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Topic starter
25/01/2014 1:16 pm
Hello i am new to this forum and looking for some advice.I entered into a 42 month trust deed in june 2010 but after 21 payments had to stop payments as i had a career change and my salary was reduced by half until i completed my training period of 13 months.I then recommenced my payments and have now paid total of 29 payments but today received a statement giving an estimated completion date nearly 7 months after i would have paid 42 payments.In my statement there is wording that the trustees fees will be 25% more than anticipated due to extending the trust deed and work on PPI claims.All my payments have been 160 pounds apart from a token payment. Does this sound correct .Thank you
25/01/2014 2:00 pm
Not sure you should be paying extra so they can look into ppi, normally a 3rd party does this with their fee coming out of any ppi reclaimed (no ppi equals no fee).
Which company are you with?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
25/01/2014 3:09 pm
Hi hic2wo
The Trustee will be seeking the total agreed at the commencement of the Trust Deed ie 42 x contribution. If the payments were reduced or missed, it looks like the period is being extended to make this up.
25% does appear to be high from the information as the only real additional work is checking the payments come in. As plasticdaft says, the PPI work is normally via a third party, although the Trustee is obviously involved in the process.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
25/01/2014 4:13 pm
Thank you for the replys and information .I am with Invocas and they have been excellent so far.
25/01/2014 5:19 pm
Invocas have recently changed the company that deals with ppi claims to turn debt around a "sister company" so its not quite a third party so should work out cheaper
