I am in a similar situation to you, were you with RSM Tenon? I found out that my TD has been moved to another company over 1 month ago, yet nobody has been in touch and I couldn't speak to anyone at the TD company.

In the end I called Account in Bankruptcy and they called the new company and asked them to call me directly. This is the only way I can speak to them now 🙁

Yeah I was Jamie. I presume the same thing has happened to me then. I'm not THAT fussed (I've got enough going on with a new baby!) but I'd like to know who's dealing with it and what they're doing.

Hi Claree x

When you say you paid your final Trust Deed payment in August of this year but it was due to finish in December, were you required to make any payments from August to December for anything i.e. assets etc? I'm a little unsure why it wasn't due to finish until December if you finished paying in August.

If you have completed all of your agreed payments and obligations then you want to be chasing your Form 5 discharge. Unfortunately I think with the change in your Trust Deed firm this could take a little longer than usual with any reorganisation etc needing to take place.

A new baby will certainly take up all of your time and attention. Our baby is due on the 1st of March and the preparation for this is already taking up a lot of my time picking prams, travel systems, clothes, bottle sets etc. God knows what it will be like come March time. A lot of sleepless nights I suspect.

Hi Claree_x and jamie12.

My understanding (which may not be entirely correct) is that there has been some upheaval and change but that your actual trustee will not have changed.

If that's the case I'd imagine that things will get back to normal fairly soon.

Hi David,

My trust deed was originally due to be paid until December but because I went on maternity leave in July my trustee advised to stop paying in August and she'll clear it with my credItors to finish early. I don't have any assets so as far as I know I'm done?

It sounds like you are Claree_x.

Hopefully everything will settle down at the offices of your trustee very soon and this will get taken care of from there.

Is this fair for other people who have to make 36 payments?

In what way specifically sparky1?

Well a trust deed usually last three years! 36 payments you initially agree to pay! I would have thought the remaining payments could be caught up with at some point?

Hi sparky1.

If there's a change of circumstances the trustee needs to weigh up what's realistic and fair to the creditors. For example, would creditors be better off waiting an extra year or two to benefit from a few extra contributions (which would likely be wiped out by additional fees for a longer trust deed) or to get a slightly reduced dividend now?

I don't think that the trustee has any concern whether it's fair to other people that are in trust deeds, just what's practicable for their client and what's in the best interests of their creditors.

Sparky, I understand what you're saying and I was initially determined to pay my last few payments despite being on mat leave just to get it over with, but this was suggested by my trustee as they couldn't let me do that because it would skew my income and expenditure and would mean I was in an unstable financial position and they couldn't be responsible for that.

I think what TDA said was their argument to the creditors too - it's 3 payments to go and if they were to extend it it would have to be until I went back to work in 12 months time so the fees would outweigh what they'd actually receive.

I remember asking the question at a monitor visit 2 or 3 years back about finalising a trust deed if there were missed payments and was told by the monitors that the trust deed should be failed as the proposal agreed by all parties had not been completed.

I can see the argument for both sides to be honest, but think discretion should be allowed. Although we all know where Trustee's discretion has taken us!!

Mark

Claree__x this comment isn't directed at you. What would happen if a person made two years worth of payments then went off having a baby for 12 months and couldn't make payments? Unfortunately we live in a society where some may use this to their advantage to avoid payment, discretion has its dangers .

Hi sparky1.

I'm working on the assumption that you meant to write, "Claree__x this comment is not directed at you". Sorry if I'm mistaken and I'm butting in!!

In the circumstances that you describe the equation that the trustee is weighing up could be quite different.

An increase in fees for running the trust deed for a year longer than expected would be likely to be greatly outweighed by the collection of twelve further monthly contributions.