Hello squench2002.

The problem with PPI claims is that they can take an absolute age. You can read more about that in terms of the backlog that the Financial Ombudsman has to deal with for example. These are cases that the banks have disputed and chosen not to pay out.

Have you personally received your discharge?

If you have then it should be immaterial to you whether your creditors have or have not been paid by your trustee.

As TDA says

there is nothing really to stop you obtaining Form 5 while the Trustee can remain in office until the PPI issue is resolved.

Mark

Even if the poster receives his Form 5, the Trustee remaining in office does have a material effect on him/her.

As long as the divided remains unpaid, then his/her credit file remains with defaults which impacts on their credit rating.

I appreciate the claims process is largely outwith the Trustee's control but is it important to recognise that it does impact on a debtor.

That shouldn't be the case CIF.

This article explains why (and how):

https://www.trust-deed.co.uk/repair-your-credit-rating.html

Thanks for that TDA, good to know.

Of course what the creditors should be doing and what they are doing appear to be entirely different things!

Sometimes they just need a little "encouragement"!!

lol yes, just like they encouraged us with nice letters and phone calls when we defaulted.

I too have been waiting an inexcusable amount of time for the trustee to be discharged. Form 5 issued in June 2012. Is there really an excuse for this time delay? Oh and they have told me the ppi investigation hasn't even started yet. This could take a further 6 months to a year.

Hi Bampot.

Is this holding you back in any way?

It may not be having a major impact on my day to day life. But I would like to put the trust deed behind me. Until it is completely finished, then I am still tied to it. I think that I should be able to expect the company to conduct their business in a timely and fairly efficient manner. Clearly this is not the case here.

I feel the exact same, and I don't think its unreasonable to expect things to be delt witg in a timely manner! And it does continue to effect your credit rating until ur case is completely closed and the creditors have been paid. I got nowhere trying to speak to my trustee to I have referred my case to the AIB so resolve. One thing to bare in mind is that will the moneys you have paid to the trustee remain unpaid to your creditors that money is sitting in a bank (the trustees bank) gaining interest! !! Maybe that's a reason why trustees drag their heels with their own discharge! !! Thats just my thoughts, but don't let it lie, you have a right to be treated fairly and so do your creditors who are also waiting patiently to receive full and final payment of the dividends they are due. Good luck, and I hope your case is resolved soon.

Hi lizmil.

I do appreciate the frustration.

It doesn't have to affect your credit rating, though I appreciate that in some instances it might make some extra work for someone trying to clean up their credit file.

Any interest paid on the balance of your client account will go to your creditors, not your trustee.

I can understand that the PPI issue and knock on effect of delaying the complete closure and discharge of a Trust Deed is extremely frustrating for people. I know myself that I like complete closure in anything I deal with.

I thought it might be a good idea to try and give some more information as to why the massive task of investigating PPI is so time consuming and can cause such a delay.

I've just looked at our system and we have around 5,000 live Trust Deed and Sequestration cases which are still active and ongoing. From this I'd say that each one of these cases has between 5 and 10 creditors. This effectively means that we have to investigate roughly anywhere between 25,000 and 50,000 individual claims for all of our active cases. We need to send a letter to each one of those creditors and wait for a response, log the response and then draft an appropriate response and this continues for some time. As other forum users have experienced it's not straight forward trying to deal with the banks regarding the PPI issue.

PPI is not something that many firms/Trustees have experience in dealing with so a lot of firms outsource this work to external companies who have the increased resources and experience in dealing with to try and speed up the process.

As soon as we take on a new Trust Deed or Sequestration we immediately commence the exercise of investigating the PPI to try and avoid the delay of the discharge. When PPI first came around it took us a little bit of time to implement a system for dealing with it, tracking every case, the status of every claim etc.

As advisors we want nothing more than to give someone their discharge from their Trust Deed and to also tell them that their creditors have been paid and their file brought to a close completely.

I hope this might give some more information and insight into the whole PPI issue and why it's a time consuming process but I do understand the frustration that it can cause for people.

I appreciate your response and helping to inform us of the process you must go through in order to have a resolution. However, in my case I am almost 20 months from receiving my form 5 and yet, this process has not even been started. Which compounds further the poor handling of these cases and will mean that there is no likely resolution to my particular case anytime soon.