldnt fault Creditfix but PJG paperwork was an apparent mess acc to creditfix person we dealt with but all sorted now app:)

Thanks little mo. What exactly did you send in? I can only find a list of bullet points that were agreed prior to signing. Including no equity and no valuations to be carried out. But nothing that has been signed or anything. I could have just typed it up in word to be honest so I dont know what use it will be?

We should make up a list of firms who take over 4 weeks to issue the form 5. Its not a trivial matter as it effectively extends the trust deed restrictions by 16-20% depending on your TD being 3 or 4 years. I think this would have a large influence on people's decision when choosing a firm.

I think it would be more of an inconvenience more than anything as I'm sure after 1 month any claim they might think they have would be laughed out of court. They cannot hold up discharge due to their policies that's not how it works.

It does seem to be getting trivialised or written off as different firms do differently etc. I'm saying nothing more controversial as I always get a row. ...

It most certainly is not trivial as a lot can happen in 6-8 months. Even though they probably do not have a leg to stand on legally trying to claim any change in circumstances its a major inconvienece.

I know that straight after the discharge you can start rebuilding your credit history and this holds back this process so not trivial.

Let's be clear. Contrary to what's being written here, a court is going to follow insolvency law and the detail of an individual trust deed should a windfall be received prior to discharge (and someone wishes to claim their trustee has no right to use it to help repay creditors).

To blithely state that it would be laughed out of court is utter nonsense.

Steve1984.

You "get a row" when you write something that:

1: Doesn't stand up to basic scrutiny.

2: Is opinion presented as fact.

3: Is potentially actionable.

You have noticed this applies to you a lot more than any other member?

Oh... and yes I agree that slow discharge is unfair on someone who has completed their obligations.

I think everyone here would agree on that and it's a shame that some firms seem to see it differently.

I would not be too sure about that, time frames have a bearing on any judgement. I cannot find any case laws recently where this has been tried, but if a firm has held open a case with out due cause I'm not sure how it would go neither do you unless you can find a recent case where this has been tested.

quote:

---

Originally posted by Trust Deed Assistant
[br]
I think everyone here would agree on that and it's a shame that some firms seem to see it differently.

---

That's where the law comes in to protect people from behaviour like this. But until someone tests this in court no one knows what time limit a judge would find acceptable.

OK - so you've gone from being "sure" it would be "laughed out of court" to "no one knows" now?

Yes but from my experience anything pushing into months would not go down well. That aspect of the TD should have been tightened up when they introduced the new rules.

I think insolvency practitioners would tell you that the legal position is very clear (subject to the precise terms of a particular trust deed).

You can think differently of course - and other readers can make their own minds up.

Personally, I was lucky and received my Form 5 about two months after my final payment. I was with PRG Recovery and thinking it was at the time when TD's were being passed to Creditfix. I was a pain in the a** but it seemed to work.[:D]

I do feel that Trustees saying that the TD will take 6 months PLUS 8-10 weeks is excessive and as the rules for customers of TD's are so strict should a ruling not be put in place that a TD is discharged within a certain timescale (unless circumstances dictate otherwise, if so an estimated time should be given)?

A hell of a lot can happen in 9 months - lottery win, redundancy, inheritance and to me it seems unfair that you have met your legal obligation but if any windfall happens you have to give part of it to your Trustee??

I can see the logic for that Neverendingstory.

Maybe it's a point to put to your MSP?