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Topic starter
12/04/2010 8:07 pm
Hi,
I have signed a Trust Deed with KPMG on 3 March. It was due to be protected on 6 April so on that date I called the Trustee (KPMG) who advised that there were no objections on my file and the details would be sent off for protection.
I continue to receive various letters and daily phone calls from my creditors demanding payment. This as you can imagine has been quite stressful. They all state that they are not aware of any trust deed or have had no contact from KPMG. KPMG inform me that they have sent documentation and that this will take time to filter through, however, two or three calls per day to my wife and myself at work is causing major stress.
Can you also advise, my mortgage is currently with Northern Rock on a Together Rate. Basically, before they needed the Government help they allowed people like myself to borrow the house value and the remainder on an unsecured loan.
Since my Trust Deed is about to go through, the unsecured loan forms part of the Trust Deed. How likely are they to allow me to re-mortgage in three years to allow me to pay back the equity stake ???
Many Thanks
Regards
13/04/2010 9:31 am
Hi ghostofricco69 and welcome to the Scottish Trust Deeds forum.
It's really good news that your creditors have not raised any objections to your Trust Deed and it will therefore become protected.
Many lenders do not deal with new Trust Deeds themselves. They outsource it to other operations (sometimes accountancy firms) to deal with it for them.
This may lead to communication delays and that may explain why some of your lenders as yet have no record on their system of the Trust Deed.
I'd suggest that you send any collections letters to KPMG to deal with. Any callers from debt collection departments might simply be advised to visit the Edinburgh Gazette website to find details of the Trust Deed if they do not believe you, or to contact KPMG directly.
I'm sure all of this will quieten down pretty quickly. You can certainly ask for KPMG's help to contact the creditors to ask for contact to stop as well.
It's not possible to say what Northern Rock's mortgage acceptance criteria will be in three years time. However I'm sure you will understand that it may well be the case that they do not wish to advance further funds to you.
It would therefore be worthwhile considering what other options to release any equity in your home may be open to you in case they are needed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
13/04/2010 7:37 pm
I would be very surprised if you Trust Deed was due for Protection on 6th April given you signed on 3 March 2010.
Signed 3 March 2010
Earliest advertised (Friday & Tuesdays) - 5 March 2010
Friday 9th (close of Play on Thursday 8th) would be the end of the 5th week if they managed to advertise on 5 March 2010.
You may wish to check this out with KPMG or check on line with a search on the Edinburgh Gazette website.
Insolvencyboy
14/04/2010 10:04 am
Hi ghostofricco69
Unfortunately it can sometimes take a wee while for creditors to update their systems. As TDA suggests forward all the paperwork to KPMG, who will be able to deal with it on your behalf.
You may need to look elsewhere to try and re-mortgage your home, but who knows what will happen in the next three years with the housing market.
As for the protection of the Trust Deed, if I have picked up the right information, I think your Trust Deed was advertised in the Edinburgh Gazette on 2 March 2010, and you signed the Trust Deed prior to this date, so the chances are that your Trust Deed will become protected.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
