I have received a letter from a creditor stating they have sold on the debt to a debt manager they call it a notice of assignment very concerning as I have just made my last payment to my trust deed and am awaiting the B5 can you advise how this will effect me ?
Hi GallowsS,
It's absolutely nothing that you need to worry about and happens all the time in Trust Deeds.
Basically the new company now legally owns the debt and they will receive the dividend payment at the end of your Trust Deed.
They will probably have bought the debt for 1p in the ยฃ and may receive 10p in the ยฃ from the Trust Deed.
David is not currently posting in the Trust-Deed.co.uk forum
They tend to sell a whole lot of debts in chunks to these purchasers and I wouldn't take it as a sign that the purchaser will try and ignore the Trust Deed. They can't, they are legally bound by it still so try not to worry.
Gents thank you all very much I had a conversation earlier today with A J Taggaert who gave me all the detail which you guys clearly knew can I take this opportunity to thank you all for the invaluable contributions you have all made to help the people who regularly access this forum for more than advice I remember when I first started my trust deed and how difficult it was to embark on that journey without the help and advice you gave me and others life would have been even more difficult thank you and regards
Hi GallowsS,
Thank you for your kind works about the forum.
I'm glad it's been cleared up for you by your Trustee and you don't need to worry.
Relax, you have received your discharge and are now debt free. You can start to move forward and put the Trust Deed behind you.
David is not currently posting in the Trust-Deed.co.uk forum
No problem, GallowsS, though I often think it is the times when those who are or have been in a similar position choose to share their thoughts and experiences that are the most useful posts on the site.
Maybe you would be willing to do the same for others who are at the start of the process? How did you find the whole Trust deed experience? Any regrets?
The trust deed certainly worked for me and I would recommend it to anybody in a similar position to me clearly I have regrets getting into the situation in the first place but the trust deed gave me a clear focus and goal and allowed me to plan for the day when I could see a debt free future anybody going into a trust deed today needs to accept their predicament and knuckle down to deal with the payments it seems a long time away at the start yet the time seems to have flown by the best advice I can give is to take the bull by the horns and deal with your debt with the help and support from TDAs
and the forum you will get there in the end
Dont throw the letter away as you may need to get in touch with the debt purchaser to update incorrect defaults on credit files.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.