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Topic starter
03/04/2015 10:03 am
Paid early settlement 5 weeks ago now. Asked for update and got his reply. Is this good or bad or should I be able to get form 5 sooner. :-
Your case was passed to Closure Team in the last week and the Trust Deed process is therefore still ongoing.
I reviewed your case and found that a couple of creditors needed to be written to in order to finalise the position regarding their claims. As such 14 day letters were prepared dated today and if necessary, 7 day letters shall be sent out to follow these up.
Once the position regarding the amount of creditors claims has been confirmed following the aforementioned letters, I shall then be in a position to prepare the circular to creditors informing them of the distribution to them and updating them on the Trust Deed. A copy of this letter shall be sent to you also.
When the distribution circular is sent, creditors have a period of 18 days where they can appeal, if no appeals the Trustee shall distribute dividends to creditors.
It is once dividends are distributed that a Form 5 will be sent to the Accountant in Bankruptcy to request your date of discharge from them. Once the Accountant confirms the date of discharge, this shall be sent to you. The Trustee shall then apply for his Discharge by the process of a further letter to creditors and then application to the Accountant in Bankruptcy. From your point of view, you will be discharged when the Accountant in Bankruptcy issues your Form 5 date.
I would expect this process to take another few months all in.
I hope this is sufficient an update for you.
Regards,
03/04/2015 11:49 am
Hi kdog7.
I guess each trustee will have their own systems and processes.
However, we do know many will issue Form 5 once their client has completed their part of the deal.
There's no particular expectation or requirement of the trustee to do this though as far as I'm aware.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/04/2015 9:43 am
It's certainly strange, as there should be nothing stopping them issuing Form 5 and then chasing claims & issuing the final dividend.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
09/04/2015 8:52 pm
I have emailed back stating I wasn't pleased and that I see no reason why money was paid 5 weeks ago. Nothing done in that time and that I see no reason why form 5 can't be issued as I have completed my agreement and trustee can remain in office to finalise. I await the reply.
14/04/2015 2:15 pm
In response to this I paid a full and final settlement fee to my trustees on 28th sept 2014 and was told at a maximum it would take 6 months for everything to settled although it should be much sooner, in November I think WONGA sent me letters saying as per court cases all outstanding debt from clients would be wiped out reducing my original
Debt amount, I also noted on my credit file another company marked my account as being settled the same month I initially took the trust deed out nov 2013, as it stands how is it taking over 6 months to complete paperwork for 6 companies and have payments made ? Also I've never been given a breakdown of what my expected fees were to be or breakdown of payments to my creditors
AIB state the trustee has not applied to release me and have now contacted the trustee on my behalf to ask questions
14/04/2015 2:52 pm
I think it would be useful for us to hear what the AIB learn when they get back to you MichelleG.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
14/04/2015 3:03 pm
Yeah waiting for trustee getting back tinto me today !!! Lol we will see have started calling on my landline and recording all calls on the voice memo and the guy who spoke to me earlier I did say oh I've been in touch with AIB and he did say yes we've got a note on your file they contacted us yesterday see what happens my life is in free fall at the moment and this is another worry I don't need right now
14/04/2015 4:31 pm
Ok so it seems they shouldn't have accepted full and final settlement because apparently I signed my agreement after a change and you're not allowed to finish early ? It's taken yh m 6 months to declare this information to say the wrskine bridge looks like a good option right next w is an understatement
