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Scottish Trust Deed Forum
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Topic starter
15/12/2014 6:30 pm
Could somebody please advise me, before I drive myself insane with worry.I was diagnosed with breast cancer earlier this year. I was fortunate to have critical illness cover. I am going to get a payout. But the company say they are in correspondence with invocas. This was not an asset when we entered the deed. We have paid all our payments only the equity. Which was put on hold due to my illness and my husband taking a drop in wages.Can they lay claim to this money ? Which has only come about due to my illness.
Plus we have had several payouts from PPI which would more than cover the amount in equity. Please, please somebody help.
15/12/2014 6:51 pm
Hi lorrainek.
I'm really very sorry to hear that you've been so unwell and I'm sure that everyone here will join me in wishing you the very best.
I truly wish that I could provide you with more positive news, but your trustee might have no option other than to take an interest in a sum of money that comes your way while you remain in a trust deed. That's on the basis of it being money that has come into your possession rather than it being an asset that existed when your trust deed began.
Hopefully one of our insolvency experts can add some thoughts here soon about how a trustee would view such a situation, not least given the circumstances regarding an equity extension and your very serious ill-health.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/12/2014 9:49 pm
Thanks for your reply. I had hoped to hear some more positive news. I may try and phone tomorrow to speak to one the experts. Driving myself round the bend and back.[:(]
16/12/2014 9:34 am
Sorry to hear that you've not been well, lorrainek.
I think Trust Deed Assistant may be right unfortunately - any kind of windfall, for whatever reason, potentially has to be paid towards the Trust Deed. There may be some flexibility if you can show that the funds, or some of them, are required to cover your living costs (I take it your income has been reduced/stopped due to your illness?). You would need to make the case to your Trustee .
The PPi is a red herring I'm afraid as this money is a separate asset from the equity. It would only be relevant if it was enough to clear your debts in full, plus interest plus the costs of the Trust Deed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
