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Scottish Trust Deed Forum
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21/01/2010 10:11 am
I signed along with my wife a protected trust deed in feb06. Although everything ran smoothly,l have now found out that AFS has gone into administration,my Trustee is still the same but there now seems to be a legal wrangle as to which firm owns the files. I spoke to a very helpful lady in the new firm today,and she could tell me that my wifes Trustee was discharged in sept 09,as all cheques were sent out with in a matter of days of each other, she could also tell me that there is still a small amount of money left in my account, this l presume is due to a creditor not presenting his cheque for payment. How long has a creditor got to present his cheque? If this is the only thing that is stopping my Trustee from being discharged ,how long will this last? Also we were told that we would recieve a letter to inform us that the Trustee had been discharged, this is yet to come,maybe with the legal dispute ongoing things are taking longer.I have noticed that some of my credit files have been amended with the credit referance agencies now stating Satisfied, but without some kind of confirmation that we are both discharged,how and when will we be able to get the rest of the files changed to Satisfied, and is there a legal position on the creditors to change the files? Also a quick point on the re-mortgage, we were approached back in June08, to be told the we could save money and be released from the Trust Deed early,and get back on track. We duely signed with this firm and they did manage to remortgage and settle the Trust deed with slightly less than the Trustee was looking for. This did not happen over night, it took months,and although we never missed a mortgage payment in 20yrs, mortgage companys dont want to know you,even our own company.As long as there is equity in your property you can be helped. We are now paying a high interest rate(thankfully due to the credit crunch this has been reduced, but it is still high) I hope we are now coming towards the light at the end of the tunnel,it has been a long time coming, but you have to adjust and get on with it, there are people like Mark, who will help you.
21/01/2010 10:45 am
hi stevie h its great to hear that things are starting to work out for you. We are at the beginning just now waiting and hoping the TD will become protected, and what a emotional and worrying time for us but hopefully there will be a light in the tunnel for us down the line just like you.
mk
21/01/2010 11:09 am
Hello StevieH, and congratulations on completing your trust deed.
I'll try and answer your questions generally, but there is a fair bit of discretion as to how a particular trustee may deal with this and over what timescale.
Usually creditors will cash their cheques fairly quickly, as in your wife's case. If there is a significant delay in a creditor cashing their cheque then the trustee would normally contact the creditor to find out the cause of the delay and try and hurry them along.
Eventually, if a cheque is not cashed then the trustee can lodge the unclaimed funds with the Accountant in Bankruptcy, where they will stay until claimed by the creditor. As a cheque is only valid for 6 months then in practice I believe this may be the timescale that a lot of trustees adopt before doing this.
I must admit that I am not usually involved in the distribution/discharge process myself, so would be interested to hear from the other experts as to whether I am correct in the above.
In terms of your credit file, if any creditors haven't updated the position then there are ways of seeking to get incorrect entries changed - the credit reference agency involved can advise you on how to go about this.
kevin
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
