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Scottish Trust Deed Forum
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Topic starter
27/05/2014 12:44 pm
Hi,
My husband is in a trust deed and we have 15 months left. Our mortgage payments are due to increase which will leave less money to make our agreed payments. A member of my family has found out about our situation and offered to give us the money to end it early. This being the original amount agreed therefore I'd imagine beneficial to the creditors and IP as they will get their fees paid for not doing another 15 months work.
We have contacted the TD company and they have said that they need to issue a report to the IP to see if full and final will be accepted. Can anyone tell me what this report is and how long this should take? We are very excited and the guy we are dealing with is just so vague. It's been 3 weeks now and no answer
Thanks
27/05/2014 3:21 pm
It would basically just be a letter to the creditors. Could be sent out very quickly, though they would have to be given some time in which to reply if they have any objections to what is being proposed, probably a few weeks?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
27/05/2014 6:05 pm
Thanks Kevin. By the sounds of what they are saying it doesn't even look like they have gotten that far. I suppose we just need to wait. I just really hope they accept, this is a great opportunity for us.
28/05/2014 10:23 am
Hi Trustdeedbetty,
Keep on at your relationship manager/Trustee for them to send out the proposal to the creditors. If you don't things may run on a little longer than you'd like.
I'm my experience creditors don't normally have any objection to a proposal like this.
Let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
29/05/2014 10:21 am
I have been in touch again. He said he hasn't submitted anything to the IP or the creditors as yet as he is waiting on a ppi payment clearing.
Even if we are discharged won't all ppi payments still be given over to the trustee anyway?
29/05/2014 10:28 am
Hi Trustdeedbetty
Yes you are correct. I don't see how the early settlement and PPI are connected in anyway!
I know some firms are nervous that PPI monies may be forwarded to the person by mistake and they spend this. If discharged, it may limit any recovery action.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
30/05/2014 2:37 pm
Yeah, I don't know why they are being so awkward. The cheque in question is being sent direct to the company "made payable to them" anyway and we are honest people, we would forward any further cheques on too. I think the guy is getting a bit annoyed at me chasing so I assume I just have to wait. I have family calling every other day asking when I need the money for and I don't know if I'm in a position to take it yet.
Thanks
